In Oregon, Baby Boomers aren’t just aging—they’re actively shaping the state’s housing market. With more than a third of all homeowners over 59, their choices around buying, selling, and staying put carry serious weight. Between 2010 and 2025, Boomers’ housing patterns have shifted in subtle but significant ways. Whether it’s downsizing, relocating within the state, or staying in place longer than expected, this generation continues to drive demand, control supply, and influence what Oregon real estate looks like—now and for years to come.
Boomers’ Homeownership Dominance
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Baby Boomers hold a large share of homes in Oregon. Statewide, about 38.6% of homeowner households are headed by a Baby Boomer. This reflects Oregon’s slightly older population and mirrors a national trend of increasing older homeownership.
Across the U.S., Americans over 55 have steadily grown their share of homes from 44% in 2008 to about 54% by 2023. In Oregon, the Boomer generation makes up just over 20% of the population, but represents nearly 39% of all homeowners.
Many bought homes decades ago and have stayed put, building up equity and wealth. The homeownership rate among Boomers is high – around 79% of U.S. Boomers own their homes.
This high ownership matters because it impacts the supply of houses available on the market. When Boomers don’t sell, fewer homes go on sale for younger buyers.
Home Buying Trends: Then and Now
Boomers in the 2010s
During 2010–2019, Baby Boomers were not the top home-buying age group nationwide – Millennials were. Many Boomers were already settled in homes they’d owned for years. Some were downsizing or relocating for retirement in the late 2010s, but not at huge rates.
Around 2018, Millennials overtook other generations in the share of home purchases. In 2019 Millennials made up roughly 37–38% of U.S. home buyers, whereas Boomers were a smaller share.
In Oregon, a large Millennial and Gen X wave in the 2010s meant Boomers weren’t buying as many homes as those younger groups. Boomers at that time were in their 50s and 60s – some were moving for lifestyle or retirement, but many remained in the workforce and stayed put.
Housing prices were rising through the 2010s, especially in urban centers like Portland, which may have made some Boomers cautious about buying new homes.
Boomers in the 2020s
The early 2020s have seen a surprising shift – Baby Boomers have now become the largest share of home buyers in the country. By 2022–2024, Boomers edged out Millennials for the top spot.
According to the National Association of Realtors, Boomers accounted for 42% of all U.S. home buyers in the past year, a sharp increase from a decade earlier. Millennials fell to 29% of buyers in that period.
One big reason is that Boomers often have cash or big equity from homes they’ve owned. In the frenzied 2020–2022 market, having cash was a huge advantage. About half of older Boomer buyers (ages 70–78) and 40% of younger Boomers (60–69) bought their homes entirely with cash.
This allowed them to win bidding wars against younger buyers who relied on loans. In Oregon’s hot markets (like Bend or the coast), a retiree moving from California with cash from a home sale could outbid locals.
Retirement Destinations in Oregon
In Oregon specifically, Boomers have been active in buying homes in popular retirement destinations. Deschutes County (Bend) saw a surge of retirees moving in during the 2010s, and that trend continued into the 2020s.
A report noted that Bend’s senior population jumped 43% in just five years (2011–2016) as retirees moved there. This “retirement migration” likely carried on through 2020–2025, with Boomers buying homes in scenic areas like Bend, Sunriver, and other Central Oregon spots.
Oregon’s coastal towns have also long been retirement magnets (despite the rainy weather). In counties such as Curry or Lincoln, a large share of home purchases have been by older adults seeking a peaceful coastal life.
While younger people often flock to Portland or other job centers, Boomers in the 2020–2025 period have shown interest in smaller cities and rural locales for retirement.
Repeat Buyers, Not First-Timers
One thing that hasn’t changed much is that most Boomer buyers are repeat buyers (not first-timers). They are usually selling one home and buying another, or buying a second home/vacation home.
Only a small fraction of Boomer buyers are purchasing their very first home, since most owned one already. In the 2020–2025 market, only 24% of recent home buyers were first-timers (across all ages, a historically low number), and those were mostly younger people.
Selling Patterns and Housing Supply
The Slow “Silver Tsunami”
On the selling side, Baby Boomers have a huge influence on housing supply. In the 2010s, many experts expected a “silver tsunami” of Boomer homes hitting the market as they retired and downsized. But that wave was slower than predicted.
In reality, a lot of Boomers delayed selling their longtime homes during 2010–2019. Surveys in the late 2010s showed that the vast majority of Boomers had no immediate plans to sell. For example, a 2018 Realtor.com study found 85% of Baby Boomers said they were not planning to sell their home.
Boomers are generally living longer and working longer, and they weren’t rushing to give up their houses. Many chose to age in place, staying in houses where they raised their families, even if those houses were now larger than they needed.
This behavior contributed to the tight housing inventory in Oregon and elsewhere – fewer older homeowners listing their homes meant fewer options for younger buyers.
