Boomers have the space. Millennials have the kids
Summary
Older homeowners, called baby boomers, own more large family homes than younger families, even though it is younger families who mostly need bigger homes. This difference is making it harder for families with children to find and afford the houses they want. Many boomers keep their homes because they have low mortgage payments and want to stay near family or avoid moving.Key Facts
- Baby boomers who no longer have children at home (empty nesters) own about 28% of homes with three or more bedrooms.
- Millennial parents own 16% of large homes, and Gen Z parents own less than 1%.
- Cities with the most large homes owned by millennial families include Austin, Columbus, and Minneapolis, each around 19%.
- Cities with the fewest large homes owned by millennial families include Los Angeles (11%), Miami (13%), and San Jose (13%).
- Boomers own more than 30% of large homes in Memphis, Cleveland, and Pittsburgh.
- Many boomers prefer to stay in their homes because they have no mortgage or low mortgage rates.
- Younger families face problems like high prices, high mortgage rates, and not enough big homes for sale.
- Between 2014 and 2024, millennials increased their share of large home ownership from about 5% to 16%, partly by buying homes from older generations.
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