The mortgage industry is facing a scarcity of affordable housing supply due to an all-time low in affordability. It is expected that this shortage will require baby boomers to provide much of the necessary supply. Baby boomers are likely to be less affected by mortgage rates due to already having or not needing to take out a mortgage at all.
In order to tackle this issue, agencies are working on ways to create an attractive landscape for baby boomers that will encourage them to enter the housing market. This could mean investing in certain features such as upgrades to existing homes, or investing in the creation of new housing projects. These initiatives aim to make housing more accessible for baby boomers, so that they can meet the growing demand of the housing market.
Key Points:
• Housing affordability is at an all-time low, leading to a shortage of housing supply
• Baby boomers are eyed as potential sources of housing
• Agencies are working on ways to create a landscape that will be attractive to baby boomers, such as upgrades and investments in new housing projects
You can read this full article at: https://www.housingwire.com/articles/datadigest-boomers-and-the-refi-boom-reckoning/(subscription required)
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