Baby Boomers Are Struggling to Downsize – and it Could Create the Next Housing Crisis

by Deborah Kearns
CNBC.com

Veronica Dy and her husband had their retirement plan all mapped out.

They recently sold their large family home in San Gabriel, California, for $850,000 and walked away with $250,000 in net proceeds to put toward a smaller home in Los Angeles to be closer to their son’s family. They figured it would be easy to find a quaint, two-bedroom home where they could age in place without overspending on housing.

They thought wrong. The couples’ home search came up empty week after week, and the few properties within their budget – about $550,000 – are selling well over asking price almost immediately, Veronica Dy says.

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