Hang on tight, because many U.S. homeowners aren’t budging when it comes to letting go of their American Dream. A Redfin-commissioned survey found that roughly one-third (33.5%) of baby boomers who own their home believe they will never sell their property. Some 30% more say they will eventually sell, but not in the next decade.
Nearly half (44.6%) of members of the Silent Generation had no plans to sell, making older people even less inclined to do so. Contrarily, the likelihood of younger homeowners eventually selling their home is higher, with an estimated 21% of Gen Zers and some 25% of Gen Xers reporting they will never sell.
Older Americans are significantly more likely than younger Americans to remain in their current location for a variety of lifestyle and financial reasons. A large number of baby boomers who own their homes have little financial motivation to sell. Approximately two-thirds (67%) of baby boomer homeowners have been in their home for 16 years or more, and many elderly homeowners have lived there for a long period of time and simply want to stay put.
Older Homeowners Hanging on to Their Homes
The majority of baby boomers (55%) who responded to the survey’s question on why they’re staying in their current residence stated that they simply like living there and don’t see any reason to change, which was the most often stated response.
The next most frequent explanations are monetary:
- 8% stated they don’t want to give up their low mortgage rate
- 16% said today’s home prices are too expensive
- 30% said their home is almost or fully paid off
Over the past few years, housing costs have increased dramatically. Mortgage rates are close to 7%, up from around 4% before to the epidemic, and home prices have increased by about 40%. Of baby boomers who own a home, nearly one-third (31%) claim they are unable to buy a comparable property in their community today.
Younger Americans have a hard time finding and affording homes, especially ones big enough to accommodate a family, because older Americans tend to stick onto their homes. Approximately 5% of baby boomer homeowners own condos, 4% own townhomes, and nearly 90% own single-family homes.
According to a Redfin estimate from 2024, baby boomers are twice as likely as millennials to possess huge homes. In the meantime, compared to 4% of baby boomers, almost 70% of millennial and Gen Z homeowners have young children living with them.
“Boomers don’t have much motivation to sell, financially or otherwise,” Sheharyar Bokhari Senior Economist at Redfin. “They typically have low housing costs, and the bulk of boomers are only in their 60s, still young enough that they can take care of themselves and their home without help. Still, some boomers are ready to downsize into a condo or move somewhere new for retirement, and the mortgage-rate lock-in effect is starting to ease–so even though there won’t be a flood of inventory, there will be a trickle.”
The most frequently stated reason for not buying a home is that they cannot afford a home in the neighborhood where they wish to reside, which is stated by one-quarter (25%) of Gen Z and millennial renters who say they will not be buying a home anytime soon. The next most frequent explanations are: incapacity to save for a down payment (18%), excessively high mortgage rates (20%), and financial unpreparedness for unforeseen expenses of home ownership (23%).
There are nearly 500,000 more home sellers than buyers in the current market, which is fantastic news for young homebuyers. Many regions of the nation are experiencing a buyer’s market, and Redfin experts forecast that by the end of 2025, home prices would have dropped 1% annually.
“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 Daryl Fairweather, Chief Economist at Redfin. “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.”
Note: The survey findings in this report are from a Redfin-commissioned survey conducted by Ipsos in May 2025, fielded to roughly 4,000 U.S. residents. This report focuses on homeowners who answered a question about when they are likely to sell their home: 170 members of the Silent Generation, 718 baby boomers, 434 GenXers, and 382 millennials/Gen Zers. The second section of the report focuses on homeowners who answered a question about why they are not selling: 519 baby boomers, 283 Gen Xers and 171 millennials/Gen Zers.
To read more, click here.
