When life comes calling, American families can answer with a real estate opportunity: What happens to homes when kids fly the coop?

As of 2022, the United States had nearly 21 million empty-nest households — meaning homes that have at least two empty bedrooms, no kids, and that have been owned and occupied for more than 10 years by people over 55.¹

Owning a home is seen as a sign of financial success for 52% of people, according to Empower research, and many older adults have hit that milestone.

The majority — nearly 80% — of Americans ages 55 to 64 own their home, so as the U.S. housing market takes on the spring and summer selling seasons, it may be time to work through the numbers and opportunity costs for potential buyers and sellers alike.

Mapping out location

More than 4 in 5 Americans now live in metro areas, and Gen Zers in particular have been settling down into big cities. New York City, Los Angeles, Chicago, Houston, and Philadelphia have seen net migration increases for Gen Z — even with net decreases across other generations.²

That’s a key point in this balancing act: Younger people’s wants haven’t necessarily been aligned with what older Americans could be offering.

The location of empty-nest homes leans toward metro markets that are less expensive.³ The top five cities with the largest share of empty-nest homes are:

• Pittsburgh (22%)

• Buffalo (20%)

• Cleveland (20%)

• Detroit (19%)

• St. Louis (19%)

Meanwhile, younger residents putting down roots have flocked to cities even beyond the top Gen Z destinations. The markets with the biggest share of households who recently moved and include people 44 and younger are:⁴

• San Jose (35%)

• Austin (32%)

• Denver (32%)

When taking on a new city at any age or life stage, it’s important to consider the cost of living, job market, and other lifestyle aspects like locations of loved ones. Limiting travel time for hangouts could be worth a tradeoff: Empower research found that more than six in 10 people (63%) “feel wealthy” if they have enough time to spend with family and friends.

People open to buying in empty-nest locations could be seeing a more friendly real estate horizon. Those looking to sell their larger homes may be more open to negotiating, as property owners offered buyers concessions at near-record rates in the first quarter of 2025.

Read more: Sellers sweeten the deal: 44% help with closing costs and repairs

Inventory in flux

Another variable around empty-nest homes is how many are available. Overall, Americans have been taking a wait-and-see approach to new home loans, with interest rates close to 7%: Applications for mortgages fell 4.2% in the week ending April 25.⁵

Around $20 trillion of Baby Boomers’ assets are currently tied to real estate, and those with existing mortgages could be feeling “locked in” and not wanting to get a new home — and a new loan. As of late 2024, around three-quarters of outstanding mortgages had a rate of 5% or less.⁶

Though as more Americans are choosing to age in place, making the switch to homes that are more retirement-friendly could leave empty nests up for grabs.

Nearly a quarter (23%) of people think their current home is the ideal retirement location, though a larger slice (42%) say they plan to move to a different city or state for their golden years, according to Empower research.

Switching from a larger home to an age-restricted development can be attractive for older adults, placing essential businesses near home and possibly leaving chores like lawn care and home repairs in others’ hands. The real estate outlook has been eye-catching, too: 55+ communities in the U.S. Sunbelt have seen recent pops in housing inventory.

Read more: Golden age of living: 55-and-over communities ready to welcome Gen X

Calculating the opportunity

Across ages, real estate can be a popular way for adults to build generational wealth, and empty-nest homes could be an untapped resource. Adjusting location expectations could help Americans looking to fulfill multiple goals: Those buying a larger home can make space for their own future growth, and those selling could take on a lifestyle more aligned to their next stage.