this post was submitted on 17 Jan 2024
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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.

(page 5) 50 comments
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[–] beebarfbadger@lemmy.world 0 points 2 years ago

But it's not a problem for boomers who like having all the stuff and not sharing, so why change it?

What do you mean by "other people"?

[–] ExLisper@linux.community 0 points 2 years ago (7 children)

What comes after Gen Z? Gen A? Gen Ź? Gen [?

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[–] bstix@feddit.dk 0 points 2 years ago (3 children)

Hmm. In my opinion it's preferable if the boomers keep their houses so their children can inherit the value.

Where I live, it's a bigger issue that boomers sell their houses too cheap to companies that demolish the house to build apartments. The boomers then waste the money on renting overpriced apartments for the rest of their life.

I get that it's difficult to maintain a house as you grow older and these houses are usually not well maintained, but they're really just pissing their value away.

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[–] trackcharlie@lemmynsfw.com -2 points 2 years ago (5 children)

Boomers are the largest private owners of homes, even more than actual corporations that are actively buying and raising housing prices in order to pad their books.

The only way out of this is a financial collapse and that will end up killing millions before the market actually reaches a reasonable price and rate. I don't want this but this seems to be the direction the current macroeconomic conditions are heading.

2024-2028 are going to be some of the most shitty years in human history

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[–] ArugulaZ@kbin.social -3 points 2 years ago

Gee, boomers are being selfish! Who would have guessed?

[–] Yoz@lemmy.world -4 points 2 years ago

Probably because of this young people have stopped respecting boomers. Last week a guy in his 20's assaulted a boomer at our local grocery shop.

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