Empty-nest baby boomers owned twice as many large homes (with three bedrooms or more) as young families with kids in 2022. Careerwise, many boomers benefited financially from the 90s economic boom and/or bought their first homes when it was much more affordable. In recent years, boomers have had little reason to downsize, as many own their homes outright or have mortgages with lower rates than they could get for a replacement home. Millennials’ earnings were negatively impacted by the Great Recession, and they’ve had to spend more of their incomes on housing. Ten years ago, the older generation owned a smaller share of large homes than families that were raising children.
Source: Redfin, 2023
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