TAMPA, Fla. (WFLA) – More than 33 percent of homes in the Tampa Bay metro area should become available by 2037, according to a new study by Zillow.
The report released Wednesday showed that baby boomers – people born between the years of 1944 and 1964 – own a significant portion of the country’s housing market.
The study says that once that generation dies off, millions of homes across the country will become available. The Tampa Bay area is set to lead the country with the amount of homes expected to go on the market, the study says.
According to the report, 33.2 percent of homes in the Tampa Bay metro area will become available by 2037. That’s the biggest housing turnover in the country, Zillow says.
Pasco County alone will see a 43.4 percent housing turnover. Tampa had the lowest projected turnover at 28.8 percent.
“Well-known retirement destinations including Miami, Orlando, Tampa and Tucson will experience the most housing turnover in the wake of the Silver Tsunami,” the report says. “If the number of future retirees choosing to make these places home during their golden years fails to match generations past and local housing demand fades, these areas may end up with excess housing.”
Nearly 34 percent of owner-occupied U.S. homes are currently owned by people aged 60 or older and 55.2 percent by residents aged 50 or older. As these households age and begin vacating housing, that could represent nearly 20 million homes hitting the market through the mid-2030s.
Between 2007 to 2017, around 730,000 homes across the country were released into the market each year by seniors aged 60 or older. From 2017 to 2027 and from 2027 to 2037 that number is set to rise to 920,000 and 1.17 million per year, respectively. That’s an addition of about 440,000 homes annually by the second decade.
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