Others are looking for other ways to monetize unused space
Almost one in three baby boomers have struggled to pay for housing costs in the past year, according to a recent study from PropertyShark.
Roughly 60% of those older than 65 years old are already living mortgage-free and are expected to pass on almost $48 trillion in assets in the next 25 years.
However, 30% of those nearing retirement had a rough year keeping up with higher housing costs. It also does not help that only 3% of older adults who are retired or nearing retirement age are very familiar with housing-related government programs for seniors. Forty-nine percent were not at all familiar with these programs, while 30% said they know very little and 14% were somewhat familiar, according to the report.
Not only are they not prepared to make use of government programs, but 56% of people 45 and older also plan to stay in their current homes for their senior years. Baby boomers are the largest generation of older adults in the United States’ history, and their decision would further shrink the supply of homes for younger homebuyers.
On the bright side, baby boomers and older Gen-Xers are renting out space in their homes to ease some of their housing-cost burdens. Twenty-five percent of adults planning to retire in more than five years and 10% of those who want to retire in more than 10 years have looked into other ways to make money from their extra home space.
