Why some NJ baby boomers should leave their homes

Before we get into it, let me first state that I am not demanding that boomers leave the state. Some have called New Jersey their home all their lives and we'd hate to see them go if they choose to remain put.

I personally know someone who doesn't want to leave their empty nest. The kids are long gone and now have families of their own and only visit from time to time the house they once grew up in.

That childhood home where the bedrooms might still be set up exactly the same way as the day the kids left. And for the parents, it's such a joy to try and relive some of the good old days of when the kids were younger.

But time doesn't stop and life moves on. Fortunately, many in that situation still have those memories they could hold on to.

And a huge majority of those memories took place right in that house. That home is now way oversized, especially for baby boomer empty nesters.

A boomer bust

For as easy as it is to understand why they don't want to give up their homes, they're actually hurting the younger generations by staying put. Especially for those with young children of their own.

Millennials in particular are being hurt in the housing market. Those with younger kids who need larger, more affordable homes can't get them because older generations will not give them up, despite becoming empty nesters.

As reported by NPR, "Baby boomer empty nesters own twice as many of the country's three-bedroom-or-larger homes, compared with millennials with kids, according to a recent analysis from Redfin." Especially those in their 60s and 70s fall into this category of those hanging on to their oversized homes.

But even those who might want to downsize don't see much benefit in doing so, whether financially or not. Simply put, they don't want to let go, and it's creating a problem for those who need homes with younger families.

Boomers in NJ

New Jersey has its own fair share of baby boomers who don't want to give up their homes. Yes, it's hard to give up that home, but it's also causing limited inventory in the housing market for those who do need them.

It's hard to know what the right answer here is for those hanging on for as long as possible. Of course, if you own the home outright, why would you want to give it up?

It's a tough situation to be in when considering the practicality of keeping such a big place. But just remember, there's no shame in downsizing. Hopefully, your home would go to another young family that could build new memories, just like you did.

As for staying put in New Jersey? If the cards are dealt in your favor, please try to remain right here in the Garden State.

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The above post reflects the thoughts and observations of New Jersey 101.5 Sunday morning host Mike Brant. Any opinions expressed are his own.