?They?re calling it the great ?senior sell off? and it?s scaring suburban America. Still recovering from the housing market crisis of 2007-09, America?s latest concern is a looming glut of unsellable suburban homes as aging baby boomers seek to downsize.
?Respected demographer Arthur C. Nelson, Director of the Metropolitan Research Centre, University of Utah, has analysed data from the American Housing Survey, finding that over the past 30 years, 80% of new homes built in the US were detached single family dwellings. Much of this new construction was of the McMansion variety, exceeding 230 square metres in size, as the post war baby boomers (born in between 1946-1968) raised their families.
?But as America?s baby boomers start to turn 65, many are getting ready to sell their empty nest, often seeking apartments or townhouses in rapidly gentrifying inner city areas near services and public transport, and in popular sunbelt destinations. The worry is that the number of people in their peak buying years coming along behind them, are estimated to be around a quarter of that in previous generations. Like boomers, new generations of American buyers want smaller, more accessible homes, and they are also are more likely to rent. The mass market for McMansions has shrunk.
?Professor Nelson expects America?s next housing crash to hit when isolated seniors in auto dependent suburbs find aging in place untenable. He predicts that between 1.5 -2 million baby boomer homes will hit the market each year from 2020 on. Those who can?t sell may simply abandon the family home.?
The article from The Conversation?is about the same impending housing situation in Australia. There are many references to the American housing situation, so it?s worthwhile reading; to read the article in its entirety, click here.
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Source: http://columbianewsandviews.com/2013/04/08/the-boomer-housing-bust-the-conversation/
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