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.
I agree with most of what you said but that 44% number is wildly wrong. Article about it
Also, anecdotally, I’ve gone through a couple of houses in hot markets the last 5 years (had to move for work) as both buyer and seller. The vast majority of people looking weren’t corporate or institutions. Most were couples looking for a place to live. Cash buyers above asking are a real thing though and they suuuuuuuck for the poors like myself.