Considering how economists have studied the impact a retiring Baby Boomer workforce will have on the country’s economic health, housing stock certainly deserves the same attention.
The Harvard Joint Center for Housing Studies recently conducted an analysis of the picture painted by various indicators, and concluded that – while housing will be come more widely available as Boomers sell their family homes and eventually pass on, the next generation that follows still has its own set of distinct housing needs. From their post:
“…while the housing market does somewhat resemble a game of musical chairs, with successive age groups ‘moving up’ as their incomes and families grow, and older households exiting, this process can be inefficient for young adults moving into units vacated by baby boomers…”
The outlook indicates new housing will continue to be needed, even as existing housing stock is released back into the market.