Will ‘Silver Tsunami’ Ease Housing Crisis?
Could the key to solving the housing crisis be boomers leaving their empty nests?
“Older individuals are expected to either downsize – right? – or when they move on and pass the home on to their kids, potentially, their kids would not want to live in these older, bigger homes, and actually put them on the market for sale. And so a lot of people have thought, maybe if we get the silver tsunami, maybe affordability could improve.”
To read the full story, click here for U.S. National Public Radio.
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And so where do older people move? Into rentals with no assurance you can pay soaring rents in 5 or 10 years or that you won’t be forced out? Postage stamped condos with condo fees that are going through the roof…and the politics are often combative? Until the housing market is protected from private equity financialization and money laundering caused price increases….we are all stuck where we are. There is a reason it takes 8 months to rent an apartment in Ottawa. Oh…if you care about elders, then you would mention that staying in their community leads to better health outcomes.
A business associate once said “you don’t want to run out of money before you run out of time”. Based on the fact none of us know when our eyelids will be covered with those little “x”s, and that our home is our most valuable asset, don’t expect seniors to sell their homes for a mere pittance. Additionally, seniors are now generally in better physical condition than previous generations because we continue to exercise, eat healthier, and are less likely to be smokers. Yippee for us!