Millennials Increase Ownership of Large Homes, Still Trail Boomer Empty Nesters
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Millennials have significantly increased their ownership of large homes over the past decade, now holding 16% of U.S. homes with three or more bedrooms. Boomer empty nesters still own the largest share at 28%, a figure that has remained stable. The highest rates of millennial ownership are concentrated in more affordable metropolitan areas.
Facts First
- Boomer empty nesters own 28% of large U.S. homes, a share that has remained stable since 2014.
- Millennial parents now own 16% of large homes, a notable increase from owning approximately 5% in 2014.
- Gen Z parents own less than 1% of homes with three or more bedrooms.
- Millennial ownership is highest in Austin, Columbus, and Minneapolis, at around 19%.
- Boomer empty nesters own over 30% of large homes in several cities, including Memphis, Cleveland, and Pittsburgh.
What Happened
According to a 2024 Redfin analysis of census data, millennials have increased their ownership of large homes over the past decade. In 2014, millennials owned approximately 5% of U.S. homes with three or more bedrooms. By 2024, that share had grown to 16%. Redfin reports this increase is partly due to millennials purchasing homes previously owned by the Silent Generation. Over the same period, the ownership share held by boomer empty nesters remained relatively stable at 28%. Gen Z parents own less than 1% of such homes.
Why this Matters to You
If you are a millennial looking to buy a larger home for your family, you are competing for a limited portion of the housing stock. The data suggests your chances of finding and affording a suitable home may be better in metropolitan areas like Austin, Columbus, or Minneapolis, where millennial ownership rates are highest. Conversely, in cities where boomer empty nesters own a very high share of large homes, like Memphis or Pittsburgh, the available inventory for younger families could be more constrained. This generational distribution of housing may affect neighborhood dynamics and school enrollment in your community.
What's Next
The trend of millennials increasing their share of large homes is likely to continue as they age into their prime home-buying years and as more homes are passed down from older generations. This could gradually reshape the housing market in the coming decade. However, the persistently low ownership rate for Gen Z parents suggests the affordability challenges for new families entering the market may remain significant.