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.

  • karashta@kbin.social
    6610·
    10 months ago

    “Shortage of homes” created by a parasitic class of people and corporations who gobble up all the available homes

      • Zorque@kbin.social
        235·
        10 months ago

        Baby boomers aren’t, but capitalists are.

        They’re the ones who gobble up all available real estate to manipulate everyone else with for their own benefit.

        I assume that was Karashta’s intent, not Baby boomers as you deflected to.

      • Cyborganism
        74·
        10 months ago

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

          • Cyborganism
            62·
            10 months ago

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

              • Cyborganism
                11·
                10 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.

      • halcyoncmdr@lemmy.worldEnglish
        1314·
        10 months ago

        They can go rent the places everyone else is currently forced to because of their generational bullshit.

      • betterdeadthanreddit@lemmy.worldEnglish
        35·
        10 months ago

        Bunk beds in assisted living, pack them in tight so they briefly get to experience a taste of the consequences of their generation’s gluttony before shuffling off this mortal coil. The rich won’t be affected, of course, so significant opposition isn’t likely. Through their votes and actions, they made their bed so now they get to climb up and lie in it.

        • FMT99@lemmy.world
          41·
          10 months ago

          Yeah? And if a person from the third world whose island is half under water because of your ‘luxurious’ lifestyle comes to you for some of that sweet justice? The average American emits 15 times the CO2 compared to someone in Tuvalu. Would you like to be put in the bed you made?

          Oh you’re not the one that made the system the way it is? Well neither did the majority of “boomers”.