A Redfin analysis released this week says baby boomers don't want to give up their large homes. Turns out, this is creating a problem for young families.
The analysis shows that 28% of houses with three bedrooms or more are owned by baby boomers. In comparison, 14% are owned by millennials with children.
Redfin said it's noteworthy that millennials with children own half as many large homes as baby boomers, even though there are more millennials than baby boomers.
Buying a house used to be manageable for young families, but now, most can't afford it.
In addition to a shortage of houses, home prices are rising faster than wages and mortgage rates are at a 23-year high.
Redfin says baby boomers are reluctant to sell because many own their homes outright, they don't want to downsize, and they like living in a familiar neighborhood.
You can read the full analysis here.
