Posted on 01/23/2024 5:03:10 AM PST by where's_the_Outrage?
Baby boomers now own twice as many large homes as millennials with kids, Redfin reported.
Boomers don't have much financial incentive to downsize as millennials struggle to buy.
Land-use, tax, and other policies need to change, and many more homes need to be built, experts say.
Baby boomers whose kids don't live with them anymore are clinging to their large homes, making things worse for millennial families looking to settle down, according to a new Redfin analysis.
Empty-nest boomers now own 28% of homes in the US with three or more bedrooms — double the 14% that millennials with kids own, according to Redfin's analysis of 2022 Census data. There's no city in the country where millennial families own a larger share of big homes than boomers do. It's just more evidence of the massive advantage boomers have over millennials in the housing market, as prices have soared, mortgage rates remain high, and a shortage of homes persists.
Many boomers bought their large homes decades ago when they were much more affordable, even trading up for bigger houses later, said Jenny Schuetz, a housing policy expert at the Brookings Institution.
More than half of boomer homeowners don't have a mortgage.....
"They have no financial incentive to move," Schuetz said. "They're consuming a lot more house than they really need, but it doesn't cost them very much.".....
Staying in a large home as an aging empty nester isn't just a misallocation of the housing supply,
(Excerpt) Read more at msn.com ...
1. Notice that "large homes" and not defined.
2. It was the boomer dream to own a home and then retire with a paid off mortgage.
That said, seniors moving out of 2 story homes makes sense, and they don't have to downsize, just get a large ranch.
However, I believe when people look at all the crap they've accumulated over the years they don't know how to get rid of it so it's easier just to stay in the current home and let the heirs deal with it.
By the way, I WANT GRANDKIDS!!! Daggarnit!
The big question when deciding what a society needs is, “Who decides?”
All the Milly’s have to do is make it worth the Boomer’s time.
Looks like the authors think that 3 bedrooms defines what a large home looks like. Like the little ranch my wife and I live in, where all 4 grandchildren are over almost every day. Of course, we have a basement as well, so maybe this is larger than large.
It’s always the “Baby Boomers’ fault”.
Millennials couldn’t afford my baby boomer house.
Oh boy, here we go.
My elderly parents live in a 5 bedroom split level single family home. They raised 5 kids there. They’d put it up for sale but it needs at least $100,000 in work which they don’t have just laying around.
Then there’s the issue of almost no one having that many kids these days, everyone wants smaller homes as “starters”. 2 identical models went on the market about a year ago and they haven’t sold.
Add to that the fact that they’re in Illinois which has lost population so there just aren’t any buyers.
So I’m sure the next step will be for these idiot “experts” to demand a government program to “help” which will, of course, only make things worse.
L
And where am I supposed to go? A $350k 3 room ranch? Nope.
“...They’re consuming a lot more house than they really need...”
So damn what! It’s called private property. No business of yours if I want a big house all to myself. I paid for it and pay the property taxes.
Next thing they will complain about old boomers driving big cars. /spit
“All the Milly’s have to do is make it worth the Boomer’s time.”
You are 100% right. There is no for sale sign in the yard but if someone offers me the right price, I’m happy to sell the home I built 20 years ago. Many houses not on the market sell when an interested party directly contracts an owner.
The author of this piece doesn’t understand markets. Almost everything is for sale at any time if the price is high enough. If a millennial see’s a desirable boomer house, approach the owner directly. It may be a better deal can be struck than if the millennial is using an agent.
My home is paid for. I’m not moving to live in a Crackerjacks Box.
Misallocation of the housing supply? Whaha
Typical millenial attitude - they think it’s up to them what home other people live in. They don’t want to work to earn money for a large home, or get their hands dirty. But they are great at writing snarky articles criticizing others.
Maybe if the traitors of both parties didn’t let in 150 million “immigrants” and “refugees” there would be plenty of housing, our roads wouldn’t be overcrowded, and our cities wouldn’t be cesspools. But “diversity” and “open borders” is the national religion despite the religion being founded by 2 truly sick, evil individuals in 1965 - Ted Kennedy and LBJ. Sick, sick stuff. Their goal to destroy 1950s America has been achieved in very short order. Leftists have an irrational hatred of peak 1950s America and the last 75 years have been spent trying to destroy it.
Well, I bet the government really wants to "fix" that problem! There are millions of illegal immigrants who would love to live in a big 3-bedroom house in the suburbs. Joe will make it happen.
Someone should find out the writer of this story and where they live. Then figure out a reason why they should not keep their current living arrangement and tell them about it. Make them feel guilty for their over indulgence. Are we supposed to be moved around like cattle as our life situation changes??? Folks, for many reasons live where they live...they like it, they don’t want to sell or move, they have a mortgage free home, they have family that comes to visit and want adequate space.
So yes, WHO DECIDES?? Hopefully the individual, not the writer of this story or some bureaucrat.
You don’t want to live in neighborhood where the houses are on top of each other and listen to millenials blare their disgusting filthy crap music? C’mon man! You need to get diversified!
I sold my house to a millennial with kids and bought an even bigger house
Did Marx author this? Some millennial that hasn’t worked hard for a down payment, paid decades of installments, property taxes, and house repairs?
“They’re consuming a lot more house than they really need...”
“Staying in a large home as an aging empty nester isn’t just a misallocation of the housing supply,.”
Millennials can earn a house just luck everyone else has. No one owes you anything. Work for it.
Because they're paid for, and they can't afford a new 'smaller' home that costs more than they can get for their 30 year old paid off home.
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