Plenty of older homeowners dream of trading a big house for something smaller, simpler and easier on the budget. In Central Massachusetts, though, they are running into a problem: so are the young buyers who want the same starter homes.
The squeeze was laid out in a piece by Leslie Sattler for The Cool Down, based largely on Worcester Business Journal reporting and projections from the Central Massachusetts Housing Snapshot.
14,800 More Households Led By Someone 70 Or Older By 2035
The numbers explain the pressure. Households headed by someone 70 or older are projected to grow by 14,800 between 2025 and 2035.
Meanwhile the region does not have enough homes. The Central Massachusetts Regional Planning Commission estimates it needs 14,000 to 15,000 units, but permits are on pace for only 8,000 to 9,000, a shortfall of about 6,000…