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 ...
I never understood the desire for a large house. I bought a 2 bedroom, when I was 21. I added on a MB/full bath/family room, after my second child was born.
When the boys grew up and moved out, I sold (home & 30ft ladders) and bought a two bedroom, one story.
Much less to maintain and clean. I did buy a home on 50 acres of woods, however. The critters and I are doing just fine.
Guilty as charged.. :(
Mid Boomer here. Bought 4 wooded acres in 1986, cleared the lot with my FIL. Had a 1400 sq ft ranch with full basement built by a local builder in 1987. Fast talked the bank into a 15 yr mortgage. Paid it off early, added an addition and other improvements over many years and all paid for. Sold an acre to our daughter and she built her house next to us in 2020. Not going anywhere, this is what we worked hard for.
This is plain stupid.
No way younger ones need, can use, or can afford large homes. So if we sold them, they’d either be bought by those like us, or empty/not sold.
Our large log home I built with my own hands & my sons help 24 years ago for our family with 8 kids was needed, is well-used today. I hope to remain here until I go be with the Lord. NOT a “Boomer”, actually born during last month of WWII.
i hate these articles. Screw these entitled folks sobbing because they can’t have a mansion as a first house.
Who made the mortgage payments all those years?
Who paid the property taxes...year after year after year?
Who paid that mortgage off and holds the deed to the property?
Who had paid for the daily, weekly, annual upkeep of the property?
Yeah...those who don’t like it and go ESAD.
Some families like to hand their houses down to their heirs for further “consumption”. A house is a family asset, not a deliberate prevention to others for having their own house.
“Add to that the fact that they’re in Illinois”
The second highest tax rate in the United States!
“Add to that the fact that they’re in Illinois which has lost population so there just aren’t any buyers.”
No wonder...
Note that these commies never want to take ... say, G Soros and sons ... homes and wealth, which would provide for many more yutes that all of my lifes’ work ever could.
Nope, they only want to take from the “little guys”.
Almost like she still has mommy issues or something.
If Deep State really feels this way, one wonders why NYS is enabling geezers to stay in their allegedly oversized homes with its enhanced STAR programs which allows said geezers to pay far less in property tax.
Just more proof to pay far more attention to what Deep State does than what it says.
“1. Notice that “large homes” and not defined.”
Same when they blame the rich. They need to look up “envy” in the Bible. This sin is mentioned quite often.
Just more 'boomer bashing from gen(s)-entitled...post Obama.
Goes to my comment they didn’t define “large home”. My guess it’s a standard 3 bedroom. I had a 2800 SF ranch and I considered it a very comfortable home, didn’t really consider it a large home as have friends with 4000SF homes.
These friends all worked 2 jobs, the 2nd was the Army Reserve. Those who think you only put in a weekend a month and 2 weeks in the summer were never a commander or principal staff.
If my parents didn’t need help on a weekly basis we’d already be long gone from this miserable State.
L
Wow the anti aging agitprop in this article just drips with malice towards the elderly!
They might have just as well have called for sending old folks to the soylent green factories!
hell they can’t afford my Gen-X ranch..
then again, with the way my taxes have gone up (almost doubling every 2 years) I’m not sure how much longer I will be able to afford it.
Sorry, but this is a free country. It’s nobody else’s business who owns what property.
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