David Wagner reports on business and economy for the LAist and KPCC newsroom.
❤️ THANK YOU to all listeners and readers who donated during our Spring Drive! We couldn’t do it without you!Empty nesters own more L.A. homes than millennials with kids. Here’s how some older homeowners are finding ways to spread their wealth.
This divide exists nationwide. But the Redfin study reveals that young parents in L.A. are faring the worst. They’re even less likely to own a family-sized home than their peers in cities like San Francisco and New York, where millennials with kids own 10.9% and 11.8% of large homes respectively.These statistics raise a high-stakes question for L.A.’s young parents: Why aren’t older homeowners downsizing? When their kids grow up and leave home, why aren’t baby boomers in L.A.
“Her needing to basically deplete any financial cushion she had to get a rental — to just get a place for her to have a roof over her head — it was excruciating as a parent to witness that,” Liebermann said. “It became clear that we had to come up with a solution.” Gershon recognizes that not everyone is lucky enough to have a home-owning parent in L.A. willing to pursue an ADU.from the United Way of Greater Los Angeles found that L.A. County’s Black and Latino households had lower homeownership rates than white and Asian households . The report also estimated that white families own homes valued 1.65 times greater on average than those owned by Black families.
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