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 ...
The tax rate is based on the date, not the person.
Your grant to government power means almost no one will be able to afford to live in their home for all of their life.
Buy a house on the lake and commute a long distance for decades and then by your retirement time your house taxes grow to more money than you ever made working because over the years the city reached your distant home that used to be remote.
That means you come along and take the house for someone younger, rinse and repeat forever, you have assigned the house to workers only, a temporary dwelling for those who can afford your ever-increasing government rates but will be forced to move out and turn it over to the next one.
Heh, we built no. 2 larger than no. 1. Nowhere in this article is mentioned that you need surplus bedrooms on occasion. A dollar says the two female 'authors' are childless...
They don’t want the Wedgwood China or crystal that we proudly set the thanksgiving table for large extended family celebrations years ago. It’s sad but it’s reality. No they want overpriced pottery barn, crate and barrel and ikea crap. Much better off selling it while alive to someone that appreciates it. I’m doing that with my jewelry now.
Those phones and social media have ruined them.
And forget the hummels!
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.