A Housing Dilemma 

Young Parents vs. Older Angelenos

The Growing Gap

In Los Angeles, a significant divide exists between young parents and older Angelenos when it comes to homeownership. While millennial parents struggle to find affordable family-sized homes, many older homeowners, particularly baby boomers, are holding onto their large homes, even after their children have grown up.

The Numbers Don't Lie

According to a recent study by Redfin, millennial parents in Los Angeles own less than 10% of family-sized homes (those with at least three bedrooms). In contrast, empty nesters in the baby boom generation own a whopping 23.7% of these homes. This disparity is particularly pronounced in Los Angeles due to the city's severe housing shortage.

Why Are Older Angelenos Staying Put?

Several factors contribute to older Angelenos' reluctance to downsize:

  • Rising Home Values: Home values in Los Angeles have skyrocketed, making it financially advantageous for homeowners to stay put.

  • Prop. 13: California's Proposition 13 keeps property taxes low for long-term homeowners, providing another incentive to remain in their current homes.

  • Lifestyle Factors: The pleasant climate, strong social networks, and established lifestyle in Los Angeles make it appealing for many older residents to stay put.

The Impact on Young Parents

The reluctance of older Angelenos to downsize has significant consequences for young parents. The limited availability of family-sized homes has driven up prices, making it increasingly difficult for millennials to afford a home. Many young families are forced to live in cramped apartments or seek alternative housing arrangements.

A Growing Trend: Multigenerational Living

As a result of the housing shortage, multigenerational living is becoming more common in Los Angeles. Some older homeowners are choosing to rent out their homes or ADUs (accessory dwelling units) to family members, providing a potential solution for young parents.

The Future of Housing in Los Angeles

The housing crisis in Los Angeles is a complex issue with no easy solutions. While the trend of multigenerational living can provide some relief, it's essential to address the underlying factors contributing to the shortage of affordable housing. Policymakers, developers, and community leaders must work together to increase housing supply, promote affordable housing initiatives, and create a more equitable housing market for all.