Listen, if you’ve got an empty nest, there’s never been a better time to fill it up with eggs. 🪺 Prices have come down harder than an inexperienced skier on a Black Diamond. Put that in your skillet and scramble it. 🍳👨🏾🍳
Speaking of empty nesters, the Boomer variety is hanging on to most of the country’s family-sized homes.🏡👴🏼 Let’s take a sip of the latest tea. 🫖
Here’s Five Fast Facts on empty nesters and the housing market:
- 🏰 Dream On, Dream Home - Millennials are hitting their parenting years, but not their “big house” phase. They own just 16% of larger homes, while older homeowners hold nearly 30%. It shows how housing patterns are shifting across generations.
- 🤠 Bigger in TX - Where you live makes a big difference. Younger families own more large homes in places like Austin, where new construction has helped bring down prices, and in more affordable Midwest cities. But in high-cost areas like Los Angeles, their share is much lower, at around 10.5%.
- 🛋️ Homebody Heroes - Age jokes aside, a lot of homeowners just aren’t moving right now. Between high costs, limited options, and low mortgage rates from a few years ago, staying put often makes more sense. That means less turnover in homes that would typically go to new buyers.
- 🥑 Avocado Toasted - It also leaves millennials with fewer paths in. They’re dealing with limited inventory, rising prices, and mortgage rates above 6%. It’s not an easy time to buy a first home, and competition for what’s available can be intense.
- 🤏 Slim Pickens - Even for homeowners who already own, moving isn’t always easy. Finding smaller places nearby can be tough, especially in suburban neighborhoods with limited options. Add in taxes and rising prices, and staying put often feels like the easier choice.
🔥Bottom line: Boomer’s gonna boom, and in this case, we can’t blame them. When moving doesn’t make sense, staying put is the move. Wondering if adjustable rate mortgages are a smart plan? While they can help you get into a home for cheap, in the long-run, they could really screw the pooch. Check out this article to learn all about it.
Planning on moving into a bigger home this year?
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