Apr 2, 2024 - Real Estate

Boomers hold the keys to Raleigh's family-sized houses

Share of ownership of large homes by generation and market
Data: Redfin; Chart: Axios Visuals

Empty nesters own more than a quarter of three-bed-plus homes in the Raleigh metro area, according to a recent Redfin report.

Why it matters: Raleigh millennials wouldn't mind more space for their growing families.

State of play: The problem for many younger families is that baby boomer homeowners don't have much motivation to sell, according to Redfin senior economist Sheharyar Bokhari.

  • Boomers typically 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," Bokhari said in the report.

Reality check: Seniors are still downsizing, sometimes to luxury apartments.

  • Of 1,020 boomers Opendoor surveyed nationwide interested in selling their home, 85% said they intend to do so in the next three years.

The big picture: Homeowners nationally are holding onto their homes nearly twice as long as they did in 2005, Redfin research shows.

  • Many of those staying put are aging in place. Most baby boomers who own houses are mortgage-free or have a low interest rate, according to the brokerage.

Between the lines: Housing affordability got worse last year. For many millennials around the country, the only way to buy a house is with family help.

What's next: Many young families are renting single-family houses.

Go deeper: America's homebuyers are getting older

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