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.
~3000 baby boomers die every day.
Some of them will part with their homes.
Hopefully most of those homes go to their kids so they can actually have a chance at home ownership in this shithole of a world we’ve built.
🎶I see babies crying… 🎶
I think inheritance is one of the evils in the world. Why should I have something because my parents did? It focuses and increases inequality. Not saying you are wrong in the world we currently live in, and I know it’s too complicated to implement but I wish wealth was distributed out when people died. So we could start on a more even playing field.
Yeah my husband laughed at me when I said I wanted to move to this neighborhood because when I walked the dog I saw all these truly ancient people mowing their lawns, and figured:
People like it here enough to stay till they die
There would be a bunch of houses for sale when those owners died.
but he sure loves it here now. One day we will be those ancient people.