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.
https://usafacts.org/articles/how-many-vacant-homes-are-there-in-the-us/ 10% of homes in 2022 in the US were empty
That stat by itself means nothing because
The GOP’s constant gigantic tax cuts for the rich are a huge force inflating costs of houses for everyone.
It disproves the idea that there aren’t enough homes. When i was homeless person I didnt care where the house was. Second homes of the wealthy are vacant. landlords are part of the problem and are scum.