While the number of homes for sale remains an issue in many markets, there have certainly been improvements. Inventory has risen significantly over the past couple of years and buyers are finding more listings than they did back in 2021. Still, there remains a lack of homes for sale in affordable price ranges. One theory as to why they continue to be so hard to find is the fact that older Americans are staying in their homes longer than they did in the past. But, one day, those homeowners will decide to downsize or move, and when they do, a flood of older homes will hit the market and help first-time and entry-level buyers find an affordable house to buy. Right? Unfortunately, that may not be the case. According to one new study, research shows that the areas with the most empty-nester homeowners – markets like Buffalo, Cleveland, Detroit, and New Orleans – are areas that already have affordable homes available for sale. In cities like San Jose, Austin, and Denver – where young Americans are moving and looking to buy – there are fewer empty nesters and more households with members under the age of 45. That means downsizing empty nesters may not be the ultimate answer to the affordability crunch. (source)
