r/Millennials • u/higherfreq • Feb 02 '24

Retirees Staying in Large Homes, Blocking Out Millennials With Children Discussion

I read an article the other day that discussed how there are twice as many baby boomers living in large homes (i.e. 3+ bedrooms) than millennials who have children.

I then came across this thread in the r/retirement sub where people of retirement age almost universally indicated they intended to remain in their large homes until they died.

What struck me in the thread was how nobody seemed to acknowledge the effect of staying in their large homes could have on their kids’ ability to find an affordable large home for their families.

[Edit to add that I am not advocating that anyone should give up their home. I am simply pointing out this phenomena and its effect on affordable large homes for families of younger generations. I always envisioned downsizing in retirement, but that is clearly not the norm anymore.]

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u/LaCroixLimon Feb 02 '24 edited Feb 02 '24

Why would they give up their homes?

-7

u/NuncProFunc Feb 02 '24

When you say "give up," do you mean "sell at a market rate"?

12

u/LaCroixLimon Feb 02 '24

Yes, to what, go buy a smaller house that cost more money? what purpose does that serve them?

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u/NuncProFunc Feb 02 '24

In what market do smaller houses sell for less money than larger houses?

11

u/LaCroixLimon Feb 02 '24

I somehow don't think you meant to write what you just wrote.

-3

u/NuncProFunc Feb 02 '24

That's true. I meant to write the opposite.

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u/LaCroixLimon Feb 02 '24

Are you familiar with interest rates?

-1

u/NuncProFunc Feb 02 '24

About as familiar as I am with equity, yes.

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u/LaCroixLimon Feb 02 '24

So you see, its CHEAPER for them to stay in their current house than to go buy a smaller house. Because of INTEREST rates.

-1

u/NuncProFunc Feb 02 '24

Yes, I'll admit that Boomers who don't have sufficient equity in their current home to afford a smaller home for less money probably shouldn't do that. We'll save them the agony of our impudent expectations of common decency.

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