Which age group hangs onto their homes the longest? According to Realtor.org and Bloomberg Business reports, those older than 65 are opting to hang onto their homes rather than sell, downsize or move into a senior living community.
According to Realtor.org, some seniors are choosing to stay in their homes to avoid a house payment or rent. Most seniors have their homes paid off, or are already budgeting for their current mortgage payments.
Realtor.org, citing Census Bureau data, stated that even during the housing crisis, those older than 65 remained stable in their home ownership status. According to the Census Bureau data, 80 percent of those older than 65 continued to own a home during the housing crisis.
According to Realtor.org, the stability of the home ownership rate among those older than 65 helped keep the housing market from becoming worse than it was.