Older homeowners have emerged as the pillar of the housing market! Following the collapse in 2008 the homeownership rate for Americans age 65 and over has remained at 80 percent while dropping for every other age group. Seniors typically have less mortgage debt than younger homeowners, more wealth than they had four years ago, and longer lifespans than a generation ago. So they’re staying in the housing market rather than downsizing into rentals or moving to independent senior centers.
The homeownership rate -- the number of owner-occupied homes divided by the number of households -- was 80 percent in the third quarter of last year for those 65 and over, little changed from the same period in 2008, according to Census Bureau data. Those under 35 have seen the biggest decline in homeownership, with a 12 percent drop to 36 percent, the data show. In 1982, the homeownership rate of every age group was higher than it was in 2014 -- except for those 65 and over.
If not for seniors, we would be seeing a much lower homeownership rate overall, more homes on the market and more weakness. As the saying goes: "Old Guys (and Gals) Rule!" (I'll be 70 in a few months ... so I can say that)
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