Quote:
Originally Posted by benb
But Millenials are a big generation just like Boomers. And right now in the US apparently Baby Boomers own 2x more of the stock of 3 or more bedroom houses than Millennials, despite Boomers basically all being empty nest at this point. "Downsizing" has not really happened yet, they are still holding onto a large % of the housing stock across the country.
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As one of those aging boomers, I can tell you that we are staying in our homes because there are no reasonably priced, smaller homes to downsize into. I would love to find a smaller Cape Cod or ranch home on a smaller lot. Lower expenses and less time spent maintaining the property. Unfortunately, the only ones available are either junk or priced very high. First-time home buyers and aging boomers are vying for the same properties. This has pushed prices to previously unthinkable levels. So us boomers are holding on to our larger homes, hoping that this market eventually reaches some form of equilibrium.
Greg