References
NAR Library & Archives has already done the research for you. References (formerly Field Guides) offer links to articles, eBooks, websites, statistics, and more to provide a comprehensive overview of perspectives. EBSCO articles (E) are available only to NAR members and require the member's nar.realtor login.
2021 Home Ownership: Rates by Age
- 65+: 79.3%
- 55-64: 75.1%
- 45-54: 70.6%
- 35-44: 61.9%
- < 35: 39.1%
Source: Homeownership Rates By Age (U.S. Census Bureau, Aug. 2, 2022)
“The second quarter 2022 homeownership rate was highest for those householders aged 65 years and over (79.3 percent) and lowest for those householders under 35 years of age (39.1 percent). The second quarter 2022 rates were higher than in the second quarter 2021 for those under 35 years old and those 45 to 54 years old. The rates in all other groups were not statistically different from the rates in second quarter 2021.”
Housing Trends of the Over-50 Demographic
Advancing Housing and Health Equity for Older Adults: Pandemic Innovations and Policy Ideas (Harvard Joint Center for Housing Studies, Oct. 6, 2022)
“The importance of housing in the COVID-19 pandemic, and the range of innovations and policy ideas that arose from the urgent need to keep people safe at home, can be the foundation of a new narrative about housing as the linchpin of wellbeing for older adults. Highlighting the place in “aging in place” may help us see with greater clarity how affordable, accessible, safe, suitable housing supports health, and how care and support are integral to home.”
What Baby Boomers Want (Options!), Senior Housing Delivers (The New York Times, Jul. 20, 2022)
“Specialized housing for older Americans has been around for decades. But shifting demographics are forcing the industry to diversify more rapidly across rates and services, yielding increasingly lavish residences for upper-income Americans as well as a growing number of affordable housing models.”
2022 Home Buyers and Sellers Generational Trends Report (National Association of REALTORS®, Mar. 23, 2022)
“Baby Boomers purchased for an array of reasons, primarily the desire to be closer to friends and family, due to retirement, and the desire for a smaller home. Younger and Older Boomers were more likely than others to purchase in a small town, and Younger Boomers were the most likely to purchase in a rural area. Younger Boomers expect to own their homes for the longest period of time at 20 years, and Baby Boomers purchased the newest homes on average. Buyers 67 to 75 typically moved the furthest distance at a median of 35 miles, while buyers 57 to 66 moved a median of 28 miles.”
A Lot of People Blame Baby Boomers for The Housing Shortage, But It's Not So Simple (NPR, Jul 30, 2021)
The current shortage of housing inventory can not be solely attributed to baby boomers. Compared with previous generations, current seniors are healthier and prefer to age at home rather than move to assisted living facilities. However, some people blame boomers for widespread single-family zoning inhibiting new construction.
Demand Rises Among Seniors to Rent Rather Than Own in Active-Adult Communities (The Washington Post, Jun. 24, 2021)
Some active adult communities are seeing a trend toward renting rather than owning. This may be partly due to affordability, particularly in markets with a large senior population. Others enjoy the freedom associated with renting while still having access to the amenities active adult communities offer.
Working with Seniors
The 10 Best—and Most Affordable—Places to Retire in America, 2022 Edition (realtor.com®, Aug. 1, 2022)
“To scope out the top retirement destinations, our team of data wizards scoured Realtor.com data in May for the 300 largest metros. (Metros include the main city and the surrounding towns, suburbs, and smaller urban areas.) We looked for places with the most senior-friendly amenities in local homes for sale, including universal design and aging in place. For affordability, we factored in a year’s worth of median list prices from June 2021 through May 2022.”
Helping the Most Vulnerable Clients (REALTOR® Magazine, Jun. 15, 2021)
“Homeowners who are losing their memories or have other cognitive challenges need knowledgeable professionals who can help them with their real estate needs.”
How to Market to Senior Buyers, Retirees (Real Trends, Mar. 30, 2021)
Tap into a new market by including seniors in your advertising plan. Understand senior buyers’ priorities and needs, available financing options, and their marketing preferences.
Navigating Seniors and Their Families (SRES® Blog, Mar. 22, 2021)
Be prepared when seniors bring other families into the home buying process. It’s important to build trust and make sure all parties feel heard. Everyone should work toward a common goal of what is best for the buyer.
