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.
And your dad will spend that money like it will never end, leaving you with nothing.
Mhm. He and my mother plan on moving to Alaska with my uncle.
Amazing. They got their shot and are still hoarding it. So sad.
If my parents invested a FRACTION of the money they have just thrown out into the world in their children, our lives would be so much better. They really have always just done whatever made them happy, hey, we’re adults, right, they aren’t responsible for us anymore or something.