Baby boomers like their low-rate mortgages. So much so that more than three-quarters of older American homeowners (78%) plan to stay in their current home as they age, according to a report from Redfin, a national real estate brokerage.

“Older Americans who own their home are staying put largely because they’re financially incentivized to do so. It’s contributing to the shortage of homes for sale and is likely to continue to do so,” Redfin said.

More than half of those baby boomers who say they aren’t planning to sell their home anytime soon (some 51%) say it’s because they like that home and have no reason to move, according to the survey. More than a quarter (27%) say it’s because their home is completely or almost paid off, and roughly one in five (21%) are staying put because home prices are now too high, Redfin reported.

Some boomers are dreaming of moving to communities for those over 55 at the beach, in the mountains, in the desert or on a golf course. One in five baby boomers is considering moving into a “55-plus” community or has already done so, according to the survey, which asked boomers to choose their top plans.

Just 10% of baby boomers said that living with their kids was a possible plan. An equally small percentage of boomers said they planned to move to an assisted-living facility, while 6% said they hoped to move in with friends.

The results from baby boomers who rent their homes are similar to those of homeowners, Redfin said.

Redfin added that 54% of boomers who own homes have no mortgage, “and for those who do have a mortgage, nearly all have a much lower interest rate than they would if they sold and bought a new home.”

Tax systems in states like California and Texas also make it financially beneficial for people to stay in their homes as they age, the firm reported.

“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, however, many homeowners and renters will need to move to housing that better fits their needs as they age, like a senior-living community or a one-story home in a neighborhood where groceries and other basics can be easily attained, Fairweather said.

The problem is “the government isn’t prioritizing building housing for seniors, which is further encouraging older Americans to stay put, exacerbating the inventory shortage. Politicians should focus on expanding housing stock that meets the needs of older Americans, which could help with housing affordability and availability for all,” she added.

The shortage of homes for sale will be prolonged by these baby boomer homeowners mostly planning to age in place, Redfin said.

“Inventory is sitting at historically low levels (though new listings have started climbing in recent months) in large part because homeowners who scored ultra-low mortgage rates during the pandemic are staying put to avoid taking on a new rate at today’s elevated levels. Many of those homeowners are baby boomers,” the firm said.

This has had a domino effect in which younger Americans can’t find a family home to purchase, Redfin said in a separate analysis. “Baby boomers have an outsized impact on the housing market because they’re most likely to own homes: Nearly 80% of boomers own the home they live in, compared to 55% of millennials.”

More than half of baby boomers have lived in their home for over 10 years, which leads to low for-sale inventory, which in turn pushes home prices up, exacerbating the housing affordability problem in this country, Redfin said.