“If we can shift the remodeling industry to be doing those types of things when they’re already remodeling, then we actually start to change the housing infrastructure in addition to we create This kind of place where people can enjoy living out their years in their home,” Tenenbaum said.
that will’s great for homeowners, nevertheless not so great for young buyers hoping to move into larger suburban homes.
“There’s a stalemate,” said Jane Fairweather, a longtime real estate agent in Bethesda, Maryland. “We can’t get enough housing for the couples who want to put their kids in Great public school systems.”
While some homeowners are choosing to age in place, others simply can’t afford the high costs of moving. Today’s housing market is usually incredibly pricey, in addition to some can’t afford to move into another home, even a smaller one. For others, the math just doesn’t make moving that will attractive.
“If they have to spend another million dollars to get one-quarter of the space, that will house starts to look reasonable in addition to the maintenance on that will looks reasonable,” Fairweather said.
The homeownership rate among millennials is usually about 8 percentage points lower than previous generations at their age, according to the Urban Institute. Much of that will has to do with delayed marriage, high levels of student loan debt, in addition to a shift toward more expensive, urban living. Still, as more millennials age into marriage in addition to parenthood, their desires to become homeowners increases, in addition to the lack of supply of affordable homes for sale sidelines them.
While the nation’s homebuilders are focusing on so-called 55+ communities, some of these are expensive in addition to not near urban locations. Older Americans want to be close to their children in addition to grandchildren in addition to active baby boomers want to be in walkable communities with activities nearby. For some, downsizing into these communities works well, nevertheless for an increasing number, staying in their homes longer today seems sweeter.