Baby Boomers Ruling the Roost in Large U.S. Homes

– According to recent data, almost one-third of large homes in the United States belong to empty nest baby boomers.

– The report indicates that this demographic owns 28.2% of such properties – a share that is double of what’s owned by millennials with children.

– On the other side of the coin, almost half (48.6%) of tiny homes (those measuring less than 1,800 square feet) are owned by millennials without children.

– Baby boomers, however, are most likely to own medium-sized homes, and they represent 32.6% of this segment.

– Surprisingly, single millennials come close in this category, owning just about 30.9% of medium-sized homes.

The “Territory” Divide

– The survey further breaks down these ownership trends by region. Baby boomers apparently prefer the sunny south and quiet Midwest for their larger-than-life residences.

– The tiny home trend seems to be a hit among millennials along the West Coast and in the Northeast.

– When it comes to medium-sized homes, it’s nearly a tie, but surprisingly the Midwest and South just win with the preferences of single millennials and baby boomers respectively.

What’s in the Future?

– The dominance of baby boomers in the large home category suggests that when they decide to downsize, a floodgate of these properties will hit the real estate market.

– This portends a potential price depreciation in this segment if the younger generations don’t step up their home-buying game.

– Millennials, who currently prefer smaller homes or are restricted by financial means, may soon have the opportunity to upgrade, given the foreseen boom-to-bust cycle of large homes.

Alright, folks, here’s the “House-Sized” hot take. The Boomers seem to rule the roomy roost, while their millennial counterparts are cramming into cute cottages. But it’s like they say, it isn’t the size of the house that matters; it’s the pride in ownership (and the ability to pay the mortgage). Interestingly, once our boomers start to downsize (aka attempting to navigate their McMansions with walkers), we might just see a switch in the market. But hey, maybe millennial love for avo toast will extend to a love for more square footage. Only time will tell! Until then, keep dreaming about those en-suite bathrooms and walk-in wardrobes, millennials!

Original article: https://www.inman.com/2024/01/17/empty-nesters-own-twice-as-many-big-homes-as-millennials-with-kids/