Boomers sold their houses and quit their jobs.
“excess retirements,” or older workers who left ahead of schedule. New research shows one reason why they could afford to do that: selling us their houses, at astronomical prices.found that in cities where home prices jumped 10 percent in 2021, homeowners over 65 were less likely to work than those in cities where prices were stable. By comparison, they looked atlikely to stay in the workforce.
The data came from the American Communities Survey, the annual survey of around 250,000 random addresses run by the Census Bureau, so sure, this isn’t everyone. But it was enough for the researchers to claim, “The Great Resignation among older workers can be almost entirely explained by the 2021 housing boom.”
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