An Overview of the Homeowner Market
A Redfin analysis of U.S. Census data from 2024, the most recent year for which data is available, broke down the share of three-bedroom-plus homes owned and occupied by each generation, by household type and size. According to the analysis, baby boomers living in one- to two-adult households own 28% of large homes in the U.S. By comparison, millennials with children living at home own 16% of those houses, barely more than half as much. Generation Z parents own less than 1% of the nation’s large homes.
Millennials are the largest generation of parents in the U.S., and are also the largest generation in the nation, yet they own a relatively small share of family-sized housing. This dynamic can limit mobility for younger families, many of whom face both inventory and affordability challenges when trying to upgrade to bigger homes.
“Younger buyers are looking to move into single-family homes in specific neighborhoods, those with a family-friendly vibe and highly rated schools,” said Brenda Beiser, a Redfin Premier agent in Philadelphia. “The problem is, younger families have a hard time finding those homes because the older people living in them can’t find anywhere they want to move to.”
