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.
Exactly. Where will they move to? Most older people want to stay in the neighborhood that they grew up in. It’s not like an 80 year old will be selling their house in suburban Long Island to find a cheap room in rural Alaska.
And it’s not like new houses haven’t been built since grandpa bought his house.
And it’s not like there isn’t people benefitting now on a housing shortage caused by Airbnb buying up all that new housing.
Blaming boomers for corrupt Airbnb for this is a desperate reach.
This point is literally in the article, almost word for word, and it’s being upvoted as a defense of them against this article that’s allegedly trying to blame them.
Fucking hell, it never ceases to amaze me that people will be so up in arms against something they didn’t even bother to read.