Baby Boomers putting their house up for sale could flood the market in coming years, while the younger generations may not be interested in buying, a new report says.
"It's already happening in some states like Michigan," says Rolf Pendall of the Urban Institute and a co-author of the report by the Bipartisan Policy Center .
"Seniors there are already putting their homes on the market and the absorption of housing is less and creating more inventory," Pendall explains. "There's hesitancy on the buyer's part."
As boomers downsize because of retirement, finances, health or death, they're expected to release some 26 million homes onto the market by 2030, according to the Policy Center paper.
The problem is that echo-boomers, or Generation Y—those born between 1982 and 1995—may not be buying up the inventory, says Pendall, whose retired mother is trying to sell a home and downsize.
"Whether it's jobs, confidence, tight credit or a slowdown in immigration, there could be a real slowdown in buying from the younger generation," Pendall explains.
The Bipartisan Policy Center's report states that young adults are struggling with higher levels of credit card and student loan debt than their elders—some of which could take decades to pay off.
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