San Diego's bigger homes tied up by boomers

By the numbers: Compared to millennials with kids, boomer empty nesters own nearly twice the share of homes with three-plus bedrooms (27%).

• Millennial parents own 14% despite being the largest generation of parents in the U.S., according to a Redfin analysis of the latest census data from 2024.
• Los Angeles (11%) and San Jose (13%) have the lowest shares, while San Diego ranks 10th-lowest among major metros.

The big picture: It's a similar picture nationwide, as empty-nester boomers have plenty of reasons to age in place, and many are mortgage-free or locked into low mortgage rates.

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.

What we're watching: Whether more large homes hit the market as more homeowners start to give up their low mortgage rates.