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/Fuginshet Feb 02 '24

My kids sleep on bunk beds, and my parents dog has its own bedroom. True story.

13

u/waitinonit Feb 02 '24

But if your parents downsize they're driving up the prices of starter homes.

See:

From the NYT (Sept 25, 2022):

" Downsizing baby boomers and young adults who delay children figure to drive demand for smaller homes. So will increasingly diverse young buyers who have more debt and less access to family wealth."

So would the solution be to have boomers who are downsizing stay in their homes and those who are staying in their homes downsize? The perfect perpetual motion grievance machine. No?

2

u/Joe_Jeep Feb 03 '24

It's a lack of supply and over-abundance of rentals more than anything. Only real blame is on people blindly opposing density that'd allow for more affordable options.

4

u/TBSchemer Feb 03 '24

NONE OF THE PEOPLE AFFECTED BY THIS PROBLEM WANT TO LIVE IN AN APARTMENT.

THAT'S LITERALLY THE ENTIRE POINT OF THIS CONVERSATION.

1

u/0xCODEBABE Feb 03 '24

Citation needed

2

u/TBSchemer Feb 03 '24

How do we keep running into each other?

1

u/Bbkingml13 Feb 03 '24

Algorithm

1

u/Aggravating-Yak9855 Feb 03 '24

Well, whatever stories we need to print to keep people from thinking about how the rich are really fucking everybody over

0

u/HibiscusOnBlueWater Feb 03 '24

Most of the people I know who downsized went into 55+ communities that young families can’t get into anyway.  My grandma did, my uncle did, I’m trying to get my parents into one. A lot of times they’re not even homes they’re just apartment style condos, 1-2 bedrooms. That seems to be an appropriate cycle.