Another Top-10 List — U.S. Most Empty-Nester Metros

An almost majority (49%) of 13,000 Millennials surveyed globally by CBRE were living at home with their parents, much greater than previous generations. Some metros across the U.S. have greater levels of still-at-home kids who often are now adults.  Where, however, are the markets with the most empty nesters?

 

To answer that question, Zillow analyzed the percentage of heads of households:

 

  • Aged 56 and up
  • Own their homes
  • Lived in their current house more than 10 years
  • Have no children of any age living at home

 

Their findings may surprise you. Also included in their results are the latest month job-growth rates as of March 2017. Note that six of the top-10 empty-nester metros have a job growth rate of less than 1.52 percent – the U.S. level for the same period.

empty nester

 

 

Some points made by Zillow in their study included:

 

  • Communities in the Great Lakes region have the greatest level of empty nesters, with many cities more than 20 percent
  • Sunbelt metros have the lowest level of empty nesters including many retirement destinations
  • Strong job-growth markets tend towards lower levels of empty nesters
  • As Boomers age, their level of being empty nesters grows, rising from 11.9 percent of all households in 2005 to 15.5 percent in 2015
  • 6 percent of all households are Near-Empty Nests (at least one child still living at home) up from 2.4 percent in 2005
  • The number of empty nesters that have a mortgage on their home has risen from 36.8 percent in 2005 to 43.7 percent in 2015

 

To read the news release by Zillow click here.

 

Once again I invoke the invoke the TINSTAANREM axiom — There Is No Such Thing As A National Real Estate Market.  Nor is there such a thing as a typical empty nester market.   If you want to increase the probability of being an empty nester, relocate to a minimal job growth metro that has cold winters.

 

Ted

 

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