Boomer empty-nesters own nearly twice as many large homes as millennial families, Redfin finds
Redfin’s 2024 census analysis shows boomer empty-nesters own 28% of three-plus-bedroom homes, almost double the 16% share held by millennial families and far more than Gen Z parents. Millennial families’ largest-home ownership is around 19% in Austin, Columbus and Minneapolis, while Los Angeles, Miami and San Jose range from 11–13%. Boomer empty-nesters own more than 30% of large homes in Memphis, Cleveland and Pittsburgh. Older homeowners stay put due to mortgage-free status or low rates, while millennials face supply and affordability constraints that limit upgrades; millennial share has grown from about 5% in 2014 to 16% in 2024, partly by buying homes once owned by older generations. More large homes may hit the market as rate-locks loosen and owners reassess their mortgages.
