Find out how this generations home buying and selling behaviors have evolved from 2018 through 2023.
For baby boomers in Mississippiwhether theyre buying or selling homesthe trends highlighted in these charts carry significant implications.
Statewide Homeownership Trends
Mississippis baby boomers boast high homeownership rates.
Home Stratosphere and Zillow Home Value Index
Between 2018 and 2023, baby boomers became increasingly influential in home sales.
Boomers prominence among buyers represents a shift from the mid-2010s, when millennials led purchases.
Many long-time owners decided to list their homes during the hot market of 20202022 to capitalize on high prices.
However, by 20222023, 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 ones longtime home has become common, reducing turnover.
Mississippi boomers echo these motives.
This is fitting in Mississippi, which is primarily made up of small towns and rural communities.
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.
Older buyers overwhelmingly use proceeds from selling their prior residence to finance the new one, avoiding large mortgages.
As a result, boomers secured desirable homes in good locations.
Many boomers are motivated to sell because their current home is simply too large for their needs.
Cashing Out Equity
Cashing out equity has been another powerful motivation.
This is partly because suitable downsized options can be hard to find.
Instead, many boomers opt to remain in their familiar house and community.
By 2023, mortgage rates had spiked to around 7%, making new mortgages costly.
This financial disincentive became very pronounced in 20222023 as interest rates rose.
Mississippi is a predominantly rural state with many small towns and just a few mid-sized cities.
have prompted some older residents to leave the city.
Those who remain in Jackson often do so out of deep community ties or necessity.
Overall, pure urban living (e.g.
Suburban Communities
The suburbs have become a magnet for many retiring boomers in Mississippi.
The trend of aging in place is particularly strong in these rural areas.
One challenge, however, is access to services.
As Mississippis 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.
But many others remain on the homestead as long as health allows, often relying on family nearby.
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.
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.
Family ties often trump other considerations in these decisions.
Retirement Lifestyle Changes
Retirement itself is a trigger for housing changes.
Do they want to golf or fish (maybe move closer to leisure amenities)?
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.
But generally, the trend is toward simplification.
Financial Considerations
Financial considerations play a pivotal role.
Affordability is such a crucial factor that boomers are moving to Mississippi from higher-cost states specifically for financial relief.
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.
Alternatively, it could mean moving in with a family member who can provide care.
Emotional Attachment
Its worth noting the softer reasons as well.
This emotional factor often reinforces the decision to age in place.
In Mississippis tight-knit communities, this is especially pronounced.
This meant fewer boomers selling in the late 2000s they hunkered down until values recovered.
By contrast, 20182023 saw home prices generally surging (especially 20202022).
Nationally, homeownership among 5064 year-olds dropped significantly after 2004, falling to around 74% by 2022.
In Mississippi, which had a relatively high baseline homeownership, boomers ownership likely dipped but remained relatively high.
By 20182023, those who were able to keep their homes through the downturn benefitted from rising equity.
By around 20152018, 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.
Simultaneously, younger buyers struggled with affordability and student debt, especially as home prices climbed.
The recent period has clearly been more boomer-driven in home sales than the decade prior.
Many waited for values to come back.
Inventory in the 2010s was more balanced.
The result by 2023 was historically low inventory.
Aging in place became more prevalent in the 20182023 timeframe, contributing to housing shortages.
Net migration of retirees to Mississippi was minimal; if anything, the state may have lost some.
By 20182023, 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 didnt exist in 2008.
