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Mississippi’s baby boomers – those roughly 59 to 77 years old as of 2023 – hold a major stake in the state’s housing market. Find out how this generation’s home buying and selling behaviors have evolved from 2018 through 2023. Explore statewide trends, motivations behind moves (or staying put), and regional patterns across urban, suburban, and rural Mississippi.

Median Home Prices Mississippi — Home Stratosphere and Zillow Home Value Index

Median Home Price YoY Change Mississippi — Home Stratosphere and Zillow Home Value Index

For baby boomers in Mississippi—whether they’re buying or selling homes—the trends highlighted in these charts carry significant implications. Sellers among the boomer generation, who often aim to downsize or capitalize on home equity to fund retirement, should pay close attention to peaks in market values, such as the notable spike in 2022. Selling during periods of substantial growth can maximize returns, providing a stronger financial cushion for retirement or reinvestment into more suitable, downsized housing.

Conversely, baby boomers looking to purchase homes—perhaps downsizing or seeking retirement-friendly communities—should be strategic about timing their purchases during market downturns like those observed in 2023 and 2024. Such periods present valuable opportunities to secure properties at lower costs, helping boomers preserve more retirement savings and manage living expenses effectively. Given the volatility shown, it’s prudent for this demographic to keep a close eye on market trends to maximize both buying power and sales proceeds, ensuring financial stability throughout their retirement years.

Statewide Homeownership Trends

Mississippi’s baby boomers boast high homeownership rates. As of 2020, over 85% of Mississippians aged 65+ owned their homes – significantly above the national average for that age group. Boomers (born 1946–1964) make up a large share of homeowners statewide, reflecting Mississippi’s status as a largely rural, high-homeownership state.

Overall homeownership in Mississippi has dipped slightly in recent years (from about 72% in 2010 to 68.3% by 2020), but older residents remain the most likely to own their homes.

Between 2018 and 2023, baby boomers became increasingly influential in home sales. Nationally, this cohort regained its spot as the largest share of home buyers by 2022, accounting for 42% of purchases. Mississippi likely mirrors this trend, given its demographic tilt toward older age groups (17.2% of Mississippi’s population was 65+ in 2020).

Boomers’ prominence among buyers represents a shift from the mid-2010s, when millennials led purchases. By the early 2020s, many boomers had paid off mortgages and built equity, enabling them to buy homes for retirement or relocation despite rising prices. Statewide, home values rose sharply (roughly 28% cumulative in 2018–2023) amid a tight market, but boomers with equity gains often had the means to transact.

A Generation of Sellers

At the same time, boomers are the largest share of home sellers – 53% of U.S. home sellers in recent years – and Mississippi is no exception. Many long-time owners decided to list their homes during the hot market of 2020–2022 to capitalize on high prices.

However, by 2022–2023, rising interest rates and limited alternative options began to curb some selling. In Mississippi, total home sales volume actually fell year-over-year by 2023, and inventory remained low. One factor is that aging in place – staying in one’s longtime home – has become common, reducing turnover.

In short, Mississippi’s boomers have been active both in buying and selling, but a significant number are holding onto their homes, contributing to tight supply.

Baby Boomer Homebuying Patterns

house in Delta Mississippi — Shutterstock

What They’re Buying

Overall, trends show a mix of downsizing, relocating for lifestyle, and even some upsizing for multi-generational living. National data indicate baby boomers often purchase homes to be closer to family, to retire, or to find a smaller, more manageable property. Mississippi boomers echo these motives. Many are seeking single-story houses or homes with less maintenance, trading larger family homes for something suited to empty-nest life.

Location Preferences

When it comes to location, younger boomers (in their 60s) have been the most likely of any generation to buy in small towns, while older boomers (70s) lean toward suburbs. This is fitting in Mississippi, which is primarily made up of small towns and rural communities.

