00:00 Speaker A
A new survey from Redfin shows that about one in three baby boomers say they will never sell their homes. How is this trend affecting overall housing supply in the market dynamics we’ve seen over the past year?
00:13 Speaker B
Yeah, certainly. We know that baby boomers have reinvented everything, so it’s not a surprise that they’re reinventing aging in place. Uh, they’re not going to move. And we know that they’re the biggest share of home buyers in the last year too. Uh, they have the cash to be able to do so as opposed to first-time home buyers who are really just struggling with affordability. And so if there’s not enough of supply to go around, this is really going to be an increased issue. We can’t look at baby boomers as the solution to our housing crisis. We really do need to build more.
01:03 Speaker A
And you mentioned affordability concerns. How are you looking at first-time home buyers and the challenges that they’re facing?
01:11 Speaker B
Yeah, if we look at first-time home buyers, they’re at historic lows, but also their ages are at historic highs. So we know that they’re renting for a longer period of time, and this is an issue when we think about the housing market, and we think about movement. If baby boomers aren’t moving and we can’t bring in new first-time home buyers, we don’t have the supply to go around, it’s just a very difficult housing market when we think about young adults getting on that first rung.