2020–2025: Still Staying Put
Moving into the 2020–2025 period, are Boomers finally selling? Only slowly. Data show that a significant portion of Boomers continue to stay put.
A recent survey in 2024 found over 75% of Boomers plan to remain in their current home as they grow older. Many even say they never plan to sell at all – about 43% of Boomers nationally reported they don’t intend to ever move from their home.
Reasons vary: some feel emotionally attached to their long-time house and community; others don’t want the hassle or cost of moving; and some simply don’t need to sell because they’ve paid off their mortgage and living in the home is affordable for them.
In Oregon, this means thousands of homes that might have been passed to the next generation of buyers are still occupied by Boomers. This reduces housing supply, contributing to higher prices.
In fact, older generations now own twice as many of the nation’s large homes (3+ bedrooms) as young families do, which limits options for growing younger families.
The Downsizing Myth and Reality
A common assumption is that retirees will downsize to a smaller house or condo. In truth, downsizing is less common than people think, at least until very late in life.
Most Boomers in their 60s and early 70s do not move frequently. Statistics for Oregon show that annual moving rates for people age 55–75 are extremely low – only around 2–3% per year.
There isn’t a big “retirement move” bump at age 65; moves actually increase much later, past age 75 or 80 when health needs drive changes.
So in 2010–2019, relatively few Boomers downsized, and in 2020–2025 that is only starting to increase slightly as the cohort ages. When Boomers do move, however, many do downsize in space even if they don’t call it that.
Aging in Place with Modifications
Many Oregon Boomers have chosen a middle path: staying in the same home, but making it more aging-friendly. Rather than sell, some renovate – for example, modifying a two-story house so they can live mostly on the first floor, or adding grab bars and other safety features.
Others might rent out part of their large home (or take in family) rather than move. The data does show that eventually, downsizing will happen simply due to demographics – as Boomers reach their 80s in the late 2020s and 2030s, more will move into apartments or senior living and release their houses.
But up through 2025, we’re seeing just the early waves. As one Oregon economic analyst noted, even if the downsizing rate stays the same, the number of older households is growing, so the absolute count of downsizers will rise in coming years.
Geographic Patterns: Where Boomers Live
Retirement Hotspots
Geography plays an important role in Boomer housing choices. Oregon’s regions show different trends in where Boomers buy and live.
As mentioned, Central Oregon (e.g. Bend and Deschutes County) and some Oregon Coast communities have been magnets for retiring Boomers. These areas offer natural beauty, outdoor activities, and a relaxed lifestyle.
During 2010–2019, Bend saw a huge influx of older residents – a 43% increase in seniors in just five years. This continued into the early 2020s with many Boomers relocating there from out of state or from Portland.
Coastal towns like Newport, Florence, or Brookings also have high median ages, indicating many Boomers. New residents are drawn by Oregon’s coast despite the rain, finding the scenery and small-town life worth it.
Urban Area Patterns
In Portland proper (Multnomah County), Boomers form a significant part of the homeowner base, but many have already been there for decades.
Some urban Boomers chose to downsize in the city – for example, selling a big suburban house and buying a condo in Portland’s Pearl District or a townhouse in Salem or Eugene. They enjoy being walking distance to restaurants, cultural events, and top-notch medical facilities.
However, other urban Boomers have done the opposite: leaving cities for quieter areas. The pandemic in 2020 made some older residents leery of dense cities or simply craving more space.
A subset sold homes in Portland during the hot market and moved to rural properties or smaller towns where they could have more land and privacy.
Suburbs and Small Towns
A large portion of Oregon’s Boomers remain in suburban communities. Areas around Portland – such as Clackamas County and Washington County – saw their senior populations grow over 30% in the first half of the 2010s.
Suburbs often offer a balance of convenience and space. Boomers who spent decades in the Portland metro area might retire but not want to stray too far.
Within Oregon’s many small towns and rural counties, the population is aging as young people leave and older residents stay. Places in eastern and southern Oregon now have high ratios of Boomers.
Many of those Boomers have “aged in place” in rural homes (farms, ranches, or small town houses) and continue to do so in 2020–2025.
Key Motivations for Housing Decisions
Lifestyle and Family Priorities
Understanding why Baby Boomers decide to buy, sell, or stay put is important. Their motivations often differ from younger people, because they’re in a later life stage.
Many Boomer moves are driven by lifestyle choices. Some want to be closer to family – for instance, moving to the same city where their adult children and grandchildren live.
Others choose locations for lifestyle hobbies: living in Central Oregon for skiing, hiking, and outdoors; moving to a golf community; or getting a house with a view of the ocean or mountains.
Those who stay put often do so because they love their community and routine. They have friends, churches, or social groups nearby and don’t want to start over somewhere new.
Housing Maintenance Concerns
As people age, maintaining a large house and yard can become burdensome. Many Boomers consider downsizing because they don’t need all those extra bedrooms and taking care of a big lawn or stairs gets harder.
