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Twice as many empty-nest baby boomers (28.2%) own large homes in the U.S. than millennials with children (14.2%). Another 7.5% of baby boomers with households of three adults or more own large homes, a new report from Redfin finds.

Analyzing U.S. Census data from 2022, the report breaks down the share of three-bedroom-plus homes owned and occupied by each generation, household type, and size. Gen Zers with children own almost none (0.3%) of the large homes, the report found.

Over the last decade, who owns large homes has changed. In 2012, empty nesters of the silent generation (67 to 84 at the time) took up 16% of three-bedroom-plus homes, while Gen Xers with children (32 to 47 at the time) took up 19% of those large homes. Yet, the share of baby boomers in 2012 (48 to 66 at the time) was roughly the same as today at a dominant 26.4%.

This pattern of boomers holding on to larger homes, even as empty nesters, could be attributed to most (54%) no longer having a mortgage, with the median monthly cost of owning a home at just $612. The boomers who do have a mortgage mostly have a much lower interest rate than they would if they were to sell and buy with today’s near 7%.

“There’s unlikely to be a flood of large homes hitting the market anytime soon. Logically, empty nesters are the most likely group to sell big homes and downsize: They no longer have children living at home and don’t need as much space. The problem for younger families who wish their parents’ generation would list their big homes: Boomers don’t have much motivation to sell, financially or otherwise,” says Redfin senior economist Sheharyar Bokhari.

“They typically have low housing costs, and the bulk of boomers are only in their 60s, still young enough that they can take care of themselves and their home without help. Still, some boomers are ready to downsize into a condo or move somewhere new for retirement, and the mortgage rate lock-in effect is starting to ease–so even though there won’t be a flood of inventory, there will be a trickle.”

Throughout the U.S., empty nesters take up at least 20% of large homes with Pittsburgh, (32.1%), Birmingham, Alabama (31.1%), and Cleveland (30.8%) having the largest shares. Buffalo, New York, and Virginia Beach, Virginia, follow closely with 30.5% and 30.4%, respectively. It’s worth noting that the market does skew older in Pittsburgh where boomers make up 40% of households.

Boomers take up the smallest share of three-bedroom-plus homes in popular migration destinations and California metros like Riverside, California (21.9%), Salt Lake City (22%), Austin, Texas (22.2%), Houston (23.2%), and San Jose, California (23.7%).

However, no matter where in the country, millennials with children take up no more than 18% of three-bedroom-plus homes. Roughly one of every 10 three-bedroom-plus homes are owned and occupied by millennials with children in Los Angeles (9.4%), San Jose (10.4%), San Francisco (10.9%), Miami (11.2%), and New York (11.8%). The largest shares of millennials with children owning large homes can be found in Indianapolis (17.6%), Minneapolis (17.4%), Cincinnati (17%), Kansas City, Missouri (16.5%), and Riverside (16.5%).

While waiting for the opportunity to buy, many millennial families are renting large homes. Millennial families lease one-quarter (24.8%) of the three-bedroom-plus rentals in the U.S., the largest share of any generational category, followed by millennials without children (11.6%). Empty-nest baby boomers claim the next-highest-share at 11.4%.

Of all U.S. millennials (with or without children), nearly 17% of them live with a family member in a home that a family member owns or rents—most likely their parents. An additional 10% live in a home owned or rented by someone unrelated, like a roommate. Whether owning or renting, seven in 10 are the head of their own household.