You’ve saved for a down payment but cannot find a house to buy. What are you supposed to do now? A housing solution is beginning to surface and you just need to ride the wave... The Silver Tsunami is on it’s way and could provide a plethora of homes to purchase.
You might be wondering what the Silver Tsunami is and how it can help you find a home. As baby boomers age (born 1946-1964), more and more houses will go up for sale creating a Silver Tsunami. According to the U.S. Census Bureau, this group is estimated at approximately 73 million and all baby boomers will be 65 or older by 2030. These aging Americans will likely move from their full-sized homes into smaller homes, assisted living, nursing homes, or with their children, which will open up more and more homes to the marketplace.
More than a quarter of owner-occupied homes are expected to hit the market over the next 20 years
The rise in available houses in this decade and the following decade will also result from the passing of baby boomers, sadly enough. Mortality data suggests that 1 in 8 homes will go up for sale in 6-7 years. Add another 10 years to that and we’ll see over 27% of homes being released to the market. The mortality of baby boomers will lead to greater opportunities in finding a house to buy.
One more thing to keep in mind as the Silver Tsunami hits, these homes will likely need to be remodeled. As baby boomers age in place, their homes may be neglected -- from outdated interiors and HVAC systems to shabby exteriors and dilapidated roofing. These issues can play in your favor as you may be able to find a home for a great price then customize it to your liking through a renovation.
So if you’ve been saving for a down payment but cannot find a home to buy, keep saving and plan on benefiting from the Silver Tsunami. Your patience may lead you to a variety of housing options at great prices. Talk to your real estate agent about the baby boomer market in your area and plan for your future home purchase.
You will find an extensive amount of information about buying a home in our guide
(it's such a big deal, you'll want to refer to it each time you have a home buying question):