Menu

NYSAR News

Latest News

Homeownership rate depends heavily on seniors

Jun 20, 2018
The majority of homeownership conversations focus on the impact from millennials, but senior citizens may actually have more influence in shaping the future market, according to the Joint Center for Housing Studies of Harvard University’s 2018 State of the Nation’s Housing report.
 
The median age of homeowners is on the rise, increasing from 50 in 1990 to 56 in 2016. Americans over the age of 65 were the only age group who had a higher homeownership rate in 2017 (78.7 percent) than in 1987 (75.4 percent), according to the report. Further, the report states that “the only reason the national [homeownership] rate is near the 1994 level is because older adults now make up such a large share of households.”
 
Many seniors say they want to stay put in their homes. Eighty-eight percent of seniors said they intend to stay in their current home as they age, according to a 2014 survey. This could create growth in home improvements and renovations that are focused on accessibility and aging while staying in one place. But that also could place more pressure on younger adults to find a home to buy.

Learn more.
Featured Content

December 2018 Housing Market

In December, the New York State housing market saw 10,267 closed sales, a median sales price up 5.5% from last year to $272,043 and an average of 73 days on the market. Click here to read more.

NYSAR News