In the past five years, baby boomers have staged an unexpected comeback in New York’s real estate scene. While younger buyers often struggle with high prices and limited inventory, boomers are leveraging home equity, cash offers, and a clear sense of what they want. They’re not just staying put—they’re actively buying, often ahead of millennials in many counties. Whether it’s downsizing in Westchester or starting fresh in upstate towns, boomers are driving a quiet but powerful reshaping of the housing map. Their moves reflect shifting priorities—and plenty of market influence.
The Rise of Boomer Buyers
In the past few years, baby boomers have regained the top spot as the largest group of home buyers nationwide. This trend is reflected in New York State as well. In 2022, boomers made up about 39%–42% of all home buyers – a sharp increase from previous years. For the first time in about a decade, older buyers surpassed millennials (currently in their 20s and 30s) as the leading home-buying generation. By contrast, millennials’ share of home purchases fell to around 28–29%.
Financial Advantage
One reason is financial strength. Many boomers are repeat buyers who have built up equity in their current homes over years. They can use the proceeds from selling a long-time home or savings to purchase their next home, often with large down payments or all-cash offers. This gives them an advantage in competitive markets.
During the frenzied housing market of 2021, younger buyers often lost bidding wars to boomers who could pay more upfront. Higher mortgage interest rates in 2022–2023 also favored boomers – unlike many first-time buyers, older purchasers often don’t need big loans. They either have small mortgages or none at all, so rising rates don’t affect them as much.
Delaying Downsizing
Another factor is delayed downsizing. Many boomers aren’t in a rush to sell their houses and move to something smaller. In fact, a lot of boomers are not downsizing at all, which means they sometimes buy similar or even larger homes than before. This puts them in direct competition with younger families shopping for three-bedroom houses.
Overall, baby boomers’ presence in the housing market grew from 2018 to 2023. National data shows that Americans over 55 years old now own the majority of U.S. homes. In 2008, older Americans owned about 44% of homes, but by 2023 they owned 54% of all owner-occupied homes.
Staying Put: The Aging in Place Phenomenon
A key question is whether New York’s baby boomers are selling their homes to move, or staying put (aging in place). The data shows that many boomers are choosing to stay in their long-time homes, which affects the housing market inventory.
A recent national survey found that 54% of boomer homeowners do not plan on moving at all – they intend to live in their current home for the rest of their lives. Only about 15% said they expect to sell in the next five years. This is not what some experts predicted years ago. There were predictions of a “silver tsunami” – a huge wave of seniors selling their houses as they retire – which would flood the market with homes for sale. But that hasn’t happened yet.
New York’s Graying Population
In New York State, this trend of staying put is evident. Despite high living costs, many older New Yorkers are not moving out en masse. In fact, from 2020 to 2023, the population age 65 and older in New York grew more than any other age group. That suggests a net increase of seniors, meaning boomers are remaining in the state (or even some moving in) rather than all leaving.
This contrasts with the narrative that all retirees flee New York for warmer, cheaper states. Younger families are actually more likely to leave New York than retirees. So while some boomers do relocate to Florida or other states, a large number are staying put in New York homes.
Housing Supply Impacts
Boomers staying in their homes longer has big effects on the housing market. It contributes to a lower supply of homes for sale. Normally, as people age into their 70s and 80s, they might sell their houses (to downsize or move to senior living), freeing up those homes for younger buyers. But when over half of boomers decide not to sell, it means fewer houses go on the market.
In mid-2023, the total number of homes for sale nationwide was very low – about a 3-month supply instead of the 6-month supply considered a balanced market. In New York City, for example, the inventory of homes for sale was at a seven-year low by early 2024.
One reason is “housing lock”: owners (including many boomers) are reluctant to sell because they have a low fixed mortgage rate they don’t want to give up. Many refinanced or bought when interest rates were around 3%; if they move now, they’d face much higher rates on a new mortgage. So they stay in place, which keeps housing inventory tight.
Rural vs. Urban Aging in Place
Aging in place is especially common if the home is paid off or affordable. Surveys consistently show most seniors prefer to remain in familiar surroundings as they age. In New York’s rural areas, however, aging in place can be challenging.
A report by AARP New York notes that older rural New Yorkers struggle to age in place due to a lack of affordable and accessible housing. Many rural seniors live in older houses that may not have senior-friendly features (like wheelchair access), and there may be few smaller homes or apartments to move into locally. Transportation is another issue – if they can’t drive, rural boomers may have a hard time reaching doctors or stores.
