Boomers Bought Up the Big Homes. Now They’re Not Budging
Many empty-nesters are staying put rather than downsizing, keeping housing inventory tight. Baby boomers bought up many of the big homes across the U.S. when they were raising their families. Now they’re staying put, even though their kids are all grown up.
Boomers are on top in a housing market where tight inventory, higher interest rates and steep prices are making homeownership less affordable for the average family. Many of these older homeowners paid off their mortgages on properties that have appreciated tremendously in value.