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.
How bout, now hear me out, we build more and better housing. I’m not throwing Grandma and Grandpa to the curb I’m overthrowing Capitalism first
How ya doing that
One of the big challenges to overcome is update zoning laws. The US relies heavily on outdated Euclidian zoning and it’s the root cause of most of the construction trends. We need middle housing but everyone is building five over one multi-family luxury housing.
weeps for he does not know and is hopeless
At least where I live, new housing costs exceed the value of the built building, so new costruction isn’t viable.
There is a reason housing needs have historically been met by public investment without expectation of market investment.