Baby boomers moving back home with mom and dad from the silent generation? 2 million adults live with parents in California and those 50 to 64 moving in with parents has surged.
House horny Californians try to avoid the overarching statistics starring them directly in the face. Many Californians are all hat and no cattle. We already know that many Millenials are moving back home with mom and dad because they simply cannot afford to rent or buy a home in the golden state. The golden sarcophagus with nice granite countertops is getting a little more crowded for baby boomers. A recent analysis actually found that many baby boomers as well had to move back in with mom and dad. No, they are not trying to save for a down payment or take care of mom and dad. The vast majority are moving in because of economic hardship. So much for the theory of pent up demand. The buyers of the last few years came from Wall Street, cash investors, foreign buyers, and house lusting people leveraging every penny they have to buy a home. So it is no surprise that more than 2 million adults are now living back home in the rooms they once occupied as teenagers. I actually dug up Census data and highlight why the flood of buyers is not materializing. This also points to more locked up housing units as boomers move in with those from the silent generation. Just more evidence highlighting the transformation of California into a feudal state and largely a rental focused market.
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