Boomers won’t part with their homes, and that’s a problem for young families | CNN Business
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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.

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.

  • FuglyDuck@lemmy.worldEnglish
    0·
    1 year ago

    I know a real estate developer type. (kinda a moron, actually, but he’s got a lot of experience in building expensive places to live.)

    A comment he made to me once was “Nobody builds low-income housing. a mid-rise luxury condo will only cost a bit more to build than low income apartments, but you make a shitload more”

    yeah, he was also kind of an asshole.

    • CoreOffset@lemm.eeEnglish
      0·
      1 year ago

      A comment he made to me once was “Nobody builds low-income housing. a mid-rise luxury condo will only cost a bit more to build than low income apartments, but you make a shitload more”

      Yeah, I completely believe it.

      Space-efficient middle housing for the poor and lower middle-class is not something we can rely on private companies to do in America. It’s something that is going to have to take government intervention.

      The apartment complex I was in took up as much land as around 5-7 average sized new construction homes yet it housed 42 46(I actually remember two of the buildings having 8 apartments each) apartments. It was also in a part of the country where a car was basically required. There was space for every apartment to have at least 1 car and have space to spare. Realistically probably about 1.5 cars per apartment could fit parked in the complex.

      • vividspecter@lemm.ee
        0·
        1 year ago

        There was space for every apartment to have at least 1 car and have space to spare. Realistically probably about 1.5 cars per apartment could fit parked in the complex.

        Parking minimums are utter madness, and a big part of the issue in the US. Although I understand that in some states/cities where this isn’t required, developers still overbuild the parking just out of the assumption that buyers/renters will prefer it.