Empty-nest boomers aren’t selling their big homes

Empty-nest boomers were expected to sell their houses en masse

(Image credit: Fancy/Veer/Corbis)

What happened

About 28% of U.S. houses with three or more bedrooms are owned by baby boomers living alone or with another adult, while millennials with children own 14% of such homes, Redfin found in a recent analysis of 2022 census data. And most Americans 60 and older don’t intend to ever move, according to a recent Fannie May survey.

Who said what

Boomers tend to have low housing costs and most of them “are only in their 60s, still young enough that they can take care of themselves and their home without help,” said Redfin senior economist Sheharyar Bokhari.

“‘OK Boomer’ might sting more when it comes from millennials eyeing the keys to your three-bedroom house,” Sami Sparber said at Axios.

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What next?

Empty-nest boomers have defied expectations they would sell “their big houses en masse,” The Wall Street Journal said, but even if they did, it “wouldn’t actually solve the overarching issue that there are not enough homes on the market. Instead, it would likely lead to more competition for smaller homes.”

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Peter has worked as a news and culture writer and editor at The Week since the site’s launch in 2008. He covers politics, world affairs, religion and cultural currents. His journalism career began as a copy editor at a financial newswire and has included editorial positions at The New York Times Magazine, Facts on File, and Oregon State University.  

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