Boomers have the space. Millennials have the kids
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Illustration: Eniola Odetunde/Axios
Empty nesters are sitting on America's family-size homes.
Why it matters: The people who have the space aren't necessarily the ones who need it — and that's making a tight housing market even tighter.
By the numbers: Compared to millennials with kids, boomer empty nesters own nearly twice the share of homes with three-plus bedrooms (28%).
- Millennial parents own 16% and Gen Z parents own less than 1% of large homes, according to a Redfin analysis of the latest census data, from 2024.
Zoom in: The highest shares of millennial families who own large homes are in Austin, Texas, Columbus, Ohio, and Minneapolis, at roughly 19%.
- The lowest are in Los Angeles (11%), Miami (13%) and San Jose, California (13%).
- And empty-nester boomers own more than 30% of large homes in Memphis, Tennessee, Cleveland and Pittsburgh.
The big picture: Older homeowners have plenty of reasons to age in place.
- Many are mortgage-free or locked into low mortgage rates.
- Boomers may also want to stay put to remain near family, keep their routines or avoid packing up decades of belongings.
Meanwhile, millennial families run into both supply and affordability challenges when trying to move into larger homes, per Redfin.
- There aren't enough family-size homes on the market, while high home prices and mortgage rates have priced many younger buyers out.
Yes, but: Millennials have gained ground — from owning around 5% of large U.S. homes in 2014 to 16% in 2024 — partly by buying homes once owned by the Silent Generation, per Redfin.
- Boomer empty nesters who own large homes barely budged in that time.
What we're watching: Whether more large homes hit the market as more homeowners start to give up their low mortgage rates.
