The real estate market is tighter because Americans over 65 have the highest homeownership rate of any generation.
Almost 80 percent of seniors own their homes, compared with 35 percent of Americans under age 35.
Goldwater Bank branch manager and certified mortgage planner Chris Nooney said they are seeing a lot of Baby Boomers stay in their homes for various reasons.
"One being the cost of housing and downsizing, just doesn't make sense for them to sell their current home with the current terms they have and to pay more for a home to have a comparable payment doesn't make sense," said Nooney.
He said besides Millennials moving back in with their parents, Boomers have another reason to stay put.
"They're actually utlitizing home equity to improve their properties so they aren't having to downsize and they can actually do what's needed in order to sustain the rest of their life in that home or the exptenancy of that home," said Nooney.
Back in the day, when people hit 70, it was thought they should downsize into condos and apartments.
The oldest baby boomers are now in their early 70s.