Arizona cities expected to be hit by 'silver tsunami' as boomers leave their homes

Posted at 9:50 AM, Dec 03, 2019
and last updated 2019-12-03 11:50:54-05

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 accommodations, 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.

Read more from the Phoenix Business Journal.