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.
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.