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.
~3000 baby boomers die every day.
Some of them will part with their homes.
Yeah my husband laughed at me when I said I wanted to move to this neighborhood because when I walked the dog I saw all these truly ancient people mowing their lawns, and figured:
People like it here enough to stay till they die
There would be a bunch of houses for sale when those owners died.
but he sure loves it here now. One day we will be those ancient people.
Hopefully most of those homes go to their kids so they can actually have a chance at home ownership in this shithole of a world we’ve built.
🎶I see babies crying… 🎶
I think inheritance is one of the evils in the world. Why should I have something because my parents did? It focuses and increases inequality. Not saying you are wrong in the world we currently live in, and I know it’s too complicated to implement but I wish wealth was distributed out when people died. So we could start on a more even playing field.