Boomers won’t part with their homes, and that’s a problem for young families

(CNN)– Baby boomers don’t want to give up their large homes and that’s a problem for young families.

A Redfin analysis released on Tuesday shows 28% of houses with three bedrooms or more are owned by boomers.

Compared to 14% owned by millennials with children.

Buying a house used to be manageable for young families but most can’t afford it.

In addition to a shortage of houses, home prices are rising faster than wages and mortgage rates are at a 23-year high.

Redfin says boomers are reluctant to sell because many own their homes outright, they don’t want to downsize and they like living in a familiar neighborhood.