No, I am not concerned about Donna’s desire for grandbabies.
Millennial Buyer: I don’t have kids.
Boomer Seller: The house has three bedrooms.
Millennial Buyer: I live alone…with my dog.
Millennial Buyer: It’s a very small dog.
It’s not only that the rising generation of parents may be delaying kids; they are also just having less of them.
Moreover, if economics is depressing the birthrate, it is also likely to be putting downward pressure on larger home purchases as well.
Many Baby Boomers bought their current homes in the 1980s and 1990s – just when the average size of American homes increased greatly.
While some observers lament the lack of housing stock for Millennials as a byproduct of older generations refusing to move on, the reality may be that the home that most Baby Boomers own is not the house Millennials can afford, use or, in many cases, even want.
Given this reality, the plans of many Boomers to downsize to a downtown area, transplant themselves to a beach or golf community or even to buy into a continuing care retirement community may have to be put on hold – a curious ripple effect in which the lengthening of one life stage for one generation leads to a delay in a life transition for a different generation.