Several elderly people move from villa to apartment

ApartmentsApartments in Oslo.Photo: Terje Pedersen / NTB scanpix

Several seniors are choosing to sell the big house and move into a more manageable apartment, a new report shows. It can reduce care costs, but this could be negative for young home buyers.

The report from the Welfare Research Institute NOVA at OsloMet shows a trend among the elderly between 60 and 80 years, writes Vårt Land.

The trend is that the number of relocations to age-friendly housing has increased by 67 percent since 2008 for this age group.

The researchers believe that this can help reduce the cost of care services as it is due to good health that more and more people are choosing to move to an apartment.

– “Older generations have become more accustomed to relocating, which is a positive change for both them and the housing market,” says NOVA researcher Jardar Sørvoll. He believes one can expect more seniors to move in the future as well.

However, this trend may have a negative impact on young people entering the housing market: There will be increased competition for housing.

– “It may become more difficult for young people to enter the housing market, as the elderly are established and can pay higher sums. Older people are pushing up prices, and younger ones are being squeezed out,” says consumer economist Silje Sandmæl in DNB to the newspaper.

© NTB Scanpix / #Norway Today


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