Empty-nest boomers aren't selling their big homes
Most Americans 60 and older do not intend to move, according to a recent survey
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.
The commentary
"'OK Boomer' might sting more when it comes from millennials eyeing the keys to your three-bedroom house," Sami Sparber said at Axios.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
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."
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
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.
-
Will Starmer's Brexit reset work?
Today's Big Question PM will have to tread a fine line to keep Leavers on side as leaks suggest EU's 'tough red lines' in trade talks next year
By The Week UK Published
-
How domestic abusers are exploiting technology
The Explainer Apps intended for child safety are being used to secretly spy on partners
By Chas Newkey-Burden, The Week UK Published
-
Scientists finally know when humans and Neanderthals mixed DNA
Under the radar The two began interbreeding about 47,000 years ago, according to researchers
By Justin Klawans, The Week US Published
-
Judges block $25B Kroger-Albertsons merger
Speed Read The proposed merger between the supermarket giants was stalled when judges overseeing two separate cases blocked the deal
By Peter Weber, The Week US Published
-
Rupert Murdoch loses 'Succession' court battle
Speed Read Murdoch wanted to give full control of his empire to son Lachlan, ensuring Fox News' right-wing editorial slant
By Peter Weber, The Week US Published
-
Bitcoin surges above $100k in post-election rally
Speed Read Investors are betting that the incoming Trump administration will embrace crypto
By Peter Weber, The Week US Published
-
Enron mystery: 'sick joke' or serious revival?
Speed Read 23 years after its bankruptcy filing, the Texas energy firm has announced its resurrection
By Peter Weber, The Week US Published
-
US charges Indian tycoon with bribery, fraud
Speed Read Indian billionaire Gautam Adani has been indicted by US prosecutors for his role in a $265 million scheme to secure solar energy deals
By Peter Weber, The Week US Published
-
Homebuyers are older than ever
The Explainer Rising prices and high mortgages have boxed millennials out of the market
By Joel Mathis, The Week US Published
-
Boeing machinists approve contract, end strike
Speed Read The company's largest union approved the new contract offer, ending a seven-week strike
By Peter Weber, The Week US Published
-
US economy still strong in final preelection report
Speed Read It grew at a solid 2.8% annual rate from July through September
By Peter Weber, The Week US Published