Baby Boomer home sales will flood the housing market: Report

Baby Boomers’ homes will be sold on a large scale over the next 20 years, but with millennials refraining from home ownership, who will be buying them?

The U.S. housing market is on the verge of being inundated with homes for sale on a scale that hasn’t been seen since the housing bubble in the mid-2000s.

The tsunami is being driven by a grim reality: Baby Boomers dying.

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Four out of 10 U.S. homes are owned by residents age 60 or older, and five out of 10 by residents 55 or older, according to Zillow. Over the next two decades, more than a quarter, or roughly 21 million homes, are likely to be vacated. During the last housing bubble there were only 450,000 new home sales per year, on average.

Although all of these homes will be hitting the market, they will be located in areas where most of the younger generations don’t want to live. The areas that will be impacted the most are traditional retirement communities, including Florida and Arizona.

However, the areas that will be least affected are vibrant, affordable cities, including Dallas, Houston and Atlanta.

Via Fox Business