A 66-year-old selling a farm in the Delta might buy a house in a nearby small town for easier access to grocery stores and social activities. Conversely, a 75-year-old long-time Jackson resident might downsize to a suburban home in Rankin or Madison County to be closer to adult children and quality healthcare.

Boomers in Mississippi typically aren’t seeking big-city condos or urban lofts; they prefer the familiarity of small communities or quiet subdivisions. In fact, younger boomers nationally expected to own their next home for 20 years, signaling that their late-career moves (often to small towns) are meant to be long-term.

Migration Patterns

One notable pattern is migration into Mississippi by some retirees. Although Mississippi historically sees more out-migration, its affordability has started attracting retirees from elsewhere. One study ranked Mississippi among the top five states for relocating baby boomers (along with Delaware, West Virginia, Missouri, and Iowa) due to low living costs and tax friendliness.

This trend, while modest, means some boomers from higher-cost regions are buying homes on the Mississippi Gulf Coast or in quaint college towns to stretch their retirement dollars. Affordability is a primary driver: housing prices and property taxes in Mississippi are among the lowest in the nation, a strong draw for fixed-income retirees.

Financial Advantages

Boomers who are purchasing homes in Mississippi often take advantage of the equity from a previous home sale. Older buyers overwhelmingly use proceeds from selling their prior residence to finance the new one, avoiding large mortgages.

This cash-buying ability made boomers competitive in the frenzied seller’s market of 2020-2022, even beating out younger buyers who relied on financing. As a result, boomers secured desirable homes in good locations.

Buyers aged 60+ also tend to move farther distances (median of 35 miles) when they relocate, suggesting many Mississippi boomers are willing to move to a completely different part of the state (or even out of state) for their next home – often to be nearer family or a preferred climate.

In summary, from 2018–2023 Mississippi’s boomer homebuyers have generally been leveraging their equity and flexibility to downsize or relocate to areas that better fit their retirement lifestyle, with small towns and suburbs being favored destinations.

Baby Boomer Home Selling and Downsizing

On the selling side of the equation, baby boomers have been central to Mississippi’s housing supply. By the early 2020s, over half of home sellers nationwide were boomers, and Mississippi’s demographics suggest a similar or even higher proportion locally.

These are often long-time homeowners finally deciding to move after a decade or more in the same house – indeed, older boomers had typically owned their home 16 years before selling. Such sales often involve large family homes being put on the market, as empty nesters no longer need all that space.

The Downsizing Trend

A common scenario has been downsizing: selling a big house (perhaps where they raised children) and buying a smaller one-story home or condo that’s easier to maintain. Many boomers are motivated to sell because their current home is simply too large for their needs.

For example, a couple in Gulfport whose children have long moved out might sell their 4-bedroom suburban house and downsize to a 2-bedroom cottage in a 55+ community or a townhouse in a coastal development. Nationally, “the desire for a smaller home” is a primary reason boomers purchase another house, implying that their sale was driven by the wish to shed square footage.

Cashing Out Equity

Cashing out equity has been another powerful motivation. Mississippi home prices climbed steadily from 2018 to 2023 (median prices up roughly 25–30%), so long-time owners saw substantial gains in home equity.

Some boomers decided to sell in order to “cash out” on these gains, either to bolster their retirement finances or to help fund a move to a dream location (say, a cabin by a lake or a condo near the grandkids). The period of 2020-2022, in particular, created a window where sellers could fetch top dollar – and many boomers took advantage of that seller’s market.

In Mississippi, where the median home price hit around $250,000 in 2023 (still below the national median), a boomer who owned a home outright could sell and potentially buy a cheaper home and pocket the difference.

The Aging-in-Place Countertrend

However, not all boomers who plan to downsize have actually done so – a large number are holding off on selling, effectively “aging in place” in homes that may be bigger than they need. This is partly because suitable downsized options can be hard to find.

