(The Epoch Times)—Over 33 percent of baby boomers who are homeowners said they will never sell their homes, real estate brokerage Redfin said in a June 18 statement detailing the results of a survey.
“Another 30 percent say they’ll sell their home at some point, but not within the next decade,” said the report. As for older people, the survey reveals they are even less likely to sell than boomers. Nearly 45 percent of the Silent Generation do not plan to sell their residential properties.
The Redfin report, which surveyed roughly 4,000 U.S. residents, said younger homeowners are more likely to sell. Twenty-five percent of Gen Xers and 21 percent of millennials/Gen Zers said they would not sell.
The main reasons for not selling are that homeowners like their current homes, and they don’t wish to move. Besides, new homes have higher prices, and buyers would face elevated mortgage rates.
Redfin reports that home prices have gone up roughly 40 percent since pre-pandemic, and mortgage rates are near 7 percent.
The median price of homes sold in the United States was $416,900 in the first quarter of 2025, up from $329,000 in the same quarter of 2020, according to data from the Federal Reserve Bank of St. Louis. Ten years ago, prices were even lower at $289,200.
Meanwhile, the weekly average interest on a 30-year fixed-rate mortgage has consistently remained above 6 percent since September 2022, according to data from Freddie Mac. For the most recent week ending June 18, rates were at 6.81 percent, more than double the 3.13 percent roughly five years back.
“Nearly one-third (31 percent) of baby boomers who own their home say they couldn’t afford a home like theirs in their neighborhood today,” said the report.
Regarding purchasing a new home, around one in four millennial and Gen Z renters say they cannot afford a home in an area where they want to live.
For the younger people, the other reasons, according to the survey, are being financially unprepared for surprise costs of owning a home, high mortgages, and inability to fund a down payment.
“While inventory is improving, supply is tight for young house hunters looking for family homes, especially in suburban areas where homes priced like starter homes—yet large enough for families—are scarce,” said Redfin Chief Economist Daryl Fairweather.
“With baby boomers opting to age in place rather than sell, it’s challenging for younger buyers to find affordable options that fit their lifestyle. But it’s worth noting that even though many older Americans say they’re not planning to sell their homes, many are likely to eventually part ways as it becomes harder to live independently and/or keep up with home maintenance.”
Tackling Affordability Crisis
Home developers have urged lawmakers to take action to tackle the housing affordability crisis.
Last week, more than 1,000 builders, remodelers, and associates from the construction sector visited Capitol Hill, asking lawmakers to support policies that will “help builders unleash the housing market,” the National Association of Home Builders (NAHB) said in a June 11 statement.
“The best way to ease the nation’s housing affordability crisis and boost housing production is to break down the barriers that are impeding new home and apartment construction,” said NAHB Chairman Buddy Hughes.
Specifically, NAHB asked Congress to pass legislation preventing the Department of Agriculture and the Department of Housing and Urban Development from mandating a minimum energy standard for housing, arguing that these measures raise housing costs and price out buyers.
The group also urged lawmakers to consider tax legislation benefiting the construction sector, such as permanently extending the pro-housing and business policies from the Tax Cuts and Jobs Act of 2017, said the statement.
As for the pressure created by high mortgage rates on prospective buyers, things could improve this year.
In a June 12 commentary, Lisa Sturtevant, chief economist at real estate data company Bright MLS, said she expects mortgage rates to “decline more significantly at the end of the summer, leading up to the Fed’s September meeting.”
“Lower rates could bring more buyers out this fall. But it is becoming more of a possibility that weakening consumer confidence and labor market concerns may cast a long shadow into the fall housing market,” she wrote.
Scott Turner, secretary of the Department of Housing and Urban Development, said in a June 19 X post, “The simple answer to addressing the housing affordability issue: Build more housing.”
Turner proposed building more Opportunity Zones that “allow our private sector to innovate and cut down costly red tape.”
Opportunity Zones, created under the Tax Cuts and Jobs Act of 2017, allow people to invest in distressed areas in America, according to an Oct. 8 post by the IRS. They are aimed at spurring “economic growth and job creation in low-income communities while providing tax benefits to investors.”
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