In the suburbs and cities, aging in place can be a bit easier with more services nearby. But cost can be a factor. New York has high property taxes, especially in suburban counties. Maintaining a large house can be expensive for retirees on fixed incomes. This pushes some boomers to finally sell and move, but a lot are finding ways to stay. The bottom line: a significant number of New York’s baby boomers are staying put longer than previous generations.
Home Size Choices: What Boomers Are Buying
When boomers do decide to move, what kind of homes are they buying? Are they generally downsizing to smaller, easier-to-manage homes, or are some upsizing? The stereotype is that empty nesters will downsize from the big family house to a cozy condo or a smaller ranch house. Many boomers are downsizing, but not all of them. In fact, a trend in 2018–2023 is that downsizing is not as common as expected.
Motivations for Moving
According to the National Association of Realtors (NAR), the top reasons boomers buy homes are: to be closer to friends and family, to retire, and to get a smaller home. Wanting a smaller home was indeed a primary motivation, which suggests downsizing is on many boomers’ minds.
Older individuals often don’t need as much space once their children are grown, and a smaller place can mean less upkeep and lower bills. On Long Island, for example, a local report noted that many baby boomers “no longer in need of large homes where they raised families, are turning to 55-and-over communities” – these are age-restricted developments often with smaller single-level homes or condos.
Not Always Downsizing
However, not every boomer wants a tiny condo or an apartment. Some are not downsizing much at all. NAR data revealed that boomers often did not choose to significantly cut down on home size, and this has led to direct competition with younger buyers for similar properties.
For instance, a boomer couple moving out of a two-story four-bedroom house might buy a one-story three-bedroom house – that’s somewhat smaller, but still a “family-sized” home. If they have grandchildren or expect family to visit, they may want extra bedrooms. Because many boomers are healthy and active longer, they might not mind maintaining a decent-sized house.
Right-Sizing Trend
Some boomers even upsize or “right-size” rather than strictly downsize. Upsizing could happen if a boomer household combines with others – for example, if they move an elderly parent in with them, or if they anticipate adult children moving back home. But upsizing is less common than staying same-size.
The concept of “right-sizing” is popular: choosing a home that better fits one’s current needs, which might mean smaller than before but not necessarily small. It could also mean moving to a home with a different layout (like a one-level ranch to avoid stairs, even if the square footage is similar).
Housing Type Preferences
One clear pattern: Boomers tend to favor certain types of homes and locations when they buy in later life. They are more likely than younger buyers to purchase townhouses or condos (attached homes) if they are over 57. These can be smaller and lower-maintenance options.
They’re also the most likely to buy homes in senior-related housing communities (like retirement villages or 55+ communities) – about 1 in 4 buyers over age 67 chose senior-specific housing. Meanwhile, boomers who buy standalone houses often pick ones that are newer or updated so they won’t need major renovations. And as age increases, buyers place more importance on things like proximity to health care and avoiding stairs.
Age-Based Differences
Interestingly, younger boomers (in their 60s) and older boomers (in their 70s) show slightly different preferences. Younger boomers (ages ~60–69) were the most likely of any generation to buy homes in small towns. This might mean they’re moving to quieter communities that offer a slower pace or lower cost, but not extremely remote.
Older boomers (70s) were most likely to buy in suburbs, perhaps to be near services but still have space. So, a 65-year-old couple might retire to a small upstate town or a village, while a 75-year-old might sell a city apartment and move closer to an adult child in a suburban neighborhood.
To sum up, downsizing is happening, but gradually. Boomers in New York are often moving to somewhat smaller or easier homes, yet a large share “refuse to downsize” in the traditional sense of drastically shrinking their living space.
Geographic Mobility: Where Boomers Move
Now let’s look at geography – when New York boomers move, where do they go? Are they sticking within the state or leaving? And within New York, which regions are seeing boomer movement?
Small Towns and Suburbs
Inside New York State: Many boomers who move stay within New York, but often change type of community. As noted, younger boomers buying homes showed a preference for small towns. New York has many small towns upstate (in the Hudson Valley, Catskills, Adirondacks, etc.) that could attract retirees or semi-retirees.
Some boomers from New York City or its suburbs have been moving to these picturesque upstate areas for a quieter, cheaper retirement while still being in the same state. For example, the Adirondack region in northern New York saw a notable increase in older residents over the last decade – the 65+ population in the 12 Adirondack counties jumped by 45,000 people from 2010 to 2020, a 29% increase.
Boomers also favor suburbs a lot. Older boomers (70+) buying homes most often chose suburban areas. Suburbs offer a middle ground – they are quieter than big cities but have more amenities and healthcare facilities than very rural areas. In New York State, popular suburban areas for boomers include places like Long Island, Westchester, and the Hudson Valley (for those who want to stay near NYC), as well as suburbs around smaller cities like Albany, Syracuse, or Rochester.
