Washington, DC (CNN)
Buying a family-sized home with three or more bedrooms used to be manageable for young people with children..
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
The report defines age groups in the 2022 Census data as: adult Gen Zers were 19 to 25 years old, Millennials were aged 26 to 41, Gen Xers were 42 to 57, and Baby Boomers were 58 to 76.
.As a result, empty-nest Baby Boomers own 28% of large homes.
Ten years ago young families were just as likely as empty nesters to own large homes.
Even though Millennials with kids own half as many large homes as empty nesters, Millennials make up roughly 28% of the country’s adult population, the largest share of any generation.
As you can see, there are unique factors at work that are affecting the market for existing homes.
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