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.
Baby Boomers, Millenials, amd Gen Z account for… 42% of homes.
Classic Gen X erasure aside… I have doubt Gen X owns the remaining 58% today. The article does mention 18% of gen X owned 10 years ago. And I am doubtful the Silent Generation is still clinging to their numbers.
And so under the most charitable interpretation: that is still a 20% gap of ownership by what I can only assume is a business enterprise.
This article is cherry picking numbers from a Redfin study. It says 28% empty-nest Boomers vs 14% Millennials with kids. Together those two subsets own 42% of large homes (3+ bedrooms). So that doesn’t account for elder GenZ, Millennials without kids, all of GenX, and any boomers that don’t count as “empty-nest” for whatever reason. It’s not half corps like everyone keeps saying.