Name: Baby Boomers: Some Aren’t Selling Large Homes, Others Are Facing Homelessness
Uploaded: 2024-05-09T04:01:00Z
Duration: 6 min 52 s
Description: Older baby boomers aren’t moving out of their homes, while younger boomers reaching retirement now are increasingly facing homelessness. We break down this trend and explain its impact.

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Older baby boomers aren’t moving out of their homes, while younger boomers reaching retirement now are increasingly facing homelessness. We break down this trend and explain its impact. Photo: Joe Buglewicz and Bryan Cereijo for WSJ

https://m.wsj.net/video/20240508/6b34ac2c-da43-42f3-beed-286d79afb688/2/hls/manifest-hd-wifi.m3u8

Older baby boomers aren’t moving out of their homes, while younger boomers reaching retirement now are increasingly facing homelessness. We break down this trend and explain its impact.

Baby Boomers: Some Aren’t Selling Large Homes, Others Are Facing Homelessness

Narrator: This chart shows median net worth by generation in the US and it's what many people think of when they refer to boomers as the wealthiest generation, but that's only part of the story. As a whole, they hold about half of US wealth, much of it in real estate, but that's mostly these boomers born between 1946 and 1954. The younger boomers, on the other hand, are increasingly struggling with homelessness. Here's how boomers are exacerbating the housing shortage and overwhelming local economies as a record number of them age. Around 80% of older boomers who are now mostly in their seventies, are homeowners.

These are folks who are able to buy homes when they were younger. A lot of 'em have paid off their mortgages and their homes have appreciated a lot over the last few decades.

Narrator: Boomers own over 35% of all large homes in the US. Most of those homes belong to households with no children living with them. What's happening is that these older Americans are increasingly choosing to age in place.

They feel a connection to the community. Financially, they might feel kind of stuck with their home. You know, "I already own this free and clear. If I wanted to buy another home, that new home is gonna cost a lot more."

Narrator: This trend of older homeowners hanging onto their houses is exacerbating the housing shortage and contributing to rising home prices.

It's especially acute of a problem right now, because millennials are at kind of a prime home buying time in their lives, and the millennial generation is a very large generation.

Narrator: California homeowners typically stay put the longest.

California has a very unique tax structure where you're very much incentivized to stay where you are, because as long as you stay in your home, your property taxes won't go up.

Narrator: Not all boomers are holding onto their large homes. Around 20% are selling, but one reason this might not be making as big of an impact on the housing shortage is that boomers aren't really downsizing with their new home, so they're not increasing the supply of large homes on the market.

That could be driven by there not being a lot of good, what we call starter home, or kind of smaller home options, because in general, when builders are building, they tend to be building larger and more expensive homes.

Narrator: At the same time, younger boomers are driving up the number of older homeless people in cities across the country.

Elderly homelessness has been rare since the reemergence of homelessness in the mid 1980s. Usually it's been people in their twenties and thirties and forties, but now we're approaching close to 30% of the adult homeless population are people 55 and over.

Narrator: This is partly due to the fact that boomers are such a big cohort, and since the eighties, they've made up the largest share of the homeless population. This chart shows how younger boomers specifically have made up about a third of the US homeless population for decades, but a lot of boomers are also experiencing homelessness for the first time as they've gotten older. A 2023 UCSF study found that over 40% of homeless older adults in California were homeless for the first time after the age of 50. For some, this was caused by a major life event like the death of a spouse, or a medical emergency. For others, especially those living on social security, it was due to high housing costs. In Naples, Florida, for example, there are more elderly, homeless people as social security payments haven't kept up with rent increases. There's also a significant number of people who worked jobs that didn't contribute to social security, so they're ineligible for social security income in retirement.

We see it very often in things like migrant labor, construction, especially demolition, high risk kind of jobs that are low skilled. So instead they get this program called supplemental security income, which is around $950 a month right now.

Narrator: Homes at the very bottom of the market have also been heavily affected by the nationwide housing shortage.

The supply of those marginal, but available housing options shrinks in the context of a very hot real estate market, because even these properties that we're serving very low income people, hotels, motels, the price is going up for those and those people wanna sell. They want to convert, knock down new buildings, what have you.

Narrator: Low cost assisted living centers, which were never built in adequate numbers to handle the large boomer generation have also been closing amid staffing shortages and financial troubles. Researchers estimate that in New York City alone, healthcare and shelter costs will surpass $450 million by 2030. Academic researchers attribute the different economic prospects of the older and younger boomers to something called the Cohort Effect, which is the idea that people born in the same period share unique experiences as they move across time.

The older baby boomers in particular, this is a generation that was coming of age into an economy that was really booming.

Narrator: When they bought homes in the seventies, or eighties, home prices were low and interest rates were high.

What happened right after that was that you had four decades where interest rates basically just fell. That meant that even though they were entering into home ownership at a time when rates were high, they were able to refinance.

Narrator: The second half of the boomer generation came of age during back-to-back recessions.

They faced a very crowded housing market. Prices were escalating. Young adults in particular, faced the challenge of getting entry into the labor market.

Jobs are hard to come by. How about you, you hiring?

Narrator: The crack cocaine epidemic in the eighties led many to struggle with homelessness.

And that population has continued to be at risk as they've gotten older.

Narrator: Sometimes if you miss a window by even five years, 10 years, you're looking at a very different housing market, or you're looking at a very different labor market and it takes time to catch up.

Narrator: Over the next 10 years, some researchers are counting on what they call a Silver Tsunami, a huge wave of housing inventory from baby boomers aging out of their homes. They say this would free up houses for younger families to move into, but other housing experts say that's unlikely to happen.

If you are looking for inventory from that mechanism, it's gonna be a trickle. It's not gonna be like this big tsunami that happens all of a sudden.

Narrator: By 2030, all boomers will have reached traditional retirement age, which researchers expect will only increase the pressure on healthcare facilities and shelters.

We need to fix the federal safety net. The Biden administration, the budget that they put out this year included $3 billion to address elderly homelessness. I don't think that's likely to pass, but it's the first time that we've seen a federal proposal of any kind, so at least it's out there and it's in the conversation, 'cause we should not have destitute elderly, or disabled people in the richest country on earth.