Boomers won’t part with their homes, and that’s a problem for young families

2 years ago by MicroWave to c/news

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.

load all comments
AlijahTheMediocre 29 points 2 years ago

How bout, now hear me out, we build more and better housing. I'm not throwing Grandma and Grandpa to the curb I'm overthrowing Capitalism first

path: 0 6775359, hotness: undefined, score: 29, children: 9
GBU_28 10 points 2 years ago

How ya doing that

path: 0 6775359 6776514, hotness: undefined, score: 10, children: 2
AlijahTheMediocre 3 points 2 years ago

weeps for he does not know and is hopeless

path: 0 6775359 6776514 6777197, hotness: undefined, score: 3, children: 0
TheFonz 1 point 2 years ago

One of the big challenges to overcome is update zoning laws. The US relies heavily on outdated Euclidian zoning and it's the root cause of most of the construction trends. We need middle housing but everyone is building five over one multi-family luxury housing.

path: 0 6775359 6776514 6804209, hotness: undefined, score: 1, children: 0
MaxHardwood 3 points 2 years ago

Building more wont do anything for people that actually want to buy a home. Building more just increases the rental supply for landlords and corporations. There are enough homes built. Nobody is homeless waiting for a house to be built. The current supply needs to be redistributed.

path: 0 6775359 6775735, hotness: undefined, score: 3, children: 3
wahming 10 points 2 years ago path: 0 6775359 6775735 6776763, hotness: undefined, score: 10, children: 1
nbafantest 1 point 2 years ago

The United States is short some 5 million houses.

There are plenty of people who want to buy a house but it's too expensive and there's not enough houses for sale.

Housing follows supply and demand. A high price is a market signal to build more

path: 0 6775359 6775735 6805094, hotness: undefined, score: 1, children: 0
pacology 3 points 2 years ago

At least where I live, new housing costs exceed the value of the built building, so new costruction isn’t viable.

path: 0 6775359 6775468, hotness: undefined, score: 3, children: 1
ZombiFrancis 3 points 2 years ago

There is a reason housing needs have historically been met by public investment without expectation of market investment.

path: 0 6775359 6775468 6777715, hotness: undefined, score: 3, children: 0
news
news

@lemmy.world

login for more options
38081
38673
9285

Welcome to the News community!

Rules:

1. Be civil

Attack the argument, not the person. No racism/sexism/bigotry. Good faith argumentation only. This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban. Do not respond to rule-breaking content; report it and move on.


2. All posts should contain a source (url) that is as reliable and unbiased as possible and must only contain one link.

Obvious biased sources will be removed at the mods’ discretion. Supporting links can be added in comments or posted separately but not to the post body. Sources may be checked for reliability using Wikipedia, MBFC, AdFontes, GroundNews, etc.


3. No bots, spam or self-promotion.

Only approved bots, which follow the guidelines for bots set by the instance, are allowed.


4. Post titles should be the same as the article used as source. Clickbait titles may be removed.

Posts which titles don’t match the source may be removed. If the site changed their headline, we may ask you to update the post title. Clickbait titles use hyperbolic language and do not accurately describe the article content. When necessary, post titles may be edited, clearly marked with [brackets], but may never be used to editorialize or comment on the content.


5. Only recent news is allowed.

Posts must be news from the most recent 30 days.


6. All posts must be news articles.

No opinion pieces, Listicles, editorials, videos, blogs, press releases, or celebrity gossip will be allowed. All posts will be judged on a case-by-case basis. Mods may use discretion to pre-approve videos or press releases from highly credible sources that provide unique, newsworthy content not available or possible in another format.


7. No duplicate posts.

If an article has already been posted, it will be removed. Different articles reporting on the same subject are permitted. If the post that matches your post is very old, we refer you to rule 5.


8. Misinformation is prohibited.

Misinformation / propaganda is strictly prohibited. Any comment or post containing or linking to misinformation will be removed. If you feel that your post has been removed in error, credible sources must be provided.


9. No link shorteners or news aggregators.

All posts must link to original article sources. You may include archival links in the post description. News aggregators such as Yahoo, Google, Hacker News, etc. should be avoided in favor of the original source link. Newswire services such as AP, Reuters, or AFP, are frequently republished and may be shared from other credible sources.


10. Don't copy entire article in your post body

For copyright reasons, you are not allowed to copy an entire article into your post body. This is an instance wide rule, that is strictly enforced in this community.

go to feed...