GENERATIONAL TRANSITIONS & TRENDS IN HOUSING

AARP URGES UNIVERSAL DESIGN AND INCLUSIVE HOMES

The U.S. Census forecasts that by 2034 there will be more people 65 years and older than under the age of 18 for the first time in history. America is rapidly aging and that means boomers and the Silent Generation are looking for housing that allows them to age in place.

That means millennials may be looking for a room within their home—or an accessory dwelling unit (ADU)—to house their boomer or Silent Generation elder family members.

The 2024 NATIONAL ASSOCIATION OF REALTORS® (NAR) “Home Buyers and Sellers Generational Trends” report, which examines the similarities and differences among recent homebuyers and sellers across generations, found that while millennials make up 38 percent of the homebuying market, baby boomers still play a significant role in the housing market, as they are 31 percent of the buyers and the largest home-seller generation—accounting for 45 percent of all sellers in the most recent NAR survey.