TAMPA, Fla. — First – we love you, Baby Boomers. You should know that.
And look, it’s not really your problem – but there is a boomer problem beginning to bubble up in Tampa Bay.
A new study conducted by Zillow found over the next 20 years – as the millions of people born between 1945 and 1964 begin to ‘move on’ – more than a quarter of currently occupied homes from coast to coast will go up for sale. Zillow says that could trigger a ‘silver tsunami’ on the housing market. According to the research, Miami and Orlando won’t fare very well – but Tampa Bay will get hit hardest.
Basically, if the next generation of retired Americans doesn’t choose to spend their golden years on the Suncoast, Tampa Bay could end up with a massive excess of empty homes.
Zillow estimates that 15.2 percent of homes across Tampa Bay will go up for sale after their Boomer owners pass away. By 2037 – that number could spike to more than 33 percent. That’s bad for younger homeowners who could watch prices sink below sea level.
But – there is a silver lining.
Rock-bottom re-sales could create good opportunities for first-time home buyers, and according to the study, the business of building new homes has begun to crumble a bit. So, if suburban expansion stays slow – and younger generations develop a taste for vintage – Tampa Bay's housing market may break even.
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