* . *
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Friday, May 9, 2025
Earth-News
  • Home
  • Business
  • Entertainment
    Georgia Entertainment CEO says large-scale production is slowing down – Decaturish

    Georgia Entertainment CEO Warns of Slowdown in Large-Scale Productions

    Zugalu Entertainment Welcomes Crimson Herring Studios to Its Family!

    Fall 2025 TV Schedule: Your Guide to the Complete Lineup – Wyoming News Now

    Get Ready for Fall 2025: Your Ultimate Guide to the Exciting TV Lineup!

    Blackstone River Theatre presents music from Scotland with Cantrip – The Valley Breeze

    Experience the Enchanting Sounds of Scotland: Cantrip Takes the Stage at Blackstone River Theatre!

    The viral wireless audio dongle for in-flight entertainment just got a big upgrade – and I love it – ZDNET

    Game-Changer for In-Flight Entertainment: The Upgraded Wireless Audio Dongle You’ll Love!

    Tahoe City Downtown Association opens 4th of July Entertainment Grant Program – Sierra Sun

    Celebrate Independence Day: Tahoe City Launches Exciting 4th of July Entertainment Grant Program!

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Technology Innovation to Take Center Stage at The 2025 National Restaurant Association Show – Restaurant Technology News

    Get Ready for a Tech Revolution: The 2025 National Restaurant Association Show Unveils Cutting-Edge Innovations!

    Newmont signs deal to use Chrysos Corporation technology – Capital Brief

    Newmont Partners with Chrysos Corporation to Revolutionize Mining Technology

    Air Force Invests in Whisper’s Ultraquiet Propulsion Technology – FLYING Magazine

    Air Force Invests in Whisper’s Ultraquiet Propulsion Technology – FLYING Magazine

    Trump administration set to overhaul Biden’s AI chip export regulations – TechHQ

    Trump administration set to overhaul Biden’s AI chip export regulations – TechHQ

    Technology is the key to empathy in insurance – InsuranceNewsNet

    Unlocking Empathy: How Technology is Transforming the Insurance Experience

    Technology – Inflexion

    Revolutionizing the Future: The Impact of Cutting-Edge Technology

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
  • Home
  • Business
  • Entertainment
    Georgia Entertainment CEO says large-scale production is slowing down – Decaturish

    Georgia Entertainment CEO Warns of Slowdown in Large-Scale Productions

    Zugalu Entertainment Welcomes Crimson Herring Studios to Its Family!

    Fall 2025 TV Schedule: Your Guide to the Complete Lineup – Wyoming News Now

    Get Ready for Fall 2025: Your Ultimate Guide to the Exciting TV Lineup!

    Blackstone River Theatre presents music from Scotland with Cantrip – The Valley Breeze

    Experience the Enchanting Sounds of Scotland: Cantrip Takes the Stage at Blackstone River Theatre!

    The viral wireless audio dongle for in-flight entertainment just got a big upgrade – and I love it – ZDNET

    Game-Changer for In-Flight Entertainment: The Upgraded Wireless Audio Dongle You’ll Love!

    Tahoe City Downtown Association opens 4th of July Entertainment Grant Program – Sierra Sun

    Celebrate Independence Day: Tahoe City Launches Exciting 4th of July Entertainment Grant Program!

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Technology Innovation to Take Center Stage at The 2025 National Restaurant Association Show – Restaurant Technology News

    Get Ready for a Tech Revolution: The 2025 National Restaurant Association Show Unveils Cutting-Edge Innovations!

    Newmont signs deal to use Chrysos Corporation technology – Capital Brief

    Newmont Partners with Chrysos Corporation to Revolutionize Mining Technology

    Air Force Invests in Whisper’s Ultraquiet Propulsion Technology – FLYING Magazine

    Air Force Invests in Whisper’s Ultraquiet Propulsion Technology – FLYING Magazine

    Trump administration set to overhaul Biden’s AI chip export regulations – TechHQ

    Trump administration set to overhaul Biden’s AI chip export regulations – TechHQ

    Technology is the key to empathy in insurance – InsuranceNewsNet

    Unlocking Empathy: How Technology is Transforming the Insurance Experience

    Technology – Inflexion

    Revolutionizing the Future: The Impact of Cutting-Edge Technology

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
Earth-News
No Result
View All Result
Home Business

