Empty nesters now own twice as many large homes as millennials with kids as families are edged out

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SitusAMC managing director Tim Rood analyzes the housing market after the interest rate on a 30-year fixed mortgage increased on Cavuto: Coast to Coast.

Owning a home with three or more bedrooms is a lot more difficult for young families these days than it used to be.

Baby boomers with no kids at home now own twice the share of large homes than millennials with children, which is a significant shift from just 10 years prior, according to data released by Redfin this week.

The share of young families that own homes with three-plus bedrooms has fallen significantly over the past decade. (iStock / iStock)

Analyzing the latest census data from 2022, the real estate brokerage found baby boomer empty nesters owned 28.2% of large U.S. homes, while millennials with kids owned 14%. In the previous census a decade ago, young families were just as likely to own large homes as empty nesters.

Redfin noted that millennials (ages 26-41 in 2022) also make up the largest share of America's adult population, at 28%, with boomers (ages 58-76 two years ago) close behind at 27%. Gen Xers (42-57) make up 25% of the population and Gen Zers (19-25) make up 12%.

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The data also shows older Americans now own a greater share of larger homes than they did when the last census was conducted, and younger families own a smaller share.

During the 2012 count, empty nesters of the «silent generation» (ages 67-84 at the time) owned 16% of the homes with three-plus bedrooms, while Gen Xers (who were 32-47 back then) with children owned a greater share, at 19%.

Most baby boomers have paid their homes off, and have little incentive to sell or downsize in today's market. (Sunny Tsai / Fox