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.
And they want the old people to just leave their homes when their kids move out? As if there aren’t tons of other reasons to stay in your home.
It’s a weird article that’s trying to put generations against each other.
Not that weird. The corporate media has been pushing this narrative for a while. They realize that younger people don’t respond to the old racism or anti-lgbtq. But “evil old boomers are stealing your house/money/whatever” seems to work like a charm. It’s just another distraction.