Elderly Americans Hanging on Tight to Homeownership

via themortgagepoint.com—Hang on tight, because many U.S. homeowners aren’t budging when it comes to letting go of their American Dream. A Redfin-commissioned survey found that roughly one-third (33.5%) of baby boomers who own their home believe they will never sell their property. Some 30% more say they will eventually sell, but not in the next decade.

Nearly half (44.6%) of members of the Silent Generation had no plans to sell, making older people even less inclined to do so. Contrarily, the likelihood of younger homeowners eventually selling their home is higher, with an estimated 21% of Gen Zers and some 25% of Gen Xers reporting they will never sell.

Older Americans are significantly more likely than younger Americans to remain in their current location for a variety of lifestyle and financial reasons. A large number of baby boomers who own their homes have little financial motivation to sell. Approximately two-thirds (67%) of baby boomer homeowners have been in their home for 16 years or more, and many elderly homeowners have lived there for a long period of time and simply want to stay put.

The majority of baby boomers (55%) who responded to the survey’s question on why they’re staying in their current residence stated that they simply like living there and don’t see any reason to change, which was the most often stated response.

The next most frequent explanations are monetary:

8% stated they don’t want to give up their low mortgage rate

16% said today’s home prices are too expensive

30% said their home is almost or fully paid off

Over the past few years, housing costs have increased dramatically. Mortgage rates are close to 7%, up from around 4% before to the epidemic, and home prices have increased by about 40%. Of baby boomers who own a home, nearly one-third (31%) claim they are unable to buy a comparable property in their community today.

Younger Americans have a hard time finding and affording homes, especially ones big enough to accommodate a family, because older Americans tend to stick onto their homes. Approximately…READ MORE

The Current Miami Springs Market

DEMAND IS STILL THERE DESPITE HIGHER INTEREST RATES

There are forty-three (43) active listings in the Miami Springs/Virginia Gardens real estate market, an increase in inventory.More increases in the months ahead? We think so! Increasing inventory is better for Buyers, though prices have remained strong for Sellers despite high interest rates. We are truly in a unique market where timing is everything! Property values remain strong in Miami Springs and Virginia Gardens, though we are seeing more price decreases this year.

There are nineteen (19) active listings over one-million dollars. At eighteen (18), almost half of the active listings have had a price reduction, three (3) this week. The number of days properties are staying on the market is averaging 53 days. There are no properties priced under $500,000; one (1) property is priced between $500,000-$600,000; four (4) properties are priced between $600,000-$700,000; seven (7) between $700,000-$800,000; seven (7) between $800,000-$900,000; five (5) are priced between $900,000-$1,000,000; seventeen (17) between $1-2 million; and two (2) properties are priced for over $2 million.

Sales have been slower this year but there are still many qualified Buyers out there. The limited options for entry level homes, high interest rates and homeowner insurance costs make it difficult for many first-time buyers. Additionally, there is a practically nonexistent number of entry-level homes (i.e. under $600,000). Interest rates aside, we continue to anticipate more inventory increases.

Mortgage interest rates remain under 7% and expected to fluctuate between 6-7% in 2025. Current interest rates create a difficult situation for sellers that have a mortgage with a low interest rate. Where do they go if they decide to sell? Any additional interest rate increases in the future can mean fewer Buyers. Properties are staying on the market for longer but some houses still quickly sell. It all depends on pricing, condition, and location, location, location. Timing is everything!

CALL US FOR AN EVALUATION

During the period of June 13, 2025 through June 20, 2025, there were reported 5 new listings, 4 closed sales, 2 pending sales, 5 active with contract, 0 expired listings, 0 cancelled listings, 0 temp off market, 3 price reductions, and 0 price increases.

HOW DOES YOUR HOUSE COMPARE?

The table below shows the current status of the Miami Springs/VG real estate market as of June 20, 2025. All closed sales are within the last 90 days.

*Disclaimer: The data relating to real estate displayed on this website and the chart above comes from the Miami Board of Realtors MLS. All listing information is deemed reliable but not guaranteed and can be independently verified.

 A complete list of all the properties for sale in Miami Springs or any other area of 

Miami-Dade County can be sent to you on regular basis. 

Request it at:  charlie@leonardrealestategroup.com

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