Baby Boomers Control Over 50% of Occupied Homes In The U.S.
It's going to become a little harder for millennials to find a home to purchase right now. Baby boomers are now occupying 53% of homes in America according to a recent report from Reverse Mortgage Daily.
The findings were a part of data that was collected by Trulia in connection with the U.S. Census Bureau. The current trend finds baby boomers occupying homes at a larger rate. According to the report, just 43% of baby boomers controlled owner-occupied homes in 2006, now, here we are 11 years later with a 10% increase.
At this rate, it is becoming harder for millennials to find homes, especially in a struggling market that already has little inventory to offer across the U.S.
"Governments have engineered the system to encourage older homeowners to remain in their properties, a Tuesday story from Bloomberg posits, through methods such as beneficial tax laws and strict zoning regulations that prohibit desirable apartments in certain areas," according to the report.
There is no telling when the market will shift, though millenials are hoping it is much sooner t Han later. For more on the current climate of the housing market for millennials click on the image above.
