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Millennials looking for starter homes are finding limited options on the market as supply dwindles and home prices continue to rise, and many first-time buyers are blaming boomers, according to Business Insider. Many boomers are opting to downsize after retirement, and with bigger budgets backed by equity gains, they’re taking large shares of starter homes off of the market.
A major housing scarcity is also to blame as fewer homeowners are listing their homes as a safety precaution and the building industry juggles a massive labor shortage and a backlogged supply chain. As a result, Millennials are left with few options in a heated housing market with high demand and inadequate supply.
The latest in generational warfare: Some millennials are pointing the finger of blame at boomers for the housing shortage.
So finds a recent study by asset manager and insurer Legal & General, which polled 875 non-homeowning millennials. While this is a small sample size, the report revealed a notable trend in respondents blaming older generations for their housing difficulties.
Some respondents even feel boomers are contributing to their overall economic plight, marked by two recessions before the age of 40 and soaring living costs. They said boomers' abuse of the American Dream made millennials' pursuit of the same ideal more difficult, and that boomers got rid of many programs that would have been helpful for millennials to achieve it.
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