The housing market isn’t just a series of data points. It’s also a reflection of our lives and the way we live them. For example, a recent analysis found there’s a mismatch between the availability of larger homes and the buyers who need them. Currently, older Americans own more large homes than millennial families do. In fact, empty-nesters own nearly twice the number of three-bedroom homes than younger Americans with children. That means buyers with kids may have more difficulty finding a home that fits their needs - regardless of recent inventory gains.
Mostly, that’s because the issue isn’t just simple supply and demand. The mismatch is being driven by the fact that older Americans are increasingly aging in place. That means empty-nesters are more likely to stay in their homes longer – even if it means having more bedrooms than they may need. It also means fewer affordable three-bedroom homes for families looking to upgrade this spring and beyond.
[Source: MortgagePoint]
