Boomers are hanging onto large homes, boxing out millennials with growing families. That could hurt Biden in the election.
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Many baby boomers are choosing to remain in their large homes, causing a housing shortage for millennials with growing families. According to a Redfin analysis of US Census Bureau data, 28% of homes with three or more bedrooms are owned by empty-nesters aged 60 to 78, while millennials with children own only 14% of similarly-sized properties. The tight housing market and high-interest rates have made it difficult for millennials to purchase homes within their budget. This issue of housing affordability could impact the 2024 election, as Gen Z and millennial voters are frustrated with the lack of action from leaders in Washington. President Joe Biden has emphasized housing affordability on the campaign trail, but many voters aged 18 to 44 are not enthused with the administration. This could benefit former President Donald Trump, despite the left-leaning orientation of many young voters. The housing shortage and high mortgage rates have resulted in a lower quality of life for millennial families compared to their parents. The article suggests that there is still not enough housing available.

#HousingAffordability #BabyBoomers #Millennials #2024Election

https://www.businessinsider.com/baby-boomers-millennials-large-homes-inventory-affordability-election-2024-4