New York City Dynamics
Some boomers do move into New York City or stay there in retirement, but the high cost and fast pace can be challenging. Those who remain in NYC might downsize from a house in Queens/Brooklyn to a Manhattan co-op, for instance, to enjoy cultural life without property upkeep. Others leave the city for suburbia or out-of-state.
During 2020–2021, when COVID-19 hit NYC hard, many older New Yorkers temporarily left the city. By 2022, the city’s population started to rebound, but it still had about 123,000 fewer residents in 2022 than in 2020. Some of those who left were likely seniors concerned about virus risk in a dense city. However, it appears Manhattan actually saw a small population uptick (+1%) by 2022, possibly as people returned.
Regional Comparisons
Long Island (Nassau and Suffolk counties) is a classic suburban area where many boomers raised their families. As they retire, some Long Island boomers stay in the area but shift to smaller homes or retirement communities. As mentioned, 55+ communities on Long Island are a popular choice. This allows them to remain near friends, family, and familiar places while reducing maintenance burdens.
However, other LI boomers may take the opportunity to relocate – either to upstate New York (for lower cost) or out-of-state (the Carolinas and Florida are common picks). Long Island’s high property taxes and cost of living can push those on a tight retirement budget to move elsewhere.
In contrast, Western New York (e.g. Buffalo, Rochester) has a very different economic landscape. Housing costs there are much lower. Many boomers in western NY have modest homes that are already paid off or have very low taxes compared to downstate. This means they can afford to stay more easily.
In the Buffalo-Cheektowaga area, about 38.3% of homeowners are baby boomers, and in the Rochester area about 38.5% are boomers. These figures are slightly higher than the boomer share in the NYC metro (37.9%). The overall trend is that Western NY is aging in place – communities there aren’t seeing a lot of new young buyers.
Out-of-State Moves
While our focus is New York, a portion of New York’s boomers do decide to leave the state in retirement. The most popular destination is Florida. In 2022 alone, about 17% of all New Yorkers who moved out of state went to Florida. That’s nearly 1 in 5 leaving New York for the Sunshine State. Warm weather, no state income tax, and plentiful retirement communities make Florida a classic retiree magnet.
Other common destinations include the Carolinas, Georgia, and Pennsylvania. Boomers who find New York’s cost of living or winters difficult might choose these states. Still, it’s important to remember that a lot of those leaving NY are younger families, not just retirees.
Key Motivations for Moving or Staying
Understanding why baby boomers decide to buy a new home or stay put is important. Their motivations are usually tied to life stage – retirement, family, and health are big themes, along with financial considerations.
Retirement Lifestyle
Many boomers are retiring or about to retire during this period. Retirement often prompts a housing change. Some want to relocate to a warmer or more leisurely location now that they don’t need to be close to work. Others use retirement as a chance to “retire in place” – they modify their current home (adding grab bars, first-floor bedrooms, etc.) to age comfortably without moving.
New York State’s Office for the Aging and groups like AARP have programs encouraging communities to be age-friendly so seniors can stay. Boomers who are healthy may also choose to travel and keep two homes (a summer home in New York and winter in Florida, for example) rather than permanently relocate.
Family Connections
This is often the top reason boomers give for moving. As people get older, being near children, grandchildren, or close friends becomes a priority. NAR found that boomers primarily purchased homes to be near friends and family.
In New York, that might mean a boomer couple from upstate moving to Westchester or New Jersey to be nearer to their adult daughter’s family. Or someone from Long Island might move to Rochester if their adult son settled there. Conversely, if adult children have left New York, some boomers will leave to join them elsewhere.
Financial Considerations
New York is known for high taxes (property taxes in suburbs and upstate, and income taxes statewide). Upon retirement, some boomers seek to reduce their expenses. Moving from a high-cost area (like NYC or Long Island) to a lower-cost upstate area or out of state can significantly stretch a fixed income.
Housing is usually the biggest expense, so downsizing to a home with lower taxes, insurance, and maintenance costs is a big motivator. However, not all boomers move purely for money reasons; many balance cost with other factors. Some choose to age in place despite high costs, using savings or reverse mortgages to afford it, because their personal ties to New York outweigh financial incentives to leave.
Housing Convenience
The motivation here is to have a home that is easier to manage and suits their needs. Health plays a role – a house without stairs can be important for those with mobility issues. Some boomers move because their old home is simply “too large” or too much work.
They don’t want to heat unused rooms or shovel a huge driveway anymore. This practical motivation leads them to seek one-story houses, condos, or communities where upkeep is handled. In fact, younger boomers (in their 60s) who bought homes expect to stay in them for a long time – a median of 20 years. So they choose a place they can grow old in.
