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References
NAR Library & Archives has already done the research for you. References (formerly Field Guides) offer links to articles, eBooks, websites, statistics, and more to provide a comprehensive overview of perspectives. EBSCO articles (E) are available only to NAR members and require the member's nar.realtor login.
2023 Home Ownership: Rates by Age
- 65+: 79.1%
- 55-64: 75.1%
- 45-54: 70.4%
- 35-44: 62.2%
- < 35: 39%
Source: Quarterly Residential Vacancies and Homeownership, Second Quarter 2023 (U.S. Census Bureau, Aug. 2, 2022)
“The second quarter 2023 homeownership rate was highest for those householders aged 65 years and over (78.9 percent) and lowest for those householders under 35 years of age (38.5 percent). The second quarter 2023 rate was higher for householders 35 to 44 years of age than the rate in the second quarter 2022. The rates were not statistically different in any other age group from the rates in second quarter 2022.”
Housing Trends of the Over-50 Demographic
Performance of the Seniors Housing Market (Freddie Mac Multifamily, Sep., 2023)
Throughout the end of 2022 and into the first half of 2023, the seniors housing market is seeing two divergent trends: occupancy rates continue to recover while new supply eases, but the higher inflation environment has created an additional headwind through rising expenses and interest rate risk. Occupancy rates are still not back to their pre-pandemic average but continue to improve on a consistent basis. Meanwhile the rate of new supply entering the market has declined since the end of 2019. However, expenses at seniors housing facilities have increased nearly 2-3 times more than average given the higher inflation rate and shortage of labor. In an effort to combat the high inflation, the Federal Reserve has increased interest rates rapidly since the beginning of 2022, which has put pressure on the financial market, especially among senior housing loans.
2023 Home Buyers and Sellers Generational Trends Report (National Association of REALTORS®, 2023)
“Baby Boomers purchased for an array of reasons, primarily the desire to be closer to friends and family due to retirement and the desire for a smaller home. Eighteen percent of Older Boomers purchased a multi-generational home. Older Boomers typically purchased the newest-built home—one that was built in 1996. Baby Boomers expect to own their homes for the longest period of time at 20 years. Young Boomers typically moved the furthest distance at a median of 90 miles, while Older Boomers moved a median of 60 miles.”
Advancing Housing and Health Equity for Older Adults: Pandemic Innovations and Policy Ideas (Harvard Joint Center for Housing Studies, Oct. 6, 2022)
“The importance of housing in the COVID-19 pandemic, and the range of innovations and policy ideas that arose from the urgent need to keep people safe at home, can be the foundation of a new narrative about housing as the linchpin of wellbeing for older adults. Highlighting the place in “aging in place” may help us see with greater clarity how affordable, accessible, safe, suitable housing supports health, and how care and support are integral to home.”
What Baby Boomers Want (Options!), Senior Housing Delivers (The New York Times, Jul. 20, 2022)
“Specialized housing for older Americans has been around for decades. But shifting demographics are forcing the industry to diversify more rapidly across rates and services, yielding increasingly lavish residences for upper-income Americans as well as a growing number of affordable housing models.”
Working with Seniors
America's Most Affordable Retirement Towns, 2023 Edition (realtor.com®, Oct. 3, 2023)
“To find these new retirement hot spots, we pulled together the median list prices for all U.S. cities over the past year, as well as the U.S. Census Bureau’s median age data for each. Then we scrutinized all of the single-family, condo, and townhouse listings on Realtor.com over the past year, to find the percentage of those listings that used keywords in the description that indicate a retirement-focused community. We used all of this data to identify places with an above-average median age, below-average home prices, and a significant portion of homes that included our senior-friendly keywords. All of the places ranked had a median list price below the national median of $435,450 in August. We included only places near enough to a large population center in order to offer access to decent health care facilities.”
Helping the Most Vulnerable Clients (REALTOR® Magazine, Jun. 15, 2021)
“Homeowners who are losing their memories or have other cognitive challenges need knowledgeable professionals who can help them with their real estate needs.”
How to Market to Senior Buyers, Retirees (Real Trends, Mar. 30, 2021)
Tap into a new market by including seniors in your advertising plan. Understand senior buyers’ priorities and needs, available financing options, and their marketing preferences.
