"Baby Boomers' Housing Dilemma: Impact on Young Families"
Baby boomers own nearly 3 in 10 large homes in the U.S., twice as many as millennials with kids, with affordability and financial incentives playing a significant role. Millennials struggle to find and afford large homes due to short supply and high costs, while some also prefer urban living. Boomers' wealth accumulation and favorable economic conditions have allowed them to hold onto large homes, with many owning them free and clear. As a result, young families are renting large homes, and first-time buyers are advised to consider new construction. The share of large homes owned by each generation and household type has shifted over the last decade, with boomers taking up at least 20% of large homes everywhere in the U.S.