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.
They trying to distract us. I aint looking at the single home owning boomers, its landlords and corporate real estate companies hoarding homes.
Absolutely, it isn’t those boomer parents living in a house for 40 years that are driving up the costs. It’s corporations and landlords buying houses as investments so that they can rent them out while the market skyrockets.
Yeah this needs more of an upvote, take a THIS
Mostly, you’re right, IMO. But these same people will vote against affordable housing being built near them… “Not in my backyard!”
Right? Modern medicine is keeping people alive longer, and I’m not going to judge someone for wanting to keep the home they’ve probably lived in for many years.
I don’t rent, but from what I read it’s out of control, and corporations buying up homes, putting in the bare minimum to fix up (read: lazy/cheap contractors) and asking way more than it’s worth. Now, of course you don’t have to pay it, but if everyone is asking overprice, what are people suppose to do?
Idgaf about the boomers who want to grow old in the homes they bought. Thats their right as a homeowner. I care about the airbnbs, unskilled flippers, and the corps trying to turn America into a “renters market”
yeah kinda feels like the corporations trying to push a bogeyman to distract us.
No, just a writer with nothing to write about. This article is seriously summed up as “omg people are choosing to live in the homes they bought, wtf??!”
There are so many “boomer bad”, “genx vs millenniall”, “zoomers are lazy” stories lately. Seems like they got tired of just pitting races against each other and moved onto fake generational conflict. This way we don’t notice what the billionaires are doing to all of us. Meanwhile the 5 richest billionaires doubled their net worth.
These fuckers too - price hiking people out of rentals is a policy. The encourage evictions instead of negotiation. it’s fucked.
This post is a load of horse shit.
The reason housing prices are out of control is because investment firms are gobbling them up with cash, yet you’re blaming it on boomers staying in their homes.
Boomers are staying in their homes BECAUSE the housing market is out of control. Stop blaming older people and start blaming Wall Street.
Exactly. Where will they move to? Most older people want to stay in the neighborhood that they grew up in. It’s not like an 80 year old will be selling their house in suburban Long Island to find a cheap room in rural Alaska.
And it’s not like new houses haven’t been built since grandpa bought his house.
And it’s not like there isn’t people benefitting now on a housing shortage caused by Airbnb buying up all that new housing.
Blaming boomers for corrupt Airbnb for this is a desperate reach.
This point is literally in the article, almost word for word, and it’s being upvoted as a defense of them against this article that’s allegedly trying to blame them.
Fucking hell, it never ceases to amaze me that people will be so up in arms against something they didn’t even bother to read.
As usual, no mention of Gen X.
You know, I hate the joke, but it seems to have a special place in their heart…
How do you know someone is Gen X? Well, you don’t really care, but they’ll tell you anyways.
They are all vegan?
Found the person who enjoys unoriginal jokes.
Says that very person
Why? They got their house when they were still affordable and there wasn’t a shortage. During their time, they could negotiate prices down. They’re not the ones being affected by the boomers.
They’re not the ones being affected by the boomers.
My dude, they’ve been riding us our whole lives
I bought my first house in 2010, during the last dip in the housing market. Sold every asset I could for the down payment and end up with a mortgage payment I could afford. The value of the home has since increased 3x from when I bought it; I couldn’t afford to buy the place today, let alone move someplace else. My major source of frustration has been property taxes, which now cost 1.5x more than my mortgage payment. I’m not entirely certain I’ll be able to STAY in this place if they keep going up 20%/year like they have been.
Somewhat similar here. Bought in 2011, with housing prices still depressed by the 2008 crash. Since then, we’ve put a good bit of money into the place (it needed work, still does). We also have kids now, so the space is really nice to have. The house now appraises for 2.5-3x what we spent for it, which is not justified by the money we’ve spent on it and is mostly driven by the market going nuts. While we might be able to swing the mortgage, were we to be buying the place now, it’d be very tight. Also, there’s just no incentive to move. The local schools are good. The neighborhood is nice, I work from home (wife doesn’t work), so there is no commute. We know and like our neighbors and regularly have neighborhood BBQs in the cul-de-sac… Sure, when the kids are gone, we might consider a smaller home further out, with more land and less neighbors. But more likely, we’re just going to keep putting money and effort into this house and let the kids drag our desiccated corpses out of the place.
