Arizona Cities Expected to be Hit by ‘Silver Tsunami’ as Boomers Leave Their Homes

Article originally posted on Phoenix Business Journal on December 2, 2019

Tucson and Phoenix are among the top U.S. cities expected to be hit by the “silver tsunami” or the amount of homes that become vacant as their owners, senior citizens, die or find other living accomodations, according to Zillow research.

According to the study, during the next 20 years, 27% of owner-occupied homes nationwide are expected to hit the market due to the death or otherwise being vacated by their owners, possibly causing negative economic ripple effects in regions most affected.

Roughly 34% of owner-occupied U.S. homes are owned by residents aged 60 or older, and 55% by residents aged 50 or older. As these households age and begin vacating housing, that could represent upwards of 20 million homes hitting the market through the mid-2030s.

Tucson is among the large metros studied that is expected to have the largest share of owner-occupied homes released into the market by 2037, with 41.1% of homes in the city expected to be vacated. Tucson was second only to Tampa, Florida, for metros expected to be hit the hardest. Rounding out the top five cities projected to be among the hardest hit are two other Florida cities, Miami and Orlando, with Dayton, Ohio at No. 5, a city in which younger residents have left seeking job opportunities, leaving an older population behind.

Find the Complete Article Here:

As senior citizens vacate their owner-occupied homes, markets like Phoenix and Tucson are expected to see large percentages of new vacancies.