'A lateral financial move'
These Boomer Homeowners Have Seen Their Home Values Soar. Now They Can't Afford Housing To Retire In
Despite seeing their home values balloon, many baby boomer homeowners can't afford suitable homes to grow old in.
·
3.3k reads
·
The Lede
As many baby boomer homeowners look to cash in on their home equity and downsize, some are grappling with a shortage of suitable homes. Older homeowners are increasingly staying put, as mortgage rates and housing costs remain stubbornly elevated and inventory— particularly of affordable and accessible homes — is scarce.
Key Details
- Three baby boomer homeowners told BI they want to downsize but can't find suitable options.
- Some boomers who can afford to stay in their homes don't want to endure the costs and possible stress associated with downsizing.
- Even those who are still paying off their homes often have much lower mortgage interest rates than what they could get on the market today, hovering around 6.5%.
