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.
Baby boomers aren’t some evil monolith hiding in the closet waiting to steal your bag of Oreos.
Where do you propose they move to? Even if we wanted them to vacate homes, there’s an assisted living shortage (heads up, article is kind ehhhhhhhh overall) so we can’t just shove them somewhere.
Baby boomers aren’t, but capitalists are.
They’re the ones who gobble up all available real estate to manipulate everyone else with for their own benefit.
I assume that was Karashta’s intent, not Baby boomers as you deflected to.
The plan was that they sell their home and downsize into an easier to maintain condo.
Sure, if this hyper-abundance of condos exists. Unfortunately it doesn’t.
It existed 15 years ago, when millennials were starting to move out of their parents’ home.
Sure, but that’s 15 years ago and homebuilders drastically slowed down since then. Now the Boomers can’t sell their house and move somewhere cheaper screwing up a source of money for their retirement.
We’re all fucked in this mess, it doesn’t matter which generation you’re in.
What everyone is saying is that boomers were greedy. They held on to everything. Jobs, homes, they voted away our social safety nets because they wanted to keep their tax money and voted for conservatives and neo liberals.
Now the younger generation had a late start in life because of this. They got an education but couldn’t find jobs. They wanted to get a house to raise a family but they had to forfeit that whole idea because of the little savings they could make. And because raising a child in a one bedroom 500sqft apartment, or condo unit at best, isn’t ideal.
You’re directing the blame at the working class when the political system created these problems.
Who did you vote for in 2008? The neoliberal or the neocon?
2012? Neoliberal or neocon?
2020? The neoliberal or the alt-right lunatic?
2024? The neoliberal or the alt-right lunatic?
As a millennial I have a pretty bad track record by voting for all these neolibs
I’m Canadian btw. I voted for the NDP at the federal level and for b Quebec Solidaire at the provincial level.
They can go rent the places everyone else is currently forced to because of their generational bullshit.
It ain’t the boomers doing that. It’s the corporations.
And who runs those corporations?
Rich out of touch assholes ranging from Boomers, Gen X and millennials?
Bunk beds in assisted living, pack them in tight so they briefly get to experience a taste of the consequences of their generation’s gluttony before shuffling off this mortal coil. The rich won’t be affected, of course, so significant opposition isn’t likely. Through their votes and actions, they made their bed so now they get to climb up and lie in it.
Yeah? And if a person from the third world whose island is half under water because of your ‘luxurious’ lifestyle comes to you for some of that sweet justice? The average American emits 15 times the CO2 compared to someone in Tuvalu. Would you like to be put in the bed you made?
Oh you’re not the one that made the system the way it is? Well neither did the majority of “boomers”.
Whatever ailment you’re going through life right now, I hope you find a way to get through it.
This take is not from a healthy mind.
Thanks doc.