As one national analysis pointed out, empty-nest boomers now own about 28% of all U.S. homes with three or more bedrooms, whereas younger families own a much smaller share. Ideally, retirees would sell those big homes to younger buyers and move to senior-friendly housing, but if there’s a lack of affordable, attractive senior housing or one-story homes, boomers may just stay put.

Mississippi’s housing stock, especially in rural areas, doesn’t offer many condo developments or age-restricted communities – which can discourage downsizing. Instead, many boomers opt to remain in their familiar house and community.

Financial Calculations

Another reason some are not selling is financial calculus: if their current home is paid off (as is true for a majority of older boomers), staying can be cheaper than downsizing, especially in a high-interest rate environment.

By 2023, mortgage rates had spiked to around 7%, making new mortgages costly. An older Mississippian with a 3% fixed rate or no mortgage has little incentive to sell and then take on a new loan at high rates for a downsized home.

In fact, nearly 54% of boomer homeowners nationally have no mortgage at all, and most others have low rates locked in, so selling would mean “trading up” to a much pricier loan or cash purchase. This financial disincentive became very pronounced in 2022–2023 as interest rates rose. It contributed to Mississippi’s slim housing inventory – many older owners decided to stay put rather than sell and face buying into an expensive market.

Urban, Suburban, and Rural Differences

Jackson, Mississippi houses — Shutterstock

Baby boomers’ housing choices in Mississippi vary notably by location, reflecting the state’s diverse settlement patterns. Mississippi is a predominantly rural state with many small towns and just a few mid-sized cities. As such, the urban vs. rural distinction can also be seen as a town vs. country contrast in lifestyle.

Urban Areas (Jackson and Cities)

In Mississippi’s largest city, Jackson, many baby boomers have been long-term homeowners in established neighborhoods. However, Jackson’s well-documented infrastructure and crime struggles in recent years (water system issues, rising crime, etc.) have prompted some older residents to leave the city.

Over the past decade, Jackson’s population declined while its suburban counties grew, suggesting that a number of boomers have moved out to suburban locales. Those who remain in Jackson often do so out of deep community ties or necessity.

Some urban boomers have chosen to “age in place” in their longtime homes in Jackson’s historic districts, such as Belhaven or Fondren, where they have strong social networks. Others have sold their Jackson homes and moved a few miles away to suburbs like Madison, Brandon, or Pearl, seeking safer neighborhoods and newer amenities.

In cities like Meridian, Tupelo, and Vicksburg, similar patterns hold: boomers in city centers may relocate to the outskirts or to nearby towns where healthcare and shopping are easily accessible but crime is lower. Overall, pure urban living (e.g. downtown lofts) is relatively uncommon among Mississippi’s boomers – those who want city conveniences often prefer a small-city environment (like Hattiesburg or Gulfport) rather than a downtown high-rise.

Suburban Communities

The suburbs have become a magnet for many retiring boomers in Mississippi. Areas on the fringes of Jackson (such as Madison County, Rankin County, and the Clinton area) have seen growth fueled partly by retirees.

These suburban zones offer the best of both worlds: proximity to city hospitals, shopping and family (for those whose adult children work in the metro area), but with the quiet and lower crime that older adults often desire. For example, Madison and Brandon consistently rank as popular places to retire, boasting modern healthcare facilities, churches and civic clubs, and high-quality housing.

Beyond Jackson, the DeSoto County suburbs south of Memphis (Southaven, Olive Branch) have also attracted boomers, including those moving from the North to be near grandchildren stationed at Memphis’s industries or just to enjoy Mississippi’s lower taxes.

Suburban living is particularly attractive for boomers who still want a bit of space (a yard for gardening or pets) but less upkeep than a rural property. It’s worth noting that older boomers (70s) show a preference for buying in suburbs or subdivisions, which aligns with what Mississippi realtors report: retirement-aged buyers often request homes in established subdivisions near amenities, rather than isolated country homes.

