Seniors aging in place causes surge in spare bedrooms: Report
- 62% of all homes in the US have at least one spare bedroom
- "Surge of spare rooms speaks to a mismatch in housing market": Economist
- Seniors with 2 or more spare rooms account for 17% of homes owned in US
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(NewsNation) — The supply of extra bedrooms is surging, and it’s partially thanks to seniors aging in place, according to a new report from Apartment List by economist Chris Salviati.
62% of all homes in the U.S. have at least one spare bedroom, up from 49% in 1970, Apartment List reported.
Further, 17% of all owned homes are occupied by single or married seniors with two or more spare bedrooms.
“The surge of spare bedrooms speaks to a mismatch in the housing market, at a time when so many feel there are too few options available,” Salviati said.
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Seniors aging in place are keeping a significant share of single-family homes unavailable to younger generations, according to Salviati. It’s why, in part, it’s hard for millennials to break into homeownership.
Salviati examined the following long-term implications that explain the trend:
- A lack of starter homes for first-time homebuyers
- A dependence on inheriting, rather than buying, your first home
- Spare bedrooms acting as a housing safety net for young adults
- A sharp increase in the prevalence of multi-generational households
- More opportunities for home-sharing
- An acceleration of the remote work revolution
- New policy solutions designed to tackle housing shortages and housing mismatch
