Press release from Lattice Publishing:
As older Americans hold onto their homes, less existing supply is available for new buyers entering the market. And unlike previous generations, baby boomers—those born between 1946 and 1964—have shown a greater propensity to age in place, proving reluctant to leave homes where they feel comfortable and costs are affordable as they reach retirement.
The result is that 38% of American homeowners aged 65+ have lived in their home for more than 30 years, and another 39% have lived in their current home for more than a decade. Only about one out of every five retirement-age households moved within the last 10 years. That said, how long Americans are likely to remain in their homes varies widely by location. Researchers ranked metro areas by the percentage of 65-and-over households that moved in at least 30 years ago, with only owner-occupied households being considered.
The analysis found that residents aged 65 and older account for 40.3% of owner-occupied households in the Asheville metro area, with 30.7% having moved in 30 or more years ago.
Read the full study here: https://www.usmoneyreserve.com/news/executive-insights/cities-retirees-in-homes-the-longest/