Surprise: "we haven’t built enough housing to keep up with demand"

"Every day, more than 10,000 Americans turn 65, according to the US Department of Health and Human Services.

By 2030, the US Census Bureau says, 70 million Americans will be 65 years old or older. Historically, homeowners in that age group have sold their single-family home and moved into a smaller place, often in the Sun Belt, but experts say that’s not happening.

Baby boomers are booming, but they’re just not going to hit the residential real estate market the way some experts thought they would, according to Selma Hepp, chief economist for CoreLogic, a property data analytics firm.

...

“Across the region, approximately 45 percent of large units are occupied by an over-fifty-five household. Nearly 15 percent of large units — 114,000 homes — are occupied by an over-seventy household. While many of these seniors are staying in large homes because they want to, others may be interested in moving but have few other options in their community. As noted above, there are relatively few one- and two-bedroom units in many towns.”

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https://www.bostonglobe.com/2023/03/15/real-estate/sun-belt-meh-many-baby-boomers-are-staying-put/

Surprise: "we haven’t built enough housing to keep up with demand"