Rural Areas and Small Towns

A large segment of Mississippi’s boomers live in rural counties or very small towns – and many are content to stay there. Rural Mississippi often means family land, farms, or homes in unincorporated communities that have been in the family for generations. The trend of aging in place is particularly strong in these rural areas.

One challenge, however, is access to services. As Mississippi’s Extension Service has noted, rural counties with large older populations face issues with healthcare accessibility. This has led some rural boomers to move closer to hospitals as they age. For instance, a farmer in his 70s from the Mississippi Delta might move into Greenwood or Cleveland (small towns) to be nearer to medical care and grocery stores. But many others remain on the homestead as long as health allows, often relying on family nearby.

Interestingly, younger boomers (in their 60s) have shown a penchant for small-town life – Mississippi has seen folks in their sixties retiring from jobs in the city and moving to quaint towns like Oxford, Laurel, or Natchez. These towns offer charm, community, and basic amenities without big-city hassles.

Small towns in Mississippi, some of which have revitalized their downtowns in recent years, actively court retirees. For example, Oxford (home of Ole Miss) and Starkville (home of Mississippi State University) both provide a college-town vibrancy with cultural events, while still being small and friendly. Not coincidentally, Oxford, Starkville, and Laurel were listed among Mississippi’s most retirement-friendly towns, prized for low crime, healthcare access, and affordable housing.

Even Gulfport, which is actually a city, often feels like a collection of small communities along the coast and has been highlighted as a retirement spot due to its beaches and entertainment options.

Overall, Mississippi’s boomers exhibit a clear pattern: those in high-density urban environments often relocate to less dense areas (suburbs or small towns), whereas those already in rural areas generally stay unless health needs prompt a move.

Motivations: Why Boomers Move or Stay

boomers and grandchildren — Shutterstock

Understanding why baby boomers decide to buy, sell, or stay put is key to interpreting the trends. The motivations can be broadly categorized into financial, family, lifestyle, and health-related factors:

Family Connections

One of the top reasons boomers cite for moving is the desire to be nearer children, grandchildren, or other relatives. In Mississippi, with many young people having moved out-of-state for jobs, some boomer parents follow them (e.g. selling the Mississippi home to move closer to kids in Texas or Tennessee).

Conversely, boomers with family still in Mississippi might relocate within the state to be in the same town. The pull of grandkids is strong – a retiree in her 60s might buy a home in Hattiesburg to be near her daughter’s family, even if it means leaving a hometown two hours away. Family ties often trump other considerations in these decisions.

Retirement Lifestyle Changes

Retirement itself is a trigger for housing changes. Many boomers, upon retiring, reevaluate their housing: Do they want to travel more (meaning a lock-and-leave condo might be better)? Do they want to golf or fish (maybe move closer to leisure amenities)?

Mississippi offers abundant outdoor recreation and a warm climate, which some boomers embrace by moving to resort-like communities (such as along the Gulf Coast or near Pickwick Lake in the northeast). Lifestyle moves also include those seeking a college town’s learning and sports (hence Oxford’s popularity) or a historic town’s culture (Natchez’s antebellum charm, for instance).

On the other hand, a large portion of Mississippi boomers simply choose to age in place in their familiar community, which is itself a lifestyle choice – preferring the comfort of known neighbors and routines over new adventures. A recent AARP survey found 77% of older adults want to remain in their homes as they age, showing this is a widespread sentiment.

“Right-sizing” Housing Needs

As their needs change, boomers may seek a different size home. Downsizing is common – moving to a smaller, single-story house to reduce maintenance and avoid stairs. In Mississippi, we see a lot of downsizing from rural to town (e.g., moving off acreage into a house in the nearest town) and from suburban two-story homes to one-level homes in the same area.

Interestingly, a minority of boomers actually upsize or make lateral moves – for example, moving into a home with an extra bedroom to accommodate an elderly parent or boomerang child, or into a place with a dedicated home office or hobby space. But generally, the trend is toward simplification.