However, a dilemma arises: suitable smaller homes (single-story, accessible, in a nice area) might be scarce or expensive. In Oregon, a single-level ranch house in a good neighborhood can actually be pricier than an older two-story with the same square footage.
This has dissuaded some Boomers from moving – they don’t want to spend a lot more just to “get less house.”
Financial Considerations
Money is a significant factor. Many Boomers are on fixed incomes or nearing retirement income. Housing affordability and cost-of-living considerations weigh on their decisions.
Oregon has a property tax law that limits annual increases in assessed value (to about 3% per year) as long as you stay in your home. This effectively rewards staying put – a long-time owner might be paying taxes on a value far below the market price due to the cap.
If they sell and buy a new home, the property tax on that new home would be based on the current market value, likely resulting in a much higher tax bill. This tax incentive to not sell is a concrete reason some Oregon Boomers remain in their homes.
Economic Impacts on Boomer Housing (2020-2025)
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Housing Market Boom Effects
The early 2020s saw a housing market boom nationwide and in Oregon. Home prices shot up dramatically in 2020 and 2021. For Boomers looking to sell, this was a windfall: they could get top dollar for their property.
However, the boom was a double-edged sword – if they planned to buy another home in Oregon, they also faced high prices on the other side. So, high prices encouraged moves only for those leaving the area or moving to cheaper markets.
Housing affordability worsened in Oregon, which made some Boomers less inclined to move locally. If all the smaller homes in their area were suddenly too expensive, they postponed moving.
Interest Rate Impacts
A huge economic change came in 2022–2023 with rising interest rates. But starting in mid-2022, the Federal Reserve raised rates to fight inflation, and mortgage rates jumped above 7%.
For Boomers, the impact was nuanced. Many Boomers are less mortgage-dependent (thanks to cash and equity), but it still influenced them. Those who still had a mortgage at a low rate were “locked in” – if they sold and bought a new home, they’d lose their old 3% loan and perhaps face a new loan at 7%.
COVID-19 Effects
The COVID-19 pandemic (2020–2022) had significant effects on housing decisions. Many Baby Boomers took early retirement during the pandemic – over 3 million more than expected nationally.
This wave of retirements could have led to more moves – some who retired earlier than planned decided to relocate to their dream retirement spot or to be near family. There was evidence of Boomers leaving cities for health safety reasons or to have more space during lockdowns.
The pandemic also increased multigenerational living: a number of Boomers either took in adult children or moved in with family. In Oregon, where housing is expensive, such arrangements became more common during COVID times.
What Changed: 2010s vs. 2020s
Shifting Buyer Demographics
In the 2010s, Boomers were active but secondary in the buyer pool; by the 2020s, they’ve become leading home buyers, seizing the largest share of purchases nationally.
Oregon likely mirrors this shift, especially in desirable retirement locales where Boomer buyers have been very noticeable (e.g. many homes in Bend or along the coast being sold to 60- or 70-something newcomers).
Housing Inventory Trends
Both periods saw Boomers generally holding onto homes, but this trend intensified slightly in 2020–2025. The narrative of Boomers causing low inventory by aging in place was already present in the late 2010s, and it became even more evident by the mid-2020s.
The result is that Oregon’s housing supply remained tight, which was a factor in rising prices. In short, the expected wave of Boomer downsizing was modest in the 2010s and still modest in the early 2020s.
Retirement Demographics
In 2010, Boomers were age 46–64 – many were still mid-career. By 2025, Boomers are 61–79 – now largely retired or on the cusp. This aging means more are in the phase of considering retirement housing options.
So, 2020–2025 saw more retiree-driven moves than the 2010s did. Early Boomers started hitting their 70s in the 2010s, but the bulk are hitting that in the 2020s.
Conclusion
While the fundamental preferences of Boomers (comfort, community, and financial prudence) remain consistent, the 2020–2025 period showed Boomers asserting a stronger influence on the housing market than before.
They became the top buyers, yet also remained the steadfast owners who aren’t selling, a paradox that defines today’s market. For Oregon, this has meant fewer homes available for turnover, and more competition from Boomer buyers when homes do come up.
Going forward, as Boomers continue to age, Oregon may eventually see more of those long-held homes being released, but likely gradually. For now, the state’s housing landscape is very much shaped by the choices of this big generation, whether they’re aging in place or seeking new frontiers for their golden years.
References
Baby Boomers Regain Top Spot as Largest Share of Home Buyers
Baby Boomer-Dominant Housing Markets
Bend is Where Old People Go to Retire
Many baby boomers own homes that are too big. Can they be enticed to sell them?
Fun Friday: Do People Really Downsize?
‘Til Death Do Us Part: More Than Three-Quarters of Baby Boomers Plan to Stay In Their Home
A boomer escaped California’s tricky housing market with over $1 million in profit…
The pace of Boomer retirements has accelerated in the past year
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