Boomers

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%…