Housing recovery suffers, but don't blame the millennials
Competition for housing is soaring, affordability is weakening and the U.S. housing recovery is grinding to a crawl — and, in large part, the baby boom generation is to blame. No, they're not doing anything immoral or illegal; in fact, they're not doing anything at all, and that is precisely the problem. They're not moving. Baby boomers, the enormous group born between 1946 and 1964, are staying in their big suburban homes far longer than previous generations did at this age, and that is having repercussions down the housing supply line . If baby boomers don 't downsize out of big suburban homes , younger buyers eager to upsize, especially in this improving economy, can't find a home to buy. As the competition from young millennials heats up at the entry level, the logjam at the top of the market only heats that competition and pushes prices ever higher and out of reach. So, why don't boomers move? Some if it is because their empty nests have filled back u...