Boomers’ dominance of the housing market is so complete that empty nesters own twice as many large homes as millennials with kids, Redfin analysis reveals

January 16, 2024
in Business
Boomers’ dominance of the housing market is so complete that empty nesters own twice as many large homes as millennials with kids, Redfin analysis reveals
Share on FacebookShare on Twitter

We all know that baby boomers are dominating the housing market, as they either own their homes outright or have locked-in low mortgage rates, while their properties appreciate in value. But Redfin reveals it’s perhaps even worse than you thought, with an analysis suggesting empty nesters are sitting on all the biggest homes that millennials could be using to raise their children instead.

Empty-nest boomers, which Redfin defines as baby boomers with one to two people living in the household, own 28% of the country’s large homes, which it defines as three bedrooms-plus, whereas millennials with kids own only 14%, the newly published report found. 

Redfin’s analysis, which uses U.S. census data from 2022 (the most recent available), lists several reasons why boomers “own an outsized share of large homes.” For one, there’s really no financial reason to let go of a large home. More than half of boomers own their homes outright, and their median monthly cost of owning a home, including insurance and property taxes (among other costs) is just $612, according to Redfin. To compare, the median mortgage payment during the four weeks ending Dec. 31, 2023 was $2,361, down $372, or 14%, from October’s all-time high. 

And boomers with a mortgage mostly have an interest rate that’s much lower than the current market rate. “Even if they downsized, they may have a nearly identical monthly payment,” wrote Redfin’s data journalist and senior economist, Dana Anderson and Sheharyar Bokhari. While mortgage rates have fallen from a recent peak at just above 8% in October, the average 30-year fixed rate is sitting at 6.77%.

For millennials it’s much harder to find, let alone afford, a home given how tight supply is. The lock-in effect has severely limited the supply of existing homes for sale. Meanwhile, home prices rose substantially during the pandemic-fueled housing boom, and have generally continued to rise, certainly on a nationwide basis. 

“2023 was the least affordable homebuying year on record; it was especially hard for younger Americans who don’t have equity from a prior home, and the bigger the home, the more expensive it generally is,” Anderson wrote, noting that affordability is expected to improve this year. 

Boomers hold half of U.S. wealth, much of it in housing

Since the 1980s, trillions of dollars have flowed from the public sector to the private sector in a “massive wealth transfer,” that benefited baby boomers; household wealth increased from $17 trillion to $150 trillion, a record high, according to Bank of America Research strategists, led by Ohsung Kwon, touched on this as they pointed out that “everyone locked in 3% mortgage rates, except millennials.”

They’ve also benefited from “an abundance of newly built homes and favorable economic conditions during their prime moneymaking years,” as Redfin pointed out. Boomers built wealth and bought big homes, and now they’ve seen those home values grow four times faster than incomes over the last several decades, the report notes. 

“Boomers hold half of the wealth in the U.S., and much of it is in real estate,” Anderson and Bokhari wrote. “Americans who bought their homes more than 20 years ago didn’t have to spend as big of a portion of their incomes on housing as those—like millennials—who are buying today.”

However, to be clear, lots of boomers entered the housing market in the 1980s, when mortgage rates peaked at roughly 18% as Federal Reserve Chair Paul Volcker attempted to lower inflation, which reached 14% (not dissimilar to last year’s housing market). But to put it simply, boomers had more time to buy homes and refinance their mortgages, which has pushed them ahead—so millennials are renting instead.

Millennials with kids account for nearly 25% of three-bedroom-plus rentals throughout the country—the largest share of any generational category. It helps that, as of late last year, rent was cheaper than mortgages in all but two of 97 major metropolitans. But obviously not all millennials can afford to rent large homes, some live with family or roommates. 

But it hasn’t always been this way. “The landscape has transformed over the last decade: 10 years ago, young families were just as likely as empty nesters to own large homes,” Anderson and Bokhari wrote. And it doesn’t seem to be changing immensely anytime soon.

