Why ‘Silver Tsunami’ May Not Solve Housing Crisis
Summary
A large number of homes owned by older generations are expected to be sold or passed on to younger people over the next decade. This could help increase the supply of homes for sale and reduce the housing shortage, but it might not solve the problem everywhere because of differences in where people want to live.Key Facts
- About 13.9 million homes owned by baby boomers and the Silent Generation are expected to change hands within the next ten years.
- If 45% of the 1.27 million homes expected to be released next year were sold, it would bring home listings back to levels seen before the pandemic.
- Inherited homes made up 7% of all U.S. property transfers in the year ending August 2025, totaling 340,000 properties.
- The number of homes changing owners will be about 33.7% higher in the next decade than in the past decade.
- Most homes passed on will be in areas where younger people may not want to live, creating a mismatch between supply and demand.
- Cities with older populations and slow population growth—like Pittsburgh, Buffalo, and Rochester—face a risk of having too many homes for sale.
- Florida has many metro areas with a high share of homes owned by seniors, including the biggest retirement community in Wildwood-The Villages.
- The release of homes will take time to impact the housing market and will vary by location and market segment.
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