Navigating Seniors and Their Families (SRES® Blog, Mar. 22, 2021)
Be prepared when seniors bring other families into the home buying process. It’s important to build trust and make sure all parties feel heard. Everyone should work toward a common goal of what is best for the buyer.
Reverse Mortgage Basics
What Is A Reverse Mortgage? (Bankrate, Sep. 13, 2023)
“Geared specifically towards seniors, reverse mortgages can be a great tool — but that tool can also turn against them if it’s not fully understood. Here’s how reverse mortgages work, and what homeowners considering them need to know.”
The Reverse Mortgage: A Retirement Tool (Investopedia, May 20, 2022)
Reverse mortgages allow home owners to take out loans against their home equity. There are different types of reverse mortgages and income options. Reverse mortgages can help reduce foreclosures and delinquencies, but borrowers should do their research thoroughly before taking out a reverse mortgage loan.
Protections for Reverse Mortgage Borrowers (Consumer Financial Protection Bureau, Oct. 6, 2021)
“If you are a reverse mortgage borrower affected directly or indirectly by COVID-19, the CARES Act and guidance from the US Department of Housing and Urban Development (HUD) can protect you from default and foreclosure if you have an HECM reverse mortgage.”
10 Facts Heirs Need to Know About Reverse Mortgages (AAG, May 18, 2021)When a reverse mortgage borrower passes away, loan repayment falls to the heirs. Understand the rights, responsibilities, and options for heirs in the event of a borrower’s death.
New Protections from Foreclosure of Reverse Mortgages (National Consumer Law Center, May 18, 2021)
“Even with a reverse mortgage, homeowners can lose possession of a home for any number of reasons… this article provides information on the risks of foreclosure even for reverse mortgages, sets out new protections from that foreclosure, and also summarizes other rights to avoid foreclosure on a reverse mortgage.”
Useful Websites
AARP Livability Index (AARP)
A project of the AARP Public Policy Institute, the Livability Index rates communities on factors such as housing, health, and transportation for older adults.
Information for Senior Citizens (U.S. Department of Housing & Urban Development)HUD’s collection of financial assistance resources and guides to help seniors make decisions about their housing.
NASMM (National Association of Senior Move Managers)
The National Association of Senior Move Managers is a membership organization for Senior Move Managers, recognized for its innovative programs and expertise related to senior move management, transition and relocation issues affecting older adults.
Reverse Mortgage Calculator (Mortgage Calculator)
Free calculator to help consumers estimate their future equity balance on reverse mortgage loans.
Senior Housing Choices (SeniorResource.com)
Compare different housing options for seniors, estimate costs of relocating versus aging at home, and find state specific senior housing resources.
Seniors Real Estate Specialists® designees are REALTORS® qualified to address the needs of home buyers and sellers age 50+.
eBooks & Other Resources
eBooks.realtor.org
The following eBooks and digital audiobooks are available to NAR members:
Boomer Basics (eBook)
Boomer Marketing (eBook)
Future Marketing: Targeting Seniors, Boomers, and Generations X and Y (eBook)
Gilbert Guide to Senior Housing (eBook)
Reverse Mortgages for Dummies® (eBook)
The Complete Guide to Reverse Mortgages (eBook)
How to Age in Place (eBook)
Where to Retire: America’s Best and Most Affordable Places (eBook)
Books, Videos, Research Reports & More
As a member benefit, the following resources and more are available for loan through the NAR Library. Items will be mailed directly to you or made available for pickup at the REALTOR® Building in Chicago.
Boomer Consumer: Ten New Rules for Marketing to America's Largest, Wealthiest and Most Influential Group (Great Falls, VA: Linx, 2007) HD 7293 T39
Reverse Mortgages for Dummies (Hoboken, NJ: Wiley, 2005) HG 2051 L99r
The New Reverse Mortgage Formula: How to Convert Home Equity into Tax-Free Income (Hoboken, NJ: Wiley, 2005) HG 2051 K29
Pocket Idiot’s Guide to Reverse Mortgages (Indianapolis, IN: Alpha, 2005) HG 2040.5 P76
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