An additional 30% of baby boomers who own their home say they'll hold onto it for at least a decade
(NASDAQ:RDFN) — One-third (33.5%) of baby boomers who own their home say they'll never sell, according to a new survey commissioned by Redfin (www.redfin.com), the technology-powered real estate brokerage. Another 30% say they'll sell their home at some point, but not within the next decade.
Older people are even less likely to sell, with nearly half (44.6%) of Silent Generation members never planning to sell. Younger homeowners are more likely to eventually part ways with their house: 25% of Gen Xers and 21% of millennial/Gen Zers say they'll never sell.
There are several financial and lifestyle reasons why older Americans are much more likely than younger Americans to stay put. Many baby boomers who own their home don't have a financial incentive to sell.
Additionally, many older homeowners have lived in their home for a long time and simply prefer to stay put; roughly two-thirds (67%) of baby boomer homeowners have lived in their home for 16-plus years.
When asked in the survey why they're staying in their current home, most baby boomers (55%) said they just like their home and have no reason to move, making that the most commonly cited reason.
The next-most common reasons are financial: 30% said their home is almost or completely paid off, 16% said today's home prices are too high, and 8% don't want to give up their low mortgage rate.
Housing costs have risen significantly over the last several years. Home prices are up roughly 40% since pre-pandemic, and mortgage rates are near 7%, up from about 4% before the pandemic. Nearly one-third (31%) of baby boomers who own their home say they couldn't afford a home like theirs in their neighborhood today.
Older Americans hanging onto their homes is one reason it's difficult for younger Americans to find and afford houses, especially houses large enough to fit a family. Nearly nine in 10 (88%) of the homes owned by baby boomers are single-family homes; just about 5% are condos and 4% are townhomes. A 2024 Redfin analysis found that baby boomers are twice as likely to own large homes as millennials. Meanwhile, more than 70% of millennial and Gen Z homeowners have minor children living in their home, compared to 4% of baby boomers.
"While inventory is improving, supply is tight for young house hunters looking for family homes, especially in suburban areas where homes priced like starter homes—yet large enough for families—are scarce," said Redfin Chief Economist Daryl Fairweather. "With baby boomers opting to age in place rather than sell, it's challenging for younger buyers to find affordable options that fit their lifestyle. But it's worth noting that even though many older Americans say they're not planning to sell their homes, many are likely to eventually part ways as it becomes harder to live independently and/or keep up with home maintenance."
One-quarter (25%) of millennial and Gen Z renters say they're not purchasing a home in the near future because they can't afford a home in an area where they want to live, making it the most commonly cited reason for not buying a home. The next-most common reasons: Financially unprepared for surprise costs of owning a home (23%), mortgage rates are too high (20%), and inability to save for a down payment (18%).
The good news for young homebuyers is that supply is up; there are roughly 500,000 more home sellers than buyers in today's market. It's a buyer's market in many parts of the country, and Redfin economists predict home prices will decline 1% year over year by the end of 2025.
These findings are from a Redfin-commissioned survey conducted by Ipsos in May 2025, fielded to roughly 4,000 U.S. residents.
To view the full report, including charts and a more detailed methodology, please visit: https://www.redfin.com/news/baby-boomer-homeowners-never-sell
About Redfin
Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, and title insurance services. We run the country's #1 real estate brokerage site. Our customers can save thousands in fees while working with a top agent. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1.8 billion in commissions. We serve approximately 100 markets across the U.S. and Canada and employ over 4,000 people.
Redfin's subsidiaries and affiliated brands include: Bay Equity Home Loans®, Rent.™, Apartment Guide®, Title Forward® and WalkScore®.
For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin's press release distribution list, email [email protected]. To view Redfin's press center, click here.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250618614225/en/
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