Buying a family-sized home with three or more bedrooms used to be manageable for young people with children. But with home prices climbing faster than wages, mortgage rates still close to 23-year highs and a shortage of homes nationwide, many Millennials with kids can’t afford it. And Gen Z adults with kids? Even harder.
Meanwhile, Baby Boomers are staying in their larger homes for longer, preferring to age in place and stay active in a neighborhood that’s familiar to them. And even if they sold, where would they go? There is a shortage of smaller homes in those neighborhoods.
As a result, empty-nest Baby Boomers own 28% of large homes — and Milliennials with kids own just 14%, according to a Redfin analysis released Tuesday. Gen Z families own just 0.3% of homes with three bedrooms or more.
Around me there are strata neighborhoods (HOA) with 3 bedroom houses with restrictions saying you have to be 55+ years of age to live there. There’s no reason other than it makes the housing cheap to purchase for older folks. Younger folk get screwed yet again. There’s no reason a 3+ bedroom house should be reserved for older people.
I could understand it if there were handicap accessible bathrooms and whatnot but they are just regular homes. Also many luxury condos with the same restrictions.