The Ultimate Guide to House Hunting for Aging Adults (Redfin, Nov. 30, 2020)
Step-by-step advice on how to look for accessible housing, preparing a home to sell, and the selling process.
Reverse Mortgage Basics
The Reverse Mortgage: A Retirement Tool (Investopedia, May 20, 2022)
Reverse mortgages allow home owners to take out loans against their home equity. There are different types of reverse mortgages and income options. Reverse mortgages can help reduce foreclosures and delinquencies, but borrowers should do their research thoroughly before taking out a reverse mortgage loan.
Protections for Reverse Mortgage Borrowers (Consumer Financial Protection Bureau, Oct. 6, 2021)
“If you are a reverse mortgage borrower affected directly or indirectly by COVID-19, the CARES Act and guidance from the US Department of Housing and Urban Development (HUD) can protect you from default and foreclosure if you have an HECM reverse mortgage.”
Reverse Mortgages: Everything You Need to Know (cnet, Jun. 25, 2021)
Benefits of a reverse mortgage include no monthly payments, possible protection from foreclosure, and housing security. Drawbacks include potential scams, a reduction in your assets, and high fees and closing costs.
10 Facts Heirs Need to Know About Reverse Mortgages (AAG, May 18, 2021)
When a reverse mortgage borrower passes away, loan repayment falls to the heirs. Understand the rights, responsibilities, and options for heirs in the event of a borrower’s death.
New Protections from Foreclosure of Reverse Mortgages (National Consumer Law Center, May 18, 2021)
“Even with a reverse mortgage, homeowners can lose possession of a home for any number of reasons… this article provides information on the risks of foreclosure even for reverse mortgages, sets out new protections from that foreclosure, and also summarizes other rights to avoid foreclosure on a reverse mortgage.”
Useful Websites
AARP Livability Index (AARP)
A project of the AARP Public Policy Institute, the Livability Index rates communities on factors such as housing, health, and transportation for older adults.
CohoUS (The Cohousing Association of the United States)
A national non-profit raising awareness of the benefits of cohousing and supporting the development of cohousing communities nationwide.
Information for Senior Citizens (U.S. Department of Housing & Urban Development)
HUD’s collection of financial assistance resources and guides to help seniors make decisions about their housing.
NASMM (National Association of Senior Move Managers)
The National Association of Senior Move Managers is a membership organization for Senior Move Managers, recognized for its innovative programs and expertise related to senior move management, transition and relocation issues affecting older adults.
Reverse Mortgage Calculator (Mortgage Calculator)
Free calculator to help consumers estimate their future equity balance on reverse mortgage loans.
Senior Housing Choices (SeniorResource.com)
Compare different housing options for seniors, estimate costs of relocating versus aging at home, and find state specific senior housing resources.
Seniors Real Estate Specialists® designees are REALTORS® qualified to address the needs of home buyers and sellers age 50+.
eBooks & Other Resources
eBooks.realtor.org
The following eBooks and digital audiobooks are available to NAR members:
Boomer Basics (eBook)
Boomer Marketing (eBook)
Future Marketing: Targeting Seniors, Boomers, and Generations X and Y (eBook)
Gilbert Guide to Senior Housing (eBook)
Reverse Mortgages for Dummies® (eBook)
The Complete Guide to Reverse Mortgages (eBook)
How to Age in Place (eBook)
Books, Videos, Research Reports & More
As a member benefit, the following resources and more are available for loan through the NAR Library. Items will be mailed directly to you or made available for pickup at the REALTOR® Building in Chicago.
Boomer Consumer: Ten New Rules for Marketing to America's Largest, Wealthiest and Most Influential Group (Great Falls, VA: Linx, 2007) HD 7293 T39
Reverse Mortgages for Dummies (Hoboken, NJ: Wiley, 2005) HG 2051 L99r
The New Reverse Mortgage Formula: How to Convert Home Equity into Tax-Free Income (Hoboken, NJ: Wiley, 2005) HG 2051 K29
Pocket Idiot’s Guide to Reverse Mortgages (Indianapolis, IN: Alpha, 2005) HG 2040.5 P76
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