Features like a first-floor primary bedroom, low upkeep yard, and proximity to healthcare all factor into this right-sizing motive.

Financial Considerations

Financial considerations play a pivotal role. On one side, boomers who are financially secure have freedom to make elective moves – e.g., using savings and equity to buy a retirement dream home or a winter getaway. On the other side, those on tight budgets might sell a home that has become too expensive (property taxes, insurance, repairs) and move to a more affordable area or even a mobile home.

Mississippi’s relatively low cost of living helps many boomers stay put comfortably – low property taxes and insurance compared to, say, coastal Florida, mean they can afford to remain homeowners on fixed incomes. A fear of future economic downturns or running out of money has also led some boomers to cash out equity while they can.

Affordability is such a crucial factor that boomers are moving to Mississippi from higher-cost states specifically for financial relief. Moreover, the sharp rise in home prices from 2020–2022 made some boomers hesitant to buy a new home (even if they wanted to move) because they felt prices were “too high” to justify a move. In fact, about 21% of boomers who decided to stay put said it was because home prices elsewhere were prohibitively high.

Additionally, interest rates doubling in 2022 created a new financial deterrent to moving; a higher mortgage rate can eat away a retiree’s monthly budget, so many prefer not to relocate if it means financing a purchase at 7% interest.

Healthcare and Aging Needs

As boomers age, health becomes a bigger factor. Some moves are driven by a need to be closer to doctors, hospitals, or specialized care. In Mississippi, this might mean moving from a rural county to a regional hub like Jackson, Tupelo, or Gulfport where major medical centers are located. Alternatively, it could mean moving in with a family member who can provide care.

A portion of boomers also consider senior living communities or assisted living facilities – about 16% say they’d consider a 55+ community and 10% would consider assisted living when they can no longer live fully independently. However, these options are often expensive (assisted living can run several thousand dollars a month), so many delay this move as long as possible.

Instead, they might retrofit their current home with accessibility features (wider doorways, grab bars, ramps) to accommodate aging. Mississippi’s boomers are certainly thinking about these issues: surveys show a large share plan to modify their homes to allow aging in place safely rather than move to a senior facility. So, health needs can push them to move or push them to renovate and stay, depending on the individual situation.

Emotional Attachment

It’s worth noting the softer reasons as well. Over half of boomers who are not planning to sell say it’s because they simply love their home and see no reason to move. A house is filled with memories – children growing up, family gatherings, personal accomplishments – and that sentimental value weighs heavily.

The fear of change should not be underestimated; after living 30-40 years in the same community, the idea of starting over somewhere new can be daunting. This emotional factor often reinforces the decision to age in place.

In Mississippi’s tight-knit communities, this is especially pronounced. An elderly couple in a small town may have deep church connections and lifelong friends next door – those social bonds anchor them to their current home more than any financial calculation could. In essence, “home” is not just a house, but a whole life, and many boomers choose familiarity over uncertainty.

Comparison: 2018–2023 vs. 2008–2018

The housing trends among Mississippi’s baby boomers in 2018–2023 differ in several ways from the prior decade (2008–2018).

Economic Recovery Context

The 2008–2018 period started in the shadow of the Great Recession and housing market crash. Many boomers in Mississippi saw their home values plummet around 2008-2010, leading some to delay retirement or moving plans. If they bought near the peak around 2006, they may have been underwater (owing more than the home’s value) for years. This meant fewer boomers selling in the late 2000s – they hunkered down until values recovered.

By contrast, 2018–2023 saw home prices generally surging (especially 2020–2022). Boomers in this recent period had regained equity and then some – putting them in a stronger position to sell or relocate if they wished. The earlier decade was about recovery and caution; the latter was about opportunity and, for some, seizing the chance to cash out at record-high prices.

Homeownership Rate Changes

In 2008, the youngest baby boomers were in their mid-40s and the oldest around 62. During 2008–2018, many boomers were still in their working years (50s and early 60s), and their cohort’s homeownership rates took a hit from the recession.

