To anticipate the impact of the 55+ age population on the nation's housing, Freddie Mac commissioned a survey of older Americans on their attitudes toward their current and future housing options. The survey sample included 5914 individuals 55 years or older with a subsample of 4886 homeowners. Here are some of the key findings:
- Two-thirds of the homeowners are satisfied with their homes and communities and want to age in place.
- However, many of those same homeowners are not sure they will be able to afford the retrofitting their homes will require as they grow older. Other studies indicate the remainder of our respondents may be underestimating the need for retrofitting.
- Many respondents want to age in place but in a different place from their current residence. Over 70 percent of those who plan to move again say they are more likely to buy a house than rent. That suggest roughly 18 million 55+ homeowners may be shopping for another home in the coming years.
- Surprisingly, downsizing is not a high-priority for the next move.
- Another surprise-more than a third of the 55+ age population still have a mortgage and a majority of those have ten or more years left to pay on their mortgage.
Based on data from American Community Survey, 51 percent of Arizona households that own their home have at least one household member over 60 years old. Considering the numbers, these factors are very relevant to the Arizona market.
In the short-to-medium term, mortgage rates will remain low, and housing activity will continue to grow. But even when rates stabilize and volume tapers off, the 55+ age population will remain active participants in the housing market.
At TCT Real Estate, our goal is to be the "Source of the Source" in Arizona real estate, and assist all those in the market for buying and/or selling their home.