Millennials are blaming boomers for the starter home shortage

Millennials are blaming boomers for the starter home shortage, survey finds

Millennials, Economy

12/1/2021 8:39:00 PM

Millennials are blaming boomers for the starter home shortage, survey finds

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The latest in generational warfare: Some millennials are pointing the finger of blame at boomers for the housing shortage.So finds arecent studyby 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.

As one respondent wrote,"Boomers need to stop buying starter homes as their retirement homes. It's driving the cost up to where first-time homebuyers can't afford it."Another felt similarly:"It's hard to afford the homes in budget because boomers are also buying them."

Nearly half (48%) of millennials who don't own a home are saving for a down payment, the survey found. But 55% of them can't afford to buy yet in today's heated housing market, where record prices have reached a record median high of$386,888

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, being boxed out of first-time homeownership explains a lot about their resentment."Homeownership is increasingly concentrated in the hands of older generations, which have hoarded wealth and restricted my generation's access to similar economic opportunities," wrote a respondent.

Some respondents even feel boomers are contributing to their overall economic plight, marked byand 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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The nerve of some people.... :\\

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