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.
Seems fitting, it’s the roaring 20s again. We’re going to be building up to the faithful days of the 2029 market crash. This time with real serious dumpster diving. You talk about finding half a burger and climbing into one of these things next to a tall building… Nah, think 50 floor diving in right on the burger, lid closed or open, head first. Yeah, it’s building up!