Boomers have the space. Millennials have the kids

"Compared to millennials with kids, boomer empty nesters own nearly twice the share of homes with three-plus bedrooms (28%). Millennial parents own 16% and Gen Z parents own less than 1% of large homes, according to a Redfin analysis of the latest census data, from 2024."

"The highest shares of millennial families who own large homes are in Austin, Texas, Columbus, Ohio, and Minneapolis, at roughly 19%. The lowest are in Los Angeles (11%), Miami (13%) and San Jose, California (13%). And empty-nester boomers own more than 30% of large homes in Memphis, Tennessee, Cleveland and Pittsburgh."

"Older homeowners have plenty of reasons to age in place. Many are mortgage-free or locked into low mortgage rates. Boomers may also want to stay put to remain near family, keep their routines or avoid packing up decades of belongings."

"Meanwhile, millennial families run into both supply and affordability challenges when trying to move into larger homes, per Redfin. There aren't enough family-size homes on the market, while high home prices and mortgage rates have priced many younger buyers out. Yes, but: Millennials have gained ground—from owning around 5% of large U.S. homes in 2014 to 16% in 2024—partly by buying homes once owned by the Silent Generation, per Redfin."

Boomer empty nesters own nearly twice the share of homes with three-plus bedrooms compared with millennials with kids. Millennials with kids own 16% of large homes, while Gen Z parents own less than 1%. The highest shares of millennial families owning large homes are in Austin, Columbus, and Minneapolis at about 19%, while the lowest are in Los Angeles, Miami, and San Jose at about 11% to 13%. Empty-nester boomers own more than 30% of large homes in Memphis, Cleveland, and Pittsburgh. Older homeowners have reasons to age in place, including mortgage-free status or low locked-in rates, proximity to family, routine stability, and avoiding downsizing after decades of belongings. Millennials face limited family-size inventory and high prices and mortgage rates, though their share of large homes rose from about 5% in 2014 to 16% in 2024 as they bought homes previously owned by the Silent Generation. The key factor to watch is whether more large homes become available as homeowners surrender low mortgage rates.

Read at Axios