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These housing markets will feel the biggest impact from the ‘Silver Tsunami’

Roughly one in three homes in the U.S. is owned by someone age 60 or older.

3.12.2019

More than 27% of homes, around 20 million properties, will go up for sale by 2037 by virtue of a baby boomer dying or choosing to move to a smaller home or retirement facility, according to Zillow.

Roughly one in three homes in the U.S. is owned by someone age 60 or older.

All told, Zillow Z, +1.81% estimates that more than 27% of currently owner-occupied homes, around 20 million properties, across the U.S. will go up for sale by 2037 by virtue of a baby boomer dying or choosing to move to smaller home or retirement facility.

The Tampa-St. Petersburg-Clearwater metropolitan area in Florida is expected to see the biggest impact. By 2037, seniors will have released 33.2% of all homes in that area into the market. The Tuscon, Ariz., metropolitan area was next, with 32.6% of owner-occupied homes expected to go up for sale thanks to seniors, followed by the Miami-Ft. Lauderdale-Port Saint Lucie and Orlando metropolitan areas in Florida at 31.9% each.

At the other end of the spectrum, Salt Lake City, Utah, is expected to see the smallest effect from the “Silver Tsunami.” With less than 20% of homes expected to go up for sale because they are currently owned by an aging baby boomer. Other cities expected to escape this trend relatively unscathed include the cities of Austin, Houston and Dallas in Texas.

As a result, the flood of homes this trend will bring to these markets should help keep prices more affordable and make the prospect of homeownership more feasible. Unfortunately, though, many of the cities that will see the most homes freed up are locations that have proven to be less popular places to live among millennials and Gen-Xers.

Jacob Passy Jacob Passy is a personal-finance reporter for MarketWatch and is based in New York.

Read more: MarketWatch

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