TAMPA, Fla. (WFLA) — A recent survey by real estate company Redfin found that one in three baby boomers say they’ll never sell their home.

The survey, which fielded roughly 4,000 U.S. residents, found that about 33.5% said they have no plans to sell their house ever, and another 30% reported that they would sell their home but not within the next decade.

The trend, driven largely by financial stability and lack of incentive, may be contributing to limited housing options for a younger generation of buyers.

According to survey findings, roughly two-thirds, or 67%, of baby boomer homeowners have lived in their home for at least 16 years. When asked why they’re staying in their current home, 55% of baby boomers said they had no reason to move, making it the most-cited reason.

Among other common reasons, 30% said their home is almost or completely paid off, 16% said today’s home prices are too high, and 8% didn’t want to give up their low mortgage rate.

Older Americans remaining in their homes is a factor in why it’s difficult for younger Americans to find affordable housing. Housing costs have risen roughly 40% since before the pandemic, and mortgage rates are near 7%, up from about 4% pre-pandemic. Nearly 31%, or one-third, of baby boomers who own their homes admit they couldn’t afford a home in their neighborhood in today’s market.

A 2024 Redfin analysis found that baby boomers are twice as likely to own large homes. Compared to millennial and Gen Z homeowners, just 4% of baby boomers have minor children living in their homes, while 70% of millennials and Gen Z homeowners can say the same.

Younger generations also cited affordability as a major factor in homeownership. Among millennial and Gen Z renters, 25% said they are not planning on purchasing a home in the near future because they can’t afford one in the areas where they want to live. Other common financial barriers included high mortgage costs and an inability to save for a down payment.

Despite the challenges, Redfin economists predict the market may be starting to shift. There are roughly 500,000 more home sellers than buyers nationwide, and prices are projected to decline 1% year over year by the end of 2025.

To view the full report, go here.