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.

  • @Smoogs
    25•9 months ago

    Ok so we’re trying to blame boomers now for Airbnb now? Cuz there’s more than enough NEW housing that was turned into Airbnb by gobbling firms.

    Brian Joseph Chesky (born August 29, 1981) is an American businessman and industrial designer and the co-founder and CEO of Airbnb. Chesky is the 249th richest person in the world according to Forbes, with a net worth of $8.6 billion, mostly due to his ownership of 76 million shares of Airbnb.

    Where did Brian Chesky start Airbnb?

    San Francisco Airbnb. In October 2007, the Industrial Designers Society of America was hosting a conference in San Francisco and all hotel rooms were booked. The pair could not afford rent for the month and decided to rent their apartment for money.

    You can safely leave the boomers out of that conversation for how the unchecked system was actually broken by a millennial.

    • @Bonskreeskreeskree
      1•9 months ago

      Airbnb impact pales in comparison to SFR and B2R. And guess what generation is driving those industries.