What happened
About 28% of U.S. houses with three or more bedrooms are owned by baby boomers living alone or with another adult, while millennials with children own 14% of such homes, Redfin found in a recent analysis of 2022 census data. And most Americans 60 and older don’t intend to ever move, according to a recent Fannie May survey.
Who said what
Boomers tend to have low housing costs and most of them “are only in their 60s, still young enough that they can take care of themselves and their home without help,” said Redfin senior economist Sheharyar Bokhari.
The commentary
“‘OK Boomer’ might sting more when it comes from millennials eyeing the keys to your three-bedroom house,” Sami Sparber said at Axios.
What next?
Empty-nest boomers have defied expectations they would sell “their big houses en masse,” The Wall Street Journal said, but even if they did, it “wouldn’t actually solve the overarching issue that there are not enough homes on the market. Instead, it would likely lead to more competition for smaller homes.”