Those young couples beginning life’s journey and searching for that little starter home are finding a major obstacle in their way: Boomers not moving.
Traditionally, at a certain age aging homeowners often downsize, looking for less to maintain and less cleaning. That's not happening in the numbers it used to, and getting priced out of the few smaller starter-type homes available are those Millennials. Often it comes down to location, location, location.
“The difference in a lot of ways is that Millennials want to stay in the inner urban areas, and they’re finding that Boomers don’t want to leave these inner urban areas,” says Mike Weaster of Graham and Company Realty in Houston.
They know the neighbors and the neighbors’ kids, and the manager of the produce in their favorite grocery store, and have gone to the same cleaners for years, and know where the best restaurants in the area. That’s a lot to give up.
When Boomers do move, they are able to out-compete for those downsized homes. “At the end of the day, the Boomers have more money, and it just comes down to that,” adds Weaster.
A survey from AARP found most seniors today would rather stay put than move.
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