The influx of homes from empty nesters is unlikely to ease the housing crisis in major cities.
some may be looking at those occupied by' empty nesters ' as an incoming source of inventory. As older residents begin to downsize, the thinking goes, the millions of homes they currently ownHowever, those units aren't likely to be the solution, Orphe Divounguy, a senior economist at Zillow, tells CNBC Make It.
The reason is simple: Empty nesters — which Zillow defines as'residents ages 55 or older who have lived in the same home for 10 or more years, have no children at home and have at least two extra bedrooms' — don't live in the same places where younger generations want to be,'These empty-nest households are concentrated in more affordable markets, where housing is already more accessible — not in the expensive coastal job centers where young workers are moving and where more homes are most desperately needed,' Divounguy said in the report. Around 20.9 million households fit the definition of empty nesters in 2022 and out of the 50 biggest U.S. cities, they have the greatest concentrations in Pittsburgh, Pennsylvania; Buffalo, New York; and Cleveland, Ohio. But the cities with the most people under 44 are San Jose, California; Austin, Texas; and Denver, Colorado, Zillow reports., the big flow of housing coming is probably not going to do much to help those markets,' Divounguy says. And of course, the homes empty nesters are vacating might not be the same properties young people are looking for, especially if they are large or relatively expensive for the area.This couple retired in their 30s in 1991 and have no regrets: ‘It just keeps getting better'So, what will actually move the needle? The'only viable solution for improving housing affordability' is new construction in the cities facing the largest shortages, Divounguy says.
HOUSING SHORTAGE EMPTY NESTERS AFFORDABILITY CONSTRUCTION NEW HOMES
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