The U.S. is at the beginning of a tidal wave of homes hitting the market on the scale of the housing bubble in the mid-2000s. This time it won’t be driven by overbuilding, easy credit or irrational exuberance, but by an inevitable fact of life: the passing of the baby boomer generation. — The Wall Street Journal
A report in The Wall Street Journal highlights the coming vacancy crisis set to impact America's retirement communities and exurbs as members of the Baby Boomer generation age out of independent living with fewer members of younger generations left—or willing—to take their places.
The report states, "One in eight owner-occupied homes in the U.S., or roughly nine million residences, are set to hit the market from 2017 through 2027 as the baby boomers start to die in larger numbers, according to an analysis by Issi Romem conducted while he was a senior director of housing and urban economics at Zillow. That is up from roughly 7 million homes in the prior decade."
It gets worse: According to The Wall Street Journal, up to 21 million homes could be vacated by seniors by 2027, more than twice the number of new properties built during the decade that preceded the Great Recession.
1 Comment
The good news for the homeless, even more surplus housing.
The bad news is that crapitalists will tear it down to prevent it from falling into the wrong hands.
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