Report: Rochester will see housing surplus due to ‘Silver Tsunami’

Local News

(AP Photo/Chris O’Meara)

ROCHESTER, N.Y. (WROC) — Roughly one in three homes in the United States is owned by someone who is 60-years-old, or older, and according to a new report by Market Watch, Rochester is one of the housing markets that will see a big impact of an upcoming “Silver Tsunami.”

Zillow estimates that approximately 20 million homes across the country will go up for sale in the next 18 years by virtue of a baby boomer dying, or choosing to move to a smaller home or retirement facility.

So how does this affect Rochester?

The report laid out metro areas by highest percentage share of homes seniors are expected to release by 2027 and 2037. The housing market of Rochester, Batavia, and Seneca Falls came in at No. 16 on the list in the country with 12.6% of homes expected to be released by 2027 and 28.5% by 2037.

Our neighbors to the west, the housing market of Buffalo and Cheektowaga, came in at No. 12 on the list, and our Thruway neighbors to the east, Albany and Schenectady, came in at No. 11.

The report says the “Silver Tsuanmi” could provide relief for prospective home-buyers, in that the flood of homes should keep prices more affordable and a surplus of properties could make owning a home more feasible for first-time buyers.

Copyright 2019 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Dont Miss

More Don't Miss