Editor's Note: This story originally appeared on Construction Coverage.
Homeownership has long been considered part of the American dream. But first-time home buyers, especially millennials and Gen Xers, are facing an uphill battle when it comes to house hunting.
This is in part because of a growing trend in which baby boomers, the generation that owns the largest share of American homes, are planning to stay put.
In fact, a 2021 survey conducted by AARP found that 77% of Americans over the age of 50 would prefer to remain in their current home—rather than move in with family, to a nursing home, or to an assisted living facility—which is leading to less inventory for new buyers.
While baby boomers—defined as Americans between the ages of 58 and 76 in 2022—comprise just over 20% of the U.S. population, they account for nearly 38% of homeowners nationwide.
The following is a breakdown of baby boomer homeownership percentages in major metropolitan areas.
The analysis was conducted by researchers at Construction Coverage using data from the U.S. Census Bureau and Zillow. For more information, refer to the methodology at the end.
1. Tucson, AZ
- Percentage of homeowners that are baby boomers: 41.8%
- Baby boomer population share: 22.5%
- Number of baby boomer-owned households: 121,793
- Number of baby boomer-rented households: 24,531
- Median home price: $342,464
2. Pittsburgh, PA
- Percentage of homeowners that are baby boomers: 40.0%
- Baby boomer population share: 25.2%
- Number of baby boomer-owned households: 279,844
- Number of baby boomer-rented households: 70,116
- Median home price: $205,845
3. Rochester, NY
- Percentage of homeowners that are baby boomers: 40.0%
- Baby boomer population share: 23.3%
- Number of baby boomer-owned households: 121,006
- Number of baby boomer-rented households: 31,307
- Median home price: $235,391
4. Tampa-St. Petersburg-Clearwater, FL
- Percentage of homeowners that are baby boomers: 40.0%
- Baby boomer population share: 23.0%
- Number of baby boomer-owned households: 356,572
- Number of baby boomer-rented households: 82,238
- Median home price: $375,387
5. Buffalo-Cheektowaga, NY
- Percentage of homeowners that are baby boomers: 39.0%
- Baby boomer population share: 23.6%
- Number of baby boomer-owned households: 129,922
- Number of baby boomer-rented households: 42,545
- Median home price: $248,435
6. Los Angeles-Long Beach-Anaheim, CA
- Percentage of homeowners that are baby boomers: 39.0%
- Baby boomer population share: 18.9%
- Number of baby boomer-owned households: 843,957
- Number of baby boomer-rented households: 445,340
- Median home price: $899,401
7. Miami-Fort Lauderdale-Pompano Beach, FL
- Percentage of homeowners that are baby boomers: 38.9%
- Baby boomer population share: 21.4%
- Number of baby boomer-owned households: 543,603
- Number of baby boomer-rented households: 193,068
- Median home price: $472,733
8. New Orleans-Metairie, LA
- Percentage of homeowners that are baby boomers: 38.7%
- Baby boomer population share: 22.3%
- Number of baby boomer-owned households: 128,698
- Number of baby boomer-rented households: 35,481
- Median home price: $242,399
9. Cleveland-Elyria, OH
- Percentage of homeowners that are baby boomers: 38.5%
- Baby boomer population share: 23.2%
- Number of baby boomer-owned households: 215,850
- Number of baby boomer-rented households: 67,728
- Median home price: $215,810
10. Providence-Warwick, RI-MA
- Percentage of homeowners that are baby boomers: 38.5%
- Baby boomer population share: 22.4%
- Number of baby boomer-owned households: 164,474
- Number of baby boomer-rented households: 65,040
- Median home price: $452,022
11. New York-Newark-Jersey City, NY-NJ-PA
- Percentage of homeowners that are baby boomers: 38.5%
- Baby boomer population share: 20.5%
- Number of baby boomer-owned households: 1,502,951
- Number of baby boomer-rented households: 840,402
- Median home price: $626,256
12. Memphis, TN-MS-AR
- Percentage of homeowners that are baby boomers: 38.5%
- Baby boomer population share: 19.1%
- Number of baby boomer-owned households: 110,019
- Number of baby boomer-rented households: 29,793
- Median home price: $233,742
13. Jacksonville, FL
- Percentage of homeowners that are baby boomers: 38.3%
- Baby boomer population share: 21.2%
- Number of baby boomer-owned households: 167,249
- Number of baby boomer-rented households: 38,076
- Median home price: $352,925
14. Sacramento-Roseville-Folsom, CA
- Percentage of homeowners that are baby boomers: 38.2%
- Baby boomer population share: 19.7%
- Number of baby boomer-owned households: 212,463
- Number of baby boomer-rented households: 55,513
- Median home price: $563,056
15. Boston-Cambridge-Newton, MA-NH
- Percentage of homeowners that are baby boomers: 38.1%
- Baby boomer population share: 21.0%
- Number of baby boomer-owned households: 464,651
- Number of baby boomer-rented households: 152,254
- Median home price: $654,034
Methodology
The data used in this study is from the U.S. Census Bureau’s “American Community Survey 2022 1-Year Estimates” and Zillow’s “Zillow Home Value Index (ZHVI).”
To determine the locations with the most baby boomer-dominant housing markets, researchers at Construction Coverage ranked locations on the percentage of owner-occupied households that are headed by baby boomers.
In the event of a tie, the location with the larger baby boomer population share was ranked higher. Baby boomers were considered those ages 58–76 and median home prices were calculated using Zillow data from October 2023.
To improve relevance, only metropolitan areas with complete data were included.
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