Comrade Kaprugina approves of your comment:
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 ...
The number one cause for larger homes is not the builders or owners. They are the result of local building codes. Long ago many years ago local codes were adopted that forced the building and occupancy to adhere to a standard of minimum square feet. Why? Because this is how they tax homes and they had to slip in a minimum to make sure they were getting more in taxes. It began as a local tax scam that went viral and it still holds true today in most municipalities. Local codes just will not allow homes to be built or occupied unless they are of a minimal size in square feet.
So if they want to blame someone, they need to blame their own local building and occupancy codes. And to this day these codes are still in place even in almost all blue democrat areas.
How can it be hurting them since they still live with mommy in her McMansion??
My first thought, even before reading it!
Why should someone give up their home? It belongs to them. Milennials aren’t owed someone else’s home.
Perhaps if the commies got out of the way, milennials could prosper instead of wanting what belongs to someone else.
We began with a starter house, far from perfect, and moved up as we could afford it.
We didn’t get the big house with all the good stuff early on.
Comrade Kaprugina approves of your comment:
Heh, yeah. Anti gunners always ask, "Who needs a 30 round magazine?"
I always retort, "cars kill a helluva lot more people....who needs a car? They can walk or ride a bike.....and based on your waist size, I'd say you could benefit. "
The baby boomers will give them up, as the homes become too much. I think the smart baby boomers are giving them up early, to get the best price. Once they are forced to sell their homes because of age, they are going to take a hair cut because of a surplus of homes on the market.
“...They’re consuming a lot more house than they really need...”
this is the money quote from the leftist extremists Business Insider.
Idiots ignoring the fact that about 30% of millenials live with parents in those “big” houses. Some are single boomers but many are multigenerational.
Sounds like the author is agitating for some kind of law or tax on old people living in houses.
I’ll bet he would luv to force old people to take illegals into their spare rooms for free. It’s their civic duty, don’t ya know? [/s]
Business INsider is a leftist pile.
Leftists trot it out to make economic pronouncements
Business Insider or Socialist Insider? Either way, it’s none of its f’ing business what I do with my home/s.
Boomers thought that if the hordes of third world “immigrants” just listened to Rush Limbaugh, then they’d understand and be conservative too. Surprise! These third worlders do not share the same values as traditional americans and have now overwhelmed us. But at least we got that sweet, sweet diversity that we have been repeatedly told is so awesome.
After Years of Hard Work and Perseverance Baby Boomers Enjoying the American Dream.
Overlooked in this discussion is how older couples do not WANT to move.
It is not just their “shelter.” This is their comfort zone. Many prefer to die in their own, long-time home.
Late in life, many do not want the daunting challenge of downsizing, getting rid of the things which are a profound part of their history, uprooting themselves and charging into the unknown of choosing another “home” and making huge adjustments. There is an important psychology here of familiarity and anchored living.
This is not about “warehousing” older people. This is about respecting the choices of older people to remain in their familiar homes THEY LOVE.
Mrs. BBB333 and I built our 1,075 sq. ft. home in ‘95.
It would be the perfect starter home for a young couple but it’s not for sale.
Why? Because it’s our perfect home and will be until one of us is ‘gone.’
It’s the perfect allocation of resources for us.
You reminded me of my Dad. He used to drive a 1979 Buick Electra. My Sister and I called it the Air-Craft Carrier.
What a weird way of thinking.
“”They’re consuming a lot more house than they really need””
People buy a place they like and put their lives there, get it just the way they like, and want to continue living in the home they have always loved, until they die.
You spend 20,30, 40 years getting your personal space the way you like, and suddenly the herd shows up and accuses you of being greedy and that you need to turn it over to someone else because your time in this dwelling is no longer efficient use of the collective living quarters.
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