Healthcare Access
Access to good medical facilities is a quiet but important motivator. As people age, they think about being near doctors and hospitals. Some rural boomers move closer to cities for this reason. NAR data on the slightly older Silent Generation (ages 79–99) found they were most likely to choose a neighborhood based on convenience to health facilities.
Boomers in their 60s and 70s are increasingly considering this too, especially if they have chronic conditions. Health is also a reason some move to warmer climates (less snow to shovel, warmer weather can be easier on certain health issues).
Comparing 2018-2023 to the Previous Decade
The housing behavior of baby boomers from 2018–2023 is somewhat different from the prior decade (2008–2017). Changes in the economy, housing market, and the boomers’ own stage of life drove these differences.
The Post-Recession Years
During 2008–2017, many boomers were in their late 40s to early 60s (approaching retirement but mostly still working). The period began with the Great Recession and housing crash around 2008. This had a significant impact: home prices fell sharply and many homeowners (including boomers) lost equity.
As a result, boomers who might have considered selling and moving around that time often held off because their home values had dropped. Data shows that between 2006 and 2012, the percentage of boomer householders who moved in a given year actually dropped (from about 10.2% to 7.9%) as the recession took hold.
As the economy improved in the early to mid-2010s, some boomers started to move again, but the generational dynamics were different. Younger buyers (Gen X and millennials) took a larger share of home purchases in that era, partly because boomers weren’t selling much yet. Around 2013, Gen X was the largest group of home buyers, followed by millennials – with boomers behind them.
Recent Market Shift
In 2018–2023, the situation evolved. Home prices skyrocketed in the late 2010s into 2020s, giving boomers back a lot of equity (and more). The economy (aside from a brief pandemic recession) was generally strong, and boomers were hitting full retirement age in large numbers. With higher home values, boomers who wanted to move could now sell at a profit, enabling them to afford a new home or retirement living.
A major change in 2018–2023 is that boomers re-entered the market as buyers in force, especially around 2021–2023. In effect, boomers extended their participation in the housing market instead of bowing out. Many didn’t retire as early as expected or didn’t move out immediately upon retirement. Instead, they either stayed put longer or sold and then bought another home (rather than renting or moving to senior housing).
By 2022, boomers were 42% of buyers, whereas a decade earlier they might have been only around 30% or less. This is a big generational shift in who’s buying homes.
Homeownership Trends
Homeownership rates among boomers kept rising through the 2010s. Between 2013 and 2016, even among older boomers (65+), homeownership rates edged up. So by 2018–2023, a larger proportion of boomers were homeowners than in the prior decade.
The net effect is that the boomer generation owned more homes (and more valuable homes) in 2018–2023 than they did in 2008–2017. This puts them in a powerful position, as seen by the majority of home equity now held by over-55 households.
In 2008–2017, the main story was millennials stepping into home buying and boomers starting to plan their downsizing (though slowly). In 2018–2023, the story became boomers holding onto or buying homes, keeping a firm grip on housing, while many millennials struggled with affordability.
To put numbers on it: In the 2010s, millennials made up roughly 30–40% of buyers and boomers around 30% (with Gen X in between). By 2023, boomers made up 42% of buyers, millennials about 29%. Also, over 50% of home sellers were boomers in recent data – meaning they are involved on both sides of transactions heavily (selling one home and likely buying another).
The key takeaway in comparing the two periods is that boomers have extended their influence in the housing market longer than expected. From 2008–2017, many thought boomers would start downsizing en masse and relinquish their market share. But by 2018–2023, boomers not only retained homeownership but increased their share of purchases, all while still largely holding onto their existing homes until conditions were just right to move.
References
- National Association of Realtors. Baby Boomers Regain Top Spot as Largest Share of Home Buyers
- National Association of Realtors. Home Buyers and Sellers Generational Trends
- CBS 6 Albany / The National Desk. Baby boomers buck trend, become biggest share of home buyers
- Business Insider. Most Baby Boomer Homeowners Won’t Sell, Straining Housing Supply
- Times Union (Albany). Housing, affordability contributing to New York’s population decline
- AARP New York. Older Rural New Yorkers Struggle to Age in Place: Housing, Transportation Shortages Present Challenges
- Construction Coverage. Baby Boomer-Dominant Housing Markets
- Protect the Adirondacks. 2020 Census: Widespread drop in numbers of children across the U.S.
- Newsday (Long Island). 55-and-over communities give Long Island empty nesters options to stay
- Fannie Mae. Housing Insights: The Coming Exodus of Older Homeowners
- National Association of Realtors. 2013 Home Buyer and Seller Generational Trends
