Boomers won’t part with their homes, and that’s a problem for young families | CNN Business
www.cnn.com
Buying a family-sized home with three or more bedrooms used to be manageable for young people with children. But with home prices climbing faster than wages, mortgage rates still close to 23-year highs and a shortage of homes nationwide, many Millennials with kids can’t afford it. And Gen Z adults with kids? Even harder.

Buying a family-sized home with three or more bedrooms used to be manageable for young people with children. But with home prices climbing faster than wages, mortgage rates still close to 23-year highs and a shortage of homes nationwide, many Millennials with kids can’t afford it. And Gen Z adults with kids? Even harder.

Meanwhile, Baby Boomers are staying in their larger homes for longer, preferring to age in place and stay active in a neighborhood that’s familiar to them. And even if they sold, where would they go? There is a shortage of smaller homes in those neighborhoods.

As a result, empty-nest Baby Boomers own 28% of large homes — and Milliennials with kids own just 14%, according to a Redfin analysis released Tuesday. Gen Z families own just 0.3% of homes with three bedrooms or more.

  • Cyborganism@lemmy.ca
    64·
    11 months ago

    The plan was that they sell their home and downsize into an easier to maintain condo.

      • Cyborganism@lemmy.ca
        52·
        11 months ago

        It existed 15 years ago, when millennials were starting to move out of their parents’ home.

          • Cyborganism@lemmy.ca
            11·
            11 months ago

            What everyone is saying is that boomers were greedy. They held on to everything. Jobs, homes, they voted away our social safety nets because they wanted to keep their tax money and voted for conservatives and neo liberals.

            Now the younger generation had a late start in life because of this. They got an education but couldn’t find jobs. They wanted to get a house to raise a family but they had to forfeit that whole idea because of the little savings they could make. And because raising a child in a one bedroom 500sqft apartment, or condo unit at best, isn’t ideal.