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.

  • alekwithak@lemmy.world
    341·
    10 months ago

    I’m all for blaming boomers, but what about the corporations and foreign entities buying up single family homes?

    • Lexam@lemmy.caEnglish
      161·
      10 months ago

      You can’t blame corporations. Lobbyists passed a law against that.

    • FuglyDuck@lemmy.worldEnglish
      42·
      10 months ago

      but what about the corporations and foreign entities buying up single family homes?

      Fuck them too. Well. lets fuck them first, and then see if that helps. we can hold boomers in the wings.

      Actually, who do you think sits on the boards of those hedge funds (blackrock comes to mind,)? it ain’t gen z. or millenials. So, yeah. we can still blame boomers… :)