A
new survey from Clever Real Estate has found that many baby boomers are unlikely to sell their homes, despite being eligible to downsize and potentially profit from selling. According to the poll, 54% of boomer homeowners say they never plan to sell the house they live in.

    Boomers account for 21% of the US population but own 38% of the country's homes, a disproportionate hold on the housing market. Historically, homeownership rates tend to rise with age until around 75, when they begin to decline as people downsize and move into assisted-living facilities. However, most boomers seem uninterested in downsizing.

    The survey found that nearly two-thirds of boomer homeowners expect to profit more than $100,000 if they sell their home, while 40% anticipate clearing $200,000 or more. Yet, three-quarters say owning a home is the primary reason they're financially secure, and almost half would consider themselves failures if they didn't own a home.

    This reluctance to sell could have significant implications for the housing market, which has been constrained by a lack of supply. The current supply of homes for sale is 1.33 million units, a four-month supply at the current sales pace. While this is up 20% from last year, it remains below the six-month supply that economists say represents a balanced market.

    Realtor.com senior economist Joel Berner notes that any additional pinch on the supply of existing homes would be unwelcome news. However, if boomers hold onto their homes for longer, new-home supply may increase and buyers may find more affordable options.

    The survey also found that only 47% of boomer homeowners required a double income to purchase their home, a state Berner called "striking." Additionally, half said they bought their first home for $75,000 or less, while almost two-thirds paid less than $100,000. This contrasts with the challenges faced by young buyers today, who are dealing with high home prices, elevated mortgage rates, and limited supply.

    Despite these differences, 42% of boomers surveyed believe younger generations have an easier time buying a home in their 20s than they did. However, it's unclear whether this will be the case for future generations, given the current housing market conditions.