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27 million Baby Boomers are planning to move nationwide

by Rachel Popa

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According to Freddie Mac’s “55+ Survey,” Baby Boomers looking to move again in their lifetimes could have a substantial impact on the future of housing.

The survey found that out of the 27 million Boomers looking to move, 13 percent plan to move within the next four years. Such a large number of people moving will result in a high number of vacant homes, as well as many new buyers looking to purchase them.

Dave Lowman, executive vice president of single-family business at Freddie Mac, weighed in on Boomers’ influence on the housing market:

“The decisions the nation’s Baby Boomers and other older homeowners make will have an enormous impact on the demand for housing and new mortgage credit for the foreseeable future,” Lowman said. “Whether they buy new homes or decide to refinance and renovate their current ones, the size of this generation, and the fact that they hold approximately $8 trillion of the nation’s home equity, makes it very important that we watch what they do.”

Baby Boomer housing preferences in 2016

Freddie Mac’s survey also contained numerous insights into the housing preferences of Baby Boomers:

  • Nearly 40 percent of Boomers surveyed said they would like to move at least once more during their lifetime.
  • On the other hand, 60 percent said they would rather stay in their current place of residence rather than move again.
  • As for the prices of potential homes, 12 percent of Boomers said they expect their new home will be more expensive than their current one.
  • Only 37 percent said they think their next home will be about the same price as their current one. Half of those who responded said they expect their next home to be less expensive.

According to the survey, the two top factors affecting Boomers’ decision to move are how affordable an area is and having the amenities necessary to live in a home for many years after retirement.

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