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.
Idgaf about the boomers who want to grow old in the homes they bought. Thats their right as a homeowner. I care about the airbnbs, unskilled flippers, and the corps trying to turn America into a “renters market”
Exactly. My parents are boomers and own one house. But my sister and her son live with them, so they are utilizing their space.
It’s the corporations that own several rentals, complexes, etc that drive rent and house prices up. Can’t compete with their practices .
I read the disaster insurance in some states are so outrageous or even unobtainable, so private citizens can’t even get a mortgage (no insurance, no loan) anymore-assuming they could afford one to begin with. The only ones who can afford to outright buy in some places are corporations and foreign interests. It’s fucking trash.
There are so many “boomer bad”, “genx vs millenniall”, “zoomers are lazy” stories lately. Seems like they got tired of just pitting races against each other and moved onto fake generational conflict. This way we don’t notice what the billionaires are doing to all of us. Meanwhile the 5 richest billionaires doubled their net worth.
GenX here. I’m shocked someone remembered us. We’re not even mentioned in the synopsis
This. it’s ok to own a home. It’s ok to rent a home. people need places to live.
What’s not ok is being a slumlord.
yeah kinda feels like the corporations trying to push a bogeyman to distract us.
No, just a writer with nothing to write about. This article is seriously summed up as “omg people are choosing to live in the homes they bought, wtf??!”
These fuckers too - price hiking people out of rentals is a policy. The encourage evictions instead of negotiation. it’s fucked.
https://www.businessinsider.com/real-estate-apartment-rent-price-setting-landlords-realpage-lawsuit-illegal-2023-11