Boomers Struggle to Downsize Despite Housing Wealth

Baby boomers, who have benefited from rising home prices, now face a shortage of accessible and affordable homes for retirement. Many are stuck in homes that are difficult to maintain or navigate as they age, compounded by high healthcare costs and restrictive land-use laws. The lack of suitable housing is particularly challenging for lower-income and minority boomers, with many spending over 30% of their income on housing, leading to increased homelessness among older adults. The situation is exacerbated by climate-related risks and rising insurance costs.