Boomers Were Supposed to Downsize. They Didn't.

Boomers Were Supposed to Downsize. They Are Buying Bigger Homes Instead. Baby Boomers still make up 42% of today’s home buyers. Why is this? They have the financial resources, and the stock market’s performance over the past decade has significantly boosted their wealth. Many are also cash buyers, so rising interest rates don’t impact their affordability in the same way they do for younger buyers.

Where boomers gather, at country club card rooms and Talbots stores across the US, the term “Lock and Leave” has not gone away. The lock-and-leave lifestyle appealed to baby boomers because it offered the freedom to travel at a moment’s notice without worrying about their homes while on the Viking tour of the Danube. These homes were typically smaller, requiring less upkeep, and being more recently built, they needed fewer repairs. Homeowners didn’t stress over sprinkler issues that caused their grass to die, since they found that synthetic lawns don’t need sprinklers.

While the desire for a lock-and-leave lifestyle remains strong, a new trend is emerging among wealthier American boomers. Many are now purchasing larger homes, hoping to attract family gatherings, rather than downsizing to travel or move closer to loved ones. They want their homes to once again become the hub for family life – the “place to be.” Pools, game rooms, grandkid bedrooms, and bikes are just what makes the grandchildren want to hang out at the grandparents.

Storage Demand Trends Younger

Percentage of Self Storage Renters vs. Total Number of Households

2025 SSA Demand Study

Empty-nest baby boomers currently own 28% of U.S. homes with three or more bedrooms. In contrast, millennials with children own just 16% of these larger homes. Unsurprisingly, 19% of millennials today use self storage compared to only 5% of boomers. Weren’t boomers supposed to have all the stuff, and millennials thought to not have anything?

Even among Gen Z, 16% already use self storage today, despite being about a decade younger than millennials. The oldest Gen Zers are just beginning to experience major life milestones: relocating for their first job, getting married, having kids, and buying homes. These events will only accelerate over the next 15 years, and what’s going to make buying and renting homes more affordable? Not more regulation, NIMBYSM, or increasing material and labor costs. Maybe just interest rates need to drop, which probably means the economy is going the wrong direction.

The financial pressures are expected to remain high, making self storage a necessary part of millennials’ and Gen Z’s lives for the foreseeable future.