There are so many more options now that make it easier for seniors to stay in their homes as they age. There are in-home medical care, meal delivery services, home helpers for cooking and cleaning, and even ways to renovate your home to make it more accommodating. Fairly minimal homestay projects could be adding a ramp to the front door, a chair lift for the stairs, grab bars in the tub/shower, etc.

Staying at home really allows older people to maintain their sense of dignity and independence. However, this new normal has a national impact on the housing options available to younger generations.

During and after the Great Recession, it was not uncommon for more baby boomers to continue working after age 65 due to the downward effects on their retirement accounts. This has left fewer and fewer job openings available for young adults (millennials) to jump in and start their careers.

It also had a direct impact on the average age of first-time home buyers. Because millennials were starting their careers at older ages, it delayed their ability to save money for a home.

Decades ago, it was common for children to leave home and their parents to downsize or move into nursing homes or retirement communities, freeing up their home for someone else to live. ‘to buy. Now, fewer adults aged 67 to 85 are leaving their homes, resulting in a significant shortage of homes available for sale. After all, the housing market is like a cycle and every time that cycle gets stuck (like older Americans not selling their homes and lots of younger people wanting to buy) there is an imbalance and the market turns. endlessly.

Granted, there are many factors that contribute to housing shortages across the country, but I’ve found this to be one that isn’t talked about enough. Most don’t realize that millennials are now the largest generation and are very interested in buying homes. This “aging in place” dynamic is not going to help matters.

Maybe in another article I will talk about the effect of driverless cars on the housing market. One day, maybe… But for now, this is a relatively new development that the market will have to sort out.

Seth Lejeune is a partner/team leader at REMAX HOMEPOINT in Royersford and can be reached at [email protected] or 610-804-2104.

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