How Vacating Seniors Will Crash the Housing Market
Arthur C. Nelson, an urban planning professor at the University of Utah, spoke on the housing market recently at the Lincoln Institute of Land Policy in Cambridge, Massachusetts. Nelson says one of the problems with the future of the U.S.'s housing stock is that when seniors leave single-family homes, the market is no longer there to fill them:
"When those 65 and older move, 80 percent vacate single-family houses, but only 41 percent move into single-family units. The rest - 59 percent - move into multifamily buildings for a variety of reasons such as low maintenance and proximity to services. That's a huge shift coming from the decade's fastest growing demographic group."
Thanks to Robert Steuteville