What Exactly Is A “Silver Tsunami?”
According to Wikipedia, a “Silver Tsunami” is the word used to describe how the population is aging. It’s effect on society is notable, as much of America’s inherent property wealth is tied together with people of this generation. They are living longer, and as a result, choosing to retire later, and stay in their homes longer.
Silver Tsunami To Hit Tucson
In today’s new podcast, I share a few quick thoughts about the “Silver Tsunami” of homes that are expected to hit Tucson by 2037. According to a recent MarketWatch article quoting a Zillow study, this could potentially affect up to 32.6% of all the owner occupied homes in the Tucson metropolitan area.
When I first began real estate in 1996 in Charleston South Carolina, the Base Re Alignment Commission chose to close down the Charleston Naval base. That had the ultimate effect of having nearly 6000 homes come on the market in a very short period of time. Whenever you have a large amount of homes come on the market, the values decrease. It’s simple economics, but will it happen again?
If what this study is suggesting is accurate, then one could make the argument that homes that are currently owned by senior citizens could potentially be worth less money than they thought they would be further down the line. Listen in with me as I review this article, and share some important insights!
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