""We bought in 2019 and redid as much as we could right away, but now we're busting at the seams," said Sam O'Malley, who lives with her husband, Shea, and their young son in Worcester. "Our dining room has turned into a playroom, and we only have one full bath, which is getting harder as our family grows. We're trying to make room for another nursery right now and just finding space anywhere we can.""
""We refinanced during COVID when rates went down to two and three-quarters," said Shea O'Malley. "We paid dirt cheap for our house. To get one with just an extra bedroom and half bath for three times our mortgage [today] is insane.""
Millennial homeowners aged roughly 29 to 44 in Greater Boston are staying in so-called starter homes far longer than expected because the market has frozen. Many secured historically low mortgage rates during the pandemic that create monthly payments far below what a larger home would cost today. High asking prices for the next rung up and steep or volatile building-material costs make additions and moves unaffordable. Families are repurposing existing rooms into playrooms and nurseries and delaying moves despite growing space pressures. The combination of low locked-in rates and high current costs blocks traditional upward mobility on the property ladder.
Read at Boston.com
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