- Empty-nest baby boomers own much more 3-bedroom-plus U.S. homes than more youthful families raising kids, highlighting a mismatch in between who has area and who needs it.
- Millennials with kids are dealing with both cost and inventory difficulties– however at the exact same time, child boomers have little monetary reward to move– and there’s restricted inventory of reasonably priced, small, one-story homes for them to go to.
- More big homes might hit the marketplace as price improves, the lock-in effect reduces and it ends up being easier for sellers to evaluate the marketplace through the new Redfin-Compass partnership.
- Empty-nest baby boomers own more big homes than millennials with kids in every major U.S. metro. Millennial households own the most significant portion of big homes in Austin and Columbus, and the tiniest part in Los Angeles.
Baby boomers residing in one- to two-adult households own 28% of big homes in the U.S. By comparison, millennials with kids living at home own 16% of those homes– hardly more than half as much. Gen Z parents own less than 1% of the country’s big homes.
Child boomers with homes of three grownups or more own an extra 7% of the nation’s three-bedroom-plus homes (which we also describe as “large homes” in this report). Those are most likely made up of adult children living with their moms and dads.
This is based on a Redfin analysis of U.S. Census data from 2024(the most current year for which information is available)that breaks down the share of three-bedroom-plus homes owned and inhabited by each generation, by home type and size.
See the end of this report for more information on method. Millennials are the largest generation of parents in the U.S., however they own a reasonably small share of family-sized housing. Gen Z moms and dads– much of whom are simply starting to get in the housing market– hardly register at all. It’s likewise worth noting that millennials are the largest generation in the U.S., duration.
This dynamic can limit movement for younger households, a number of whom deal with both stock and price obstacles when attempting to update to bigger homes. One, there aren’t enough large homes on the marketplace for the millennial families who need them, partly due to the fact that in some parts of the country, there aren’t enough little reasonably priced homes for older Americans to scale down into. And two, home costs and mortgage rates are high; in numerous parts of the U.S., families are priced out of the real estate market.
More than one-quarter (28%) of millennials aren’t buying a home in the near future due to the fact that home loan rates are too high, the most frequently pointed out factor for not purchasing amongst individuals in that age group who are either renters or long-lasting house owners not likely to move soon. That’s according to a November 2025 Redfin study fielded by Ipsos. One in 5 (20%) aren’t buying a home quickly due to the fact that they’re unable to save for a deposit. Some millennials just don’t wish to buy a home: 13% enjoy the versatility of a rental lease, and 6% do not wish to put in the effort to maintain a home.
At the exact same time, many child boomers have little financial incentive to move, often gaining from low home mortgage rates or totally paid-off homes. Almost 3 in 5 (57.8%) baby-boomer property owners have no mortgage; their home is completely settled.
There are also social and way of life factors to stay put: Infant boomers, in their sixties and seventies, may wish to stay in the areas they have actually lived in for a very long time, close to their friends, family, work and/or recreational activities. It’s also worth noting that a person reason child boomers own more large homes is just because they’re older and have had more time to make and conserve money, and utilize it to purchase large homes.
“Younger purchasers are looking to move into single-family homes in particular neighborhoods, those with a household friendly ambiance and highly ranked schools,” said Brenda Beiser, a Redfin Premier representative in Philadelphia. “The issue is, younger households have a difficult time finding those homes because the older people residing in them can’t find anywhere they wish to transfer to. I hear empty nesters state they want to downsize, but it’s tough to find move-in all set, small, one-story homes or apartments in their cost variety– particularly because many of them are living in a fully paid-off home. So there’s an absence of motion that’s keeping both older and more youthful buyers where they are, despite the fact that the older ones want a smaller sized home and the younger ones want a bigger home.”
More Big Homes Might Strike the marketplace as Cost Improves
Homebuying cost is enhancing, and Redfin economic experts anticipate it to improve more as the year goes on. That could enable some more youthful purchasers to get into the market. In addition, there could be more large homes come on the marketplace as the mortgage-rate lock-in effect eases.
Redfin representatives in some parts of the country state they’re beginning to see more older house owners downsize. A Redfin agent in Omaha, NE said some child boomers are offering to younger families as they move into homes without stairs and without much upkeep. A Sacramento Redfin stated a number of older residents are offering the household home because they’re scaling down– though those listings are uncommon, and competitive.
Redfin and Compass recently partnered on a phased marketing initiative that could encourage more homeowners to offer. Redfin economists approximate that real estate stock could increase by 6% to 12% annually in markets where home sellers are provided the flexibility to evaluate rates strategies before formally noting.
A separate Redfin analysis found that the typical age of first-time homebuyers has ticked down, from 38 in 2018 to 35 in 2025, signaling that a minimum of some real estate inventory is committing younger Americans. Furthermore, Gen Z’s homeownership rate ticked up in 2025, and millennials eked out a gain, too.
Millennials Have Gained Ground Over the Last Years, However It’s Not Due To The Fact That Child Boomers Are Letting Go of Their Residences
Empty-nest baby boomers own essentially the same share of large homes they did a decade earlier: In 2014, they owned 27.7% of the nation’s stock of large homes; now, they own 27.8%.
Millennials with kids have actually made progress as they’ve grown into prime homebuying and child-rearing age. In 2014, they owned 4.9% of the nation’s large homes; now, they own 15.7%.
