Buying a family-sized home with three or more bedrooms used to be manageable for young people with children. But with home prices climbing faster than wages, mortgage rates still close to 23-year highs and a shortage of homes nationwide, many Millennials with kids can’t afford it. And Gen Z adults with kids? Even harder.
Meanwhile, Baby Boomers are staying in their larger homes for longer, preferring to age in place and stay active in a neighborhood that’s familiar to them. And even if they sold, where would they go? There is a shortage of smaller homes in those neighborhoods.
As a result, empty-nest Baby Boomers own 28% of large homes — and Milliennials with kids own just 14%, according to a Redfin analysis released Tuesday. Gen Z families own just 0.3% of homes with three bedrooms or more.
Building more wont do anything for people that actually want to buy a home. Building more just increases the rental supply for landlords and corporations. There are enough homes built. Nobody is homeless waiting for a house to be built. The current supply needs to be redistributed.
Every study I’ve seen says otherwise, you might want to back up your opinion.
https://sites.lsa.umich.edu/mje/2022/12/30/the-economics-of-the-housing-shortage/
Not just that, but because of outdated Euclidian zoning we are building the wrong stuff. It’s lucrative for developers to only build 5 over 1 luxury multifamily.
The United States is short some 5 million houses.
There are plenty of people who want to buy a house but it’s too expensive and there’s not enough houses for sale.
Housing follows supply and demand. A high price is a market signal to build more