“There’s unlikely to be a flood of large homes hitting the market anytime soon,” Bokhari said. “Boomers don’t have much motivation to sell, financially or otherwise. They typically have low housing costs, and the bulk of boomers are only in their 60s, still young enough that they can take care of themselves and their home without help.”

Although affordability is set to improve slightly and the lock-in effect is set to ease—so while there won’t be a flood of inventory hitting the market, there will be a trickle, as Bokhari put it.

Subscribe to the CEO Daily newsletter to get the CEO perspective on the biggest headlines in business. Sign up for free.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : Fortune – https://fortune.com/2024/01/16/redfin-baby-boomers-empty-nesters-millennials-housing-market/

Tags: boomersbusinessdominance
Previous Post

JetBlue facing $470 million payment to Spirit Airlines after judge sides with government and blocks $3.8 billion merger

Next Post

The world’s 5 richest people, from Elon Musk to Jeff Bezos to Warren Buffett, doubled their wealth to $869 billion since 2020, report finds

Cash Flows: Industry, Ecology, and the Future of the Great Lakes Blue Economy – Michigan Public

Cash Flows: Industry, Ecology, and the Future of the Great Lakes Blue Economy – Michigan Public

May 9, 2025
Under Trump, job prospects look ‘bleak’ for Mass. grads in environmental science – WBUR

Massachusetts Environmental Science Graduates Face Gloomy Job Prospects Under Trump Administration

May 9, 2025
A Leaked Memo Reveals Details About Trump’s War on Science at the NIH – Mother Jones

Inside the Leaked Memo: Uncovering Trump’s Battle Against Science at the NIH

May 9, 2025
Hyatt Lifestyle Group opens inaugural property in Florida – Hotel Dive

Hyatt Lifestyle Group Unveils Its First Florida Gem!

May 9, 2025
2025 IIHF World Championships Begin for Danault, Chromiak, Slukynsky – LA Kings Insider

Exciting Kickoff: Danault, Chromiak, and Slukynsky Take Center Stage at the 2025 IIHF World Championships!

May 9, 2025
US Farm Economy Is Starting to See First Hits From Trump Tariffs – Bloomberg.com

US Farm Economy Faces Initial Impact from Trump Tariffs

May 9, 2025
Georgia Entertainment CEO says large-scale production is slowing down – Decaturish

Georgia Entertainment CEO Warns of Slowdown in Large-Scale Productions

May 9, 2025
Georgia first responders unite for mental health conference to combat trauma – FOX 5 Atlanta

Georgia First Responders Join Forces for Groundbreaking Mental Health Conference to Tackle Trauma

May 9, 2025
Upcoming changes at CIA shine a spotlight on the spy agency’s director John Ratcliffe – CNN

Transformative Shifts at the CIA: Spotlight on Director John Ratcliffe

May 9, 2025
Technology Innovation to Take Center Stage at The 2025 National Restaurant Association Show – Restaurant Technology News

Get Ready for a Tech Revolution: The 2025 National Restaurant Association Show Unveils Cutting-Edge Innovations!

May 9, 2025

Categories

Archives

May 2025
MTWTFSS
 1234
567891011
12131415161718
19202122232425
262728293031 
« Apr    
Earth-News.info

The Earth News is an independent English-language daily published Website from all around the World News

Browse by Category

  • Business (20,132)
  • Ecology (595)
  • Economy (606)
  • Entertainment (21,519)
  • General (15,210)
  • Health (9,648)
  • Lifestyle (611)
  • News (22,149)
  • People (609)
  • Politics (613)
  • Science (15,828)
  • Sports (21,116)
  • Technology (15,596)
  • World (596)

Recent News

Cash Flows: Industry, Ecology, and the Future of the Great Lakes Blue Economy – Michigan Public

Cash Flows: Industry, Ecology, and the Future of the Great Lakes Blue Economy – Michigan Public

May 9, 2025
Under Trump, job prospects look ‘bleak’ for Mass. grads in environmental science – WBUR

Massachusetts Environmental Science Graduates Face Gloomy Job Prospects Under Trump Administration

May 9, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

Go to mobile version