Some of the big homes millennials now own originated from the earliest living generation. In 2014, the Quiet Generation owned about 18% of the country’s big homes; now, they own about 8%.
Millennials With Children Own the Biggest Part of Large Homes in Austin and Columbus, and the Smallest Part in Los Angeles
Empty-nest child boomers own more large homes than millennials with kids in every significant U.S. metro.
Millennials with kids own less than 20% of large homes everywhere in the country. They own the most significant share of large homes, 19.2%, in Austin, TX and Columbus, OH. Minneapolis (18.9%) complete the top 3.
Millennials with kids own the smallest share of big homes in Los Angeles, where they own just 10.5% of them. It’s followed by Miami (12.5%) and San Jose, CA (13.1%).
On the flip side, empty-nest infant boomers own a minimum of 20% of large homes all over in the nation. They use up the greatest share of big homes in Memphis, TN, where they own 31.2% of the city area’s three-bedroom-plus homes. It’s followed carefully by Cleveland, where empty nesters own 30.9% of the city’s three-bedroom-plus homes, and Pittsburgh (30.6%).
In Salt Lake City, empty nesters own one in 5 (20.1%) of the metro location’s big homes, the smallest share in the U.S. It’s followed by Riverside, CA (21.4%) and Austin, TX (22%).
| Metro-Level Summary: Who Owns the Metro Location’s Stock of Large Residences?
50 most populated U.S. city locations Big homes = three-plus bedrooms Empty nesters = Infant boomers with 1-2 adults residing in the household |
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| U.S. metro location | Share of large homes owned by millennials w/ kids | Share of big homes owned by empty-nest infant boomers |
| Atlanta, GA | 15.9% | 25.1% |
| Austin, TX | 19.2% | 22.0% |
| Baltimore, MD | 15.4% | 26.8% |
| Birmingham, AL | 15.3% | 28.3% |
| Boston, MA | 16.1% | 25.1% |
| Buffalo, NY | 15.9% | 29.3% |
| Charlotte, NC | 16.5% | 25.1% |
| Chicago, IL | 15.9% | 24.8% |
| Cincinnati, OH | 17.7% | 27.4% |
| Cleveland, OH | 13.9% | 30.9% |
| Columbus, OH | 19.2% | 25.3% |
| Dallas, TX | 17.6% | 22.8% |
| Denver, CO | 16.4% | 24.5% |
| Detroit, MI | 14.8% | 27.3% |
| Hartford, CT | 15.9% | 26.7% |
| Houston, TX | 18.3% | 22.3% |
| Indianapolis, IN | 18.6% | 25.2% |
| Jacksonville, FL | 15.9% | 28.8% |
| Kansas City, MO | 18.6% | 27.8% |
| Las Vegas, NV | 14.7% | 23.4% |
| Los Angeles, CA | 10.5% | 23.9% |
| Louisville, KY | 15.2% | 28.8% |
| Memphis, TN | 13.9% | 31.2% |
| Miami, FL | 12.5% | 23.8% |
| Milwaukee, WI | 16.1% | 29.2% |
| Minneapolis, MN | 18.9% | 25.5% |
| Nashville, TN | 17.4% | 25.0% |
| New Orleans, LA | 15.5% | 30.0% |
| New York, NY | 13.9% | 24.4% |
| Oklahoma City, OK | 18.6% | 27.0% |
| Orlando, FL | 13.7% | 24.7% |
| Philadelphia, PA | 15.0% | 26.6% |
| Phoenix, AZ | 15.3% | 25.2% |
| Pittsburgh, PA | 15.5% | 30.6% |
| Portland, OR | 16.0% | 26.7% |
| Providence, RI | 14.5% | 27.0% |
| Raleigh, NC | 16.7% | 24.8% |
| Richmond, VA | 15.9% | 29.3% |
| Riverside, CA | 15.9% | 21.4% |
| Sacramento, CA | 14.6% | 27.4% |
| Salt Lake City, UT | 18.9% | 20.1% |
| San Antonio, TX | 17.2% | 23.2% |
| San Diego, CA | 14.2% | 26.9% |
| San Francisco, CA | 13.8% | 25.6% |
| San Jose, CA | 13.1% | 22.4% |
| Seattle, WA | 17.6% | 24.3% |
| St. Louis, MO | 16.9% | 27.7% |
| Tampa, FL | 13.7% | 27.6% |
| Virginia Beach, VA | 16.7% | 29.0% |
| Washington, DC | 16.0% | 23.7% |
Method
This is based on a Redfin analysis of U.S. Census information from 2024 (the most current year for which information is offered) that breaks down the share of three-bedroom-plus homes owned and inhabited by each generation, by home type and size. The 3 family types are as follows: 1 or 2 adults overall living in the home; neither are minor kids (for boomers, we describe this category as “empty nesters”), 3 or more adults amount to residing in the home; none are minor kids, and households where grownups are dealing with their small kids.
Adult Gen Zers were 19-27 years old in 2024, millennials were 28-43, Gen Xers were 44-59, and infant boomers were 60-78.
* air conditioning data was recovered from IPUMS U.S.A.
*Steven Ruggles, Sarah Flood, Matthew Sobek, Daniel Backman, Grace Cooper, Julia A. Rivera Drew, Stephanie Richards, Renae Rogers, Jonathan Schroeder, and Kari C.W. Williams. IPUMS USA: Version 16.0 [dataset] Minneapolis, MN: IPUMS, 2025