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A recent MReport stated that there will be a wave of housing inventory in the next twenty years. According to Zillow, the market by seniors aged 60 or older will rise from 920,000 from 2017 to 2027 and 1.7 million per year from 2027 to 2037. Therefore, roughly 30% of today’s occupied homes will become available by 2037. About one third of homes are owned by the Boomer generation. About 20 million homes could become unoccupied in the next twenty years. 

WHERE WILL THE WAVE IMPACT THE MOST?

States where many people retire will be impacted the most. For example, Florida and Arizona will be impacted greatly. Tampa-St. Petersburg-Clearwater, Florida, is predicted to have the largest increase in housing inventory. The inventory is expected to grow 15% by 2027 and 33% by 2037. Also, Tucson-Nogales, Arizona, is predicted to see housing availability increase by 14.8% by 2027 and 32.6% by 2037. Salt Lake City-Provo-Orem, Utah, is expected the least amount of growth. The Zillow report states, “If demand erodes because fewer people choose to retire there in the coming years, those areas might end up with excess housing”.

Click here to read the full MReport and learn more.

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