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.

    • Deceptichum@kbin.social
      14·
      6 months ago

      Heaping ever increasing taxes on the elderly doesn’t sound ideal either tbh.

      Imagine having to give up your home because your neighbours property value increased and thus your taxes went up due to the increased value of your home. Sure you could sell away your life and move into a smaller building in a different part of the country (or worse, a retirement home), but should we advocate for people to lose their homes when a better solution is for government to build more affordable housing for people?

      • Garbanzo@lemmy.worldEnglish
        31·
        6 months ago

        Imagine giving immortal corporations a property tax based on 1976 prices plus a maximum annual increase of 2% instead of just granting an exception to property taxes for your primary residence. Imagine leaving your grandkids with no money to run a government because you’re that fucking dumb and greedy. Fuck the boomers, I hope the PG&E bills to cool their giant homes fucking bury them.

      • lolcatnip@reddthat.comEnglish
        32·
        6 months ago

        I’ve moved 8 times in the last 15 years so I can’t say I feel too bad about the idea of people “losing” their home by selling it and moving somewhere smaller.

        • Deceptichum@kbin.social
          3·
          6 months ago

          So because you have it shitty, everyone else should join you?

          All I’d like is a place to settle down and become part of a community. I’m sick of being transient because of capitalism.