stuck in place
Baby-Boomer Homeowners Got Rich From Skyrocketing House Prices. Now They Can't Find Retirement Housing
After building real-estate wealth from high housing prices, boomers are facing a shortage of suitable retirement housing.
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The Lede
Baby boomers have been the big winners in the US housing market, but as the generation retires, its members are facing a new challenge in finding accessible housing. It's a problem they had a hand in making.
Key Details
- With mortgage rates and housing costs high and inventory scarce, many older people are staying put. Nearly 80% of home-owning boomers surveyed by Redfin said they were planning to age in their current home.
- Homeowners who oppose new and denser housing in their neighborhoods are a major reason so many American communities are short on homes.
- Many older homeowners — particularly the growing number who still have mortgages — are also struggling with rising insurance premiums.
