Boomers won’t part with their homes, and that’s a problem for young families | CNN Business
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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.

  • Rentlar
    51·
    10 months ago

    I’m here to say thank you for keeping your cool on the internet despite the clickbait and somewhat ragebait headline.

    This definitely helps make the Fediverse a nicer place.

    • OpenStars@startrek.websiteEnglish
      1·
      10 months ago

      Thank you for the thanks, and sorry that someone is downvoting you even for saying that much. At this point I think I’ll start wearing my downvotes as a matter of pride just like on ole Reddit. I would very much like it if the Fediverse would be cleaner and nicer than where we left, so indeed that starts with myself.:-)