Empty nestersincreasingly are lingering in their family-sized homes, making it tougher for millennials to trade up.
Why it matters: Baby boomers with empty nests own 28% of America's homes with 3+ bedrooms, while millennials with kids own just 14%, Axios' Sami Sparber writes from Redfin data.
Between the lines: The problem for younger families is baby boomers don't have much motivation to sell.
Many older people are on fixed incomes. So those who own homes are often staying put because they're mortgage-free or have a low interest rate.
Most boomers are in their 60s, and are "still young enough that they can take care of themselves and their home without help," Redfin senior economist Sheharyar Bokhari writes.
Purging or packing decades of belongings can be overwhelming.
🧳 The other side: extreme downsizing! No home, no lease, no storage unit, no problem for Gary and Judy Kelly, who have been traveling the world since early last year.
Everything the couple owns fits in two suitcases and two carry-ons.
"The anxiety of giving away a lifetime of stuff was tempered by the anticipation of the adventure," Gary Kelly tells Axios.
