Unfortunately for younger homebuyers, homeownership among older Americans remains high. In 2012—the year after the first Baby Boomers turned 65—the homeownership rate among those aged 65 and over peaked at 81.1%. Beginning in 2013, that rate declined slightly each year until 2018, when the rate fell to 78.5%. But by 2020, that number increased to 80%—approximately 27.1 million owner-occupied households out of the 33.9 million total U.S. households of retirement age.
This trend may in part be attributable to larger numbers of wealthy Baby Boomers entering the 65-and-over age bracket. With more than 71 million Boomers controlling an estimated $70 trillion in wealth, the share of 65-and-over homeowners may continue to increase as the last of the Baby Boomer cohort reaches that age. Despite recent fluctuation in the rate of homeownership among older Americans, the raw number of retirement-age homeowners is up by more than 40% over the last decade.