Nationally, homeownership among 50–64 year-olds dropped significantly after 2004, falling to around 74% by 2022. This implies that late boomers (those who were in that 50–64 bracket during 2008–2018) were less likely to own homes than earlier generations at the same age, partly due to the foreclosure crisis and stricter credit.

In Mississippi, which had a relatively high baseline homeownership, boomers’ ownership likely dipped but remained relatively high. By 2018–2023, those who were able to keep their homes through the downturn benefitted from rising equity. Also, many boomers by 2018 were transitioning into the 65+ category, which historically has the highest homeownership rate (Mississippi’s 65+ ownership was ~83–85% around 2018).

Thus, the latter period featured a stable or growing share of boomer homeowners who owned outright, whereas the earlier decade had more boomers still with mortgages or even renting after losing homes in the crash.

Market Dominance Shift

In 2008–2013, younger buyers (Generation X and later millennials) were on the rise, while boomers were a slightly smaller share of buyers as many were staying put until their finances recovered. By around 2015–2018, millennials had become the largest group of homebuyers nationally.

But fast-forward to 2022, and baby boomers had re-taken the top spot, representing 42% of buyers. What changed? For one, by the late 2010s, boomers’ finances had improved (stock market and home equity gains) and more had retired, freeing them to move. Simultaneously, younger buyers struggled with affordability and student debt, especially as home prices climbed.

In Mississippi 2008–2018, a boomer buyer might have been competing mostly with Gen X or older millennials in a relatively affordable market; in 2018–2023, boomers with cash could outcompete millennial first-time buyers more easily. This shift has been stark: millennials went from 38% of U.S. buyers in 2021 down to 29% a year later, while boomers jumped up to 42%. The recent period has clearly been more boomer-driven in home sales than the decade prior.

Housing Inventory Dynamics

During 2008–2018, especially early on, fewer boomers were selling because of depressed prices. Many waited for values to come back. By the mid-2010s, as the market normalized, some began downsizing or relocating, but interest rates were low and there wasn’t a pressing reason to sell if not needed. Inventory in the 2010s was more balanced.

In 2018–2023, initially we saw an uptick in boomer listings during the red-hot market (around 2021, lots of downsizing moves made sense with high prices). But later in this period, boomers increasingly held off on selling due to the reasons discussed (interest-rate “lock-in”, nowhere better to go, etc.). The result by 2023 was historically low inventory.

Aging in place became more prevalent in the 2018–2023 timeframe, contributing to housing shortages. In contrast, 2008–2018 ended with a more normal housing supply situation (aside from the temporary glut of foreclosures early on). So, the recent period’s defining issue is a lack of homes for sale partly because boomers aren’t moving out of them, whereas a decade ago the issue was more about recovering lost value.

Migration Pattern Shifts

In 2008–2018, Mississippi’s population growth was stagnant, and many younger residents left the state. Some boomers nearing retirement chose to leave Mississippi as well (often to be closer to kids who had relocated or to classic retirement havens like Florida). Net migration of retirees to Mississippi was minimal; if anything, the state may have lost some.

By 2018–2023, there are signs that Mississippi began to attract some retirees due to affordability. The Bankrate report around 2023 highlighting Mississippi as a top retirement state was something that didn’t exist in 2008.

The pandemic also prompted shifts: post-2020, more people sought lower-density living, which for some meant moving to rural or small-town Mississippi. The Mississippi Gulf Coast saw an “influx of newcomers” in certain subdivisions during the pandemic years, contributing to a small population uptick after years of decline.

This hints that 2018–2023 had a somewhat different migration dynamic – a trickle in of boomers – compared to the steady out-migration of the 2000s. It’s a subtle change, but one that could grow as more boomers retire and seek cost-effective places to live.

Most Recent Home Buying and Selling Trends among Mississippi Baby Boomers

Statewide Homeownership Trends

A Generation of Sellers