"Baby Boomers' Home Ownership Poses Challenges for Young Families"

As home prices soar and mortgage rates remain high, Millennials and Gen Z adults with kids are struggling to afford family-sized homes, while Baby Boomers are staying put in their larger homes, contributing to a shortage of smaller homes in familiar neighborhoods. With record high levels of equity and low mortgage rates, Boomers have little financial incentive to downsize, leaving young families with limited options. Affordability is expected to improve somewhat in 2024 as mortgage rates trend down, but a mass exodus of older homeowners selling their homes is unlikely, with only a trickle of inventory expected.