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.
A bunch of apartments vs. a single-family home is better in terms of offering housing to more people.
We don’t have a shortage of houses where I live. We have a shortage of affordable houses. Luxury rental apartments too small for families won’t help that. They’re basically removing properties and increasing the prices on the market. Instead of being able to pay X amount of money to a mortgage people can now pay the same amount for renting only part of it.
In my country… It’s both!
Not enough, what is available is expensive and so is rent.