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.
I wrote out a very angry reply, but as often happens, as I cooled down and reflected, it was 100% the result of this enormously clickbait title, not the article itself.
The article itself DOES mention the mortgage rates, and it DOES acknowledge that Boomers might be willing to move out (in direct contradiction to its own title) but cannot bc of a shortage of affordable smaller homes, the same as everyone else.
In short, Boomers are trapped too - again it's not that they "won't" so much as they "can't" - even if sitting better in a home that they (hopefully) own rather than having to rent.
There is simply no excuse for such a rage-baiting, purposefully combative title.:-( Maybe we need to start using AI to generate new titles to replace those profit-mongering ones? :-)