I feel sorry for our kids. Their world is very different from the one we grew up in and is much more challenging to navigate. My generation cannot say we left the world in a better place than we found it. Yes, our generation faced global crises and daily challenges, but this generation is exposed to them almost every minute through the onslaught of social media. Everything is harder.
Getting into college is harder. Fitting in is harder. Staying mentally sound is harder. Buying your first home is harder.
As housing supply dwindles and demand increases, prices continue to soar, making it more challenging for young people to enter the market. Every year I’ve been selling homes, it has been more difficult for first-time homebuyers, and I don’t see an end in sight.
Home prices in the 20 biggest U.S. metros rose for the 11th month and hit a record high amid a persistent shortage of resale homes for sale. Getting into your first home will take more of your income than ever.
So young adults are living in their parent’s homes much longer. In some places in the world, well into their 30s. This is a scenario that isn’t good for the parents or the children.
But there’s a commonality between these two. Baby Boomers would love to move but are holding on to their real estate rather than selling because there are few options for them to move to.
The first-time buyer and the empty nester want the same thing. A small, well-conceived, low-maintenance, affordable home. And there is none of this product to have. Anywhere. And I can’t figure out why not.
It would be a no-brainer for a developer to deliver one product that meets the needs of two types of buyers in one product.
This way, these two generations could happily live together in the same community – but not under the same roof.
Let’s do this.
-Shaun