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.
Here in the UK it’s generally the same, but also in a way worse.
Developers are “required” to build a percentage of homes that are “affordable”. I put both of these in quotes because, yeah. They dodge it over and over and somehow are still granted permission for their next project.
A lot of the big developments in minneapolis are supposed to have a certain percentage of the spaces be “affordable”, but, if you happen to be one of the largest real estate developers and in the world… and if you happen to own several lobbyists… waivers exist.