The baby boomers are the reason for the housing shortage

A growing number of older Americans are choosing to age in place rather than downsize their homes, Redfin says. The housing shortage is contributing to a nationwide housing shortage, the company says. Redfin: Baby boomers are contributing to the shortage of housing in America.

Nearly 89% of U.S. homeowners with mortgages have an interest rate below 6%: Redfin.com reports. Over 88% of home loan borrowers have mortgage rates below 6% or 5%, leaving current rates still on the high end. Redfin reports that nearly 90% of mortgage borrowers have a mortgage interest rate under 6%.

Just 15.5% of homes are considered affordable for everyday homebuyers in 2023: Redfin. That's the lowest share on record. Redfin: Just 15% of home listings were considered affordable in the coming years. Just over 15% were considered unaffordable in the past year.