As struggles with a lack of supply and rising prices continue, empty-nest homes won’t solve these issues, a new report argues.
A new Zillow report shows that empty-nest homes are not located in areas where they are needed most. In Boston, empty-nesters made up just 14 percent of overall households. In comparison, 35 percent of households are comprised of individuals under 44 years old.
In Hartford – the other New England city analyzed – the numbers are less stark with empty-nesters making up 18 percent of households and 33 percent of households being made up of individuals under 44 years old.
These numbers are similar to the nationwide numbers. Across the country, empty-nesters make up 16 percent of all households. Under-44 households make up 35 percent of households.
With empty-nesters making up such a small share of households, even if they were to sell their homes the impact would be minimal, Zillow economists argued.
“Even if we did see a ‘silver tsunami,’ a look at the map tells me it wouldn’t really move the needle in terms of solving our housing affordability crunch,” Orphe Divounguy, Zillow senior economist, said in a statement. “These empty-nest households are concentrated in more affordable markets, where housing is already more accessible — not in the expensive coastal job centers where young workers are moving and where more homes are most desperately needed.”
Zillow economists stated that only newly built homes can help solve supply and affordability issues.