Posted on 01/23/2024 5:03:10 AM PST by where's_the_Outrage?
Baby boomers now own twice as many large homes as millennials with kids, Redfin reported.
Boomers don't have much financial incentive to downsize as millennials struggle to buy.
Land-use, tax, and other policies need to change, and many more homes need to be built, experts say.
Baby boomers whose kids don't live with them anymore are clinging to their large homes, making things worse for millennial families looking to settle down, according to a new Redfin analysis.
Empty-nest boomers now own 28% of homes in the US with three or more bedrooms — double the 14% that millennials with kids own, according to Redfin's analysis of 2022 Census data. There's no city in the country where millennial families own a larger share of big homes than boomers do. It's just more evidence of the massive advantage boomers have over millennials in the housing market, as prices have soared, mortgage rates remain high, and a shortage of homes persists.
Many boomers bought their large homes decades ago when they were much more affordable, even trading up for bigger houses later, said Jenny Schuetz, a housing policy expert at the Brookings Institution.
More than half of boomer homeowners don't have a mortgage.....
"They have no financial incentive to move," Schuetz said. "They're consuming a lot more house than they really need, but it doesn't cost them very much.".....
Staying in a large home as an aging empty nester isn't just a misallocation of the housing supply,
(Excerpt) Read more at msn.com ...
Not for the person he told it to. That person is in amazing shape for his age.
Otherwise, I would agree with you and can see your point. My in-laws got to the point themselves there stairs were no longer safe, so had to move into a single floor place.
Dachas should only be owned by the Vanguard of the Revolution.
< Exactly. They think they are entitled to start where we now are after decades of work. Guess again.
They would be mortified if they saw what we bought for our starter home. I'd bet most of them would just flat out refuse to do it, because it needed a LOT of work.
We left the three bedroom sets, kitchen table, dining room set, living room furniture and the piano for the new home owner. She was a first time home owner and wanted it. The fact is the furniture was all in great condition. The quality of furniture made in the 1960s & 70s is so much better than most anything made today.Unless you want to go to Ethan Allen and spend $10K for a set.
Bingo!
Bet he voted D so make him put up bunk beds to house illegals in his house.
This idea is getting a lot of press time. It will be more common.
Notice the rebuttals here. It will not convince any of the promotors.
This has happened before in history.
-PJ
Only the liberal elites are allowed to have "compounds" like Kennebunkport and Hyannis Port as getaways for the families?
How many Hallmark Christmas movies take place in a large home that the families get together at for their annual reunions?
-PJ
We found the same thing when my brother passed. His house was stuffed and we tossed a bunch of stuff and donated a bunch. Then a friend told my sister to look into an estate sale and she did and the rest we are doing that with.
Some of the stuff did need to be tossed. Some was just trash. But overall, I think she’s come out ahead with the estate sale.
Yup. Let folks like Bernie give up some of his mansions.
...they're keeping their high-paying jobs, too! ...and I can't get a promotion until they retire!!! ... and I have to pay for their social security!!!
Waaahhh!!!
-PJ
Glad to know I hit it home!!!!
The funniest thing I found was a police report on my moms desk from about three years before she passed. It was the reason she decided to stop driving and sell her 1982 Honda Accord with 45m miles. She had hit a woman on a bicycle. Fortunately, the lady was not seriously injured. The funny thing MOM never told us about the incident.
That's how it's done. You buy an entry-level home and then roll the accumulated equity into a larger home, effectively extending the term of the mortgage but keeping the payment close to the same.
The problem is that the younger generations want instant gratification; they want the end result now, without doing what it takes to get there.
If they complain that it's too hard or that costs are higher now and wages haven't kept up, then look in the mirror and question whom you voted for that got things that way.
-PJ
“”However, I believe when people look at all the crap they’ve accumulated over the years they don’t know how to get rid of it so it’s easier just to stay in the current home and let the heirs deal with it.”””
My thoughts exactly. Whenever I look around my house and see that I have too much stuff, I start thinking about how I can add a room to the house to store more stuff for the heirs to deal with.
I can’t do that. I’m the family packrat. I have all the family photos, the boxes of family history, the books that mention ancestors and the history of their times. I store my memories on the shelves in the hallway, along with the ashes of past beloved companions of fur. Everywhere I walk, I walk with mother and grandmother and grandfather, past family, past friends. As long as I remember them, they still live and it’s those small objects that hold the memories that let me keep their memories alive. If not of people, then memories of places and times. Each trip comes back as I touch a bowl here or a statue there. To me they’re memories that I’m not willing to let go. To my heirs, they’ll just be bowls and boxes of papers too burdensome to even read and then the past will finally disappear and long-gone people finally forgotten.
The key phrase: “ and many more homes need to be built”
The left has been doing everything they can to make this harder and more expensive. That and allowing millions of illegals to come in combine to tighten supply and drive up demand.
“From each according to his ability, to each according to his needs”
The author must be a Marx fan.
Bet he really liked Dr Zhivago when the commies moved a pack of rats into a large house.
“They’re consuming a lot more house than they really need...”
That attitude of theirs really pisses me off. Who are they to decide how much house any other person “needs”?
They should tend to their knittin’ and stifle themselves.
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