Empty-nest baby boomers own more large homes than millennials with kids in every major U.S. metro, underscoring a mismatch between who has space and who needs it
Baby boomers own many of the nation’s larger homes while another generation needs more of them.
According to a new report from Redfin, empty-nest baby boomers own almost twice as many U.S. homes with three or more bedrooms as millennial families do.
The boomer generation is often defined as people born from 1946 to 1964, the years that span the mid-20th-century baby boom following the end of World War II. As of early 2026, there are roughly 65 to 67 million Baby Boomers living in the U.S. and they account for roughly 20% of the U.S. population
Baby boomers living in one- to two-adult households own 28% of three-bedroom-plus homes in the U.S. Baby boomers with households of three adults or more own an additional 7%. The latter is likely made up of adult children living with their parents.
By comparison, Redfin noted that millennials ((born 1981–1996) with children living at home own 16% of large homes. The study is based on a Redfin analysis of U.S. Census data from 2024 that breaks down the share of three-bedroom-plus homes owned and occupied by each generation, by household type and size.
Largest Population of Parents
There are roughly 74 million millennials in the United States, representing around 21.8% of the U.S. population as of 2024–2025. They are the largest generation of parents in the nation, but they own a relatively small share of family-sized housing for two primary reasons:
- There aren’t enough large homes on the market for the millennial families who need them, partly because in some parts of the country, there aren’t enough small, reasonably priced homes for older Americans to downsize into.
- Home prices and mortgage rates are high; in many parts of the U.S., families are priced out of the housing market.
Redfin noted that more than a quarter (28%) of millennials aren’t buying a home in the near future because mortgage rates are too high, the most cited reason for not buying among people in that age group who are either renters or long-term homeowners unlikely to move soon, according to a November 2025 Redfin survey fielded by Ipsos.
Meanwhile, Gen Z parents—many of whom are just beginning to enter the housing market—barely register at all and own less than 1% of the nation’s large homes.
Redfin said that many baby boomers have little financial incentive to move, often benefiting from low mortgage rates or fully paid-off homes. Almosty three in five (57.8%) baby-boomer homeowners have no mortgage; their home is fully paid off.
Staying in Their Longtime Neighborhoods
Redfin said there also are social and lifestyle reasons to stay put: Baby boomers, in their 60s and 70s, may want to stay in the neighborhoods they’ve lived in for a long time, near their friends, family, work and/or recreational activities.
“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, Pennsylvania. “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. I hear empty nesters say they want to downsize, but it’s hard to find move-in ready, small, one-story homes or condos in their price range—especially since many of them are living in a fully paid-off home. So there’s a lack of movement that’s keeping both older and younger buyers where they are, even though the older ones want a smaller home and the younger ones want a bigger home.”
Redfin said its economists expect homebuying affordability to continue improving as the year goes on and that could allow some younger buyers to break into the market. Also, it said that more large homes will come on the market as the mortgage-rate lock-in effect eases.
