More than three-quarters of older American homeowners say they'll stay in their current homes as they age, according to a recent report from real estate brokerage Redfin. More than half of boomers have lived in their homes for more than 10 years.

"Older Americans are aging in place because it makes financial sense but also because it's human nature to avoid thinking about challenging scenarios such as needing help as you get older," Redfin Chief Economist Daryl Fairweather said. "In reality, many homeowners and renters will need to move somewhere that better meets their needs as they age, like a senior-living community or a one-story home in an accessible neighborhood."

If most baby boomer homeowners age in place, it could prolong the shortage of homes for sale. Inventory is at historically low levels mainly because homeowners who locked in low mortgage rates during the pandemic aren't moving to avoid taking on a higher interest rate.

With so many boomers determined to stay put, younger Americans are having trouble finding homes to raise their families. Empty-nest baby boomers own 28% of three-bedroom-plus homes while millennials with children own just 14%.

Fairweather said politicians should focus on increasing housing stock that meets the needs of older Americans, which could help with housing affordability and availability.

"But the government isn't prioritizing building housing for seniors, which is further encouraging older Americans to stay put, exacerbating the inventory shortage," Fairweather said.

Those who aren't staying put are moving into a 55+ community (20%) or with their adult children (10%). Another 10% are moving into assisted living facilities and 6% plan to live with friends.

Most boomers who own their homes don't have a mortgage, but if they do, it is at a lower interest rate than they could get now. More than half of boomers who don't plan to sell say it's because they like their home and have no reason to move. Another 27% say it's they're staying where they are because their home is completely or almost paid off and 21% say they're staying because home prices are too high.