Aging In Place

Boomers Aging In Place Are Pushing Average Home Tenure Up

Posted on by TMN Editor
Older Americans are choosing to age in their current homes, driving average tenure up to more than a decade and keeping inventory tight for buyers. The typical homeowner spent 11.9 years in their current home, nearly double the 6.5-year average of two decades ago, according to a new report from Redfin. This isn’t the longest on record – tenure peaked at 13.4 years in 2020 and declined during the pandemic buying boom. But it remains high, especially at a moment when inventory is difficult to come by. The report attributes the data to Baby Boomers remaining in their homes late in life. Nearly 40% of this demographic have lived in their home for at least 20 years. An additional 16%…

Children Want Their Parents To Age In Place, But It’s Hurting Housing

Posted on by TMN Editor
Most Americans want their parents to age comfortably in their own homes, but it can be a challenge for both families and the housing market. Three out of four adults want their parents to be able to age in their own homes, but more than half of Gen Xers don’t feel financially prepared to assist their parents in old age, according to a new study from American Advisors Group. AAG surveyed 1,500 adults aged 40-55 who have senior parents. “The retirement savings crisis is real, and many Gen X adult children are telling us that caring for their parents will be extremely difficult and potentially unattainable,” said Eddie Herda, AAG VP of Brand Strategy. Herda said there is interest in…