There is such a surplus but you'd never want to live near there.
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 ...
our last upgrade wasn’t really a bigger house, it was a bigger “I hate people” buffer (AKA more land) further away from a city with more than a few hundred people in it.
Deport the tens of millions of illegals and radically slash H1Bs and you’ll be amazed how many fewer houses we “need”.
>>The big question when deciding what a society needs is, “Who decides?”
Loudmouths on TikTok get to decide apparently.
So?
Nobody is obligated to sell their home for the convenience of someone else.
All great points. People realize that once they get in their sixties, their joints don’t work well and it gets harder and harder to climb up stairs.
And a smaller house does not allow for company and family to visit overnight.
I would keep a house with several rooms for that purpose. And the rooms can be used for other thing.
They are NOT being selfish for keeping a home they worked all their lives to get.
Few of the younger folks would be willing or able to do what we are doing.
Unless a ranch is necessary, I have had older friends told by their doctor to stay somewhere where they have to do stairs regularly. It keep you in shape and if you quit doing stairs, you begin to deteriorate.
Three bedrooms is NOT a large house. Nor is 4 IMO.
bkmk
“I have had older friends told by their doctor to stay somewhere where they have to do stairs regularly.”
Find another doctor. My mom has fallen multiple times trying to negotiate the stairs in her house. She’s one broken hip away from losing her life. There’s already been two broken wrists and stitches in her head more than once.
Any doctor who says something like that should be sued for malpractice.
L
I bet this one doesn’t even know what some of us pay in property taxes. Don’t tell me it “doesn’t cost much”. I’m not done paying it off either. When my daughter in-law woke up one day and decided she wanted a divorce it was a good thing we had the room for my son and his two girls. He’s looking for his own place but it’s been a great safety net.
Who the heck is this idiot to think they can dictate what we own? Or “if” it’s justified. It’s called NONE OF YOUR DAMN BUSINESS.
We had a 4 bedroom home....lived there for 30 years. It was paid for. The population in that area go so dense and the traffic was crazy. We bought 18 acres about 50 miles north. My husband built a barn then added a 1 bedroom, 2 bath, 1,000 sq ft apartment in it. We have a timber exemption so our taxes are VERY low. Sold the house and moved to the country. Everything we own is paid for.
Its just not fair! Those selfish boomers! 😤
We had a 4 bedroom home....lived there for 30 years. It was paid for. The population in that area go so dense and the traffic was crazy. We bought 18 acres about 50 miles north. My husband built a barn then added a 1 bedroom, 2 bath, 1,000 sq ft apartment in it. We have a timber exemption so our taxes are VERY low. Sold the house and moved to the country. Everything we own is paid for.
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.
Direct hit on that one with me. That and one other thing, taxes. In Florida, the appraised value of homesteaded property are pretty much fixed. Also, this is not our “starter” home. Our home is one level, 4 bedrooms or whatever we call them now that they are empty, and near the ocean. Sorry if someone cannot afford it, not my problem.
My 92 year old mother stayed in the 1700 sq ft 3 bedroom house that the six of us moved into in 1967. She stayed there until the day she died.
It cost $25K. It was paid for in 1967.
She didn’t move out because it cost MORE to move into some assisted living place than to stay put and pay someone to mow the lawn, plow the driveway and replace the roof.
My wife and I live in a 2700 sq ft 4 bedroom house on 12 acres of land. I paid off the mortgage two year ago. I mow about 2 acres. I have a 200’ long driveway. I have two tractors. I am thinking about buying a commercial zero turn like a Exmark or Scag. I paint a portion of my house every summer. All of these things could be eliminated IF we sold and moved into a condo. I like living on a property that my closest neighbor is 500’ away.
Where I can shoot guns and hunt in my backyard. IF it gets to the point that I can no longer take care of my property and can not find anyone to maintain it. Then I will sell
The issue in my area of southern NH is that the units in the nice condo developments cost just as much as my house. Then I still have to pay a monthly condo FEE to have someone mow the lawn, paint the house, plow the driveway, etc.
“If Deep State really feels this way, one wonders why NYS is enabling geezers to stay in their allegedly oversized homes with its enhanced STAR programs which allows said geezers to pay far less in property tax.”
STAR exists because it was standard practice in NY State to retire to Florida.
Better $2500 from a house with no kids than $5000 from a house with two kids that would cost $15,000/year each to educate.
The old folks - $2,500 cash flow positive
The young family - $25,000 cash flow negative
Millenials don’t understand that you just don’t move in to a 3,000 sf home right off the bat. You have to work up to that. My wife and I started out in a small 3 bedroom starter. Every year, I would send in a 13th payment to go toward the equity. We up sized twice over 20 years and are now in a 2880 SF home. It is paid off and I have no intention of leaving until I have to. It is the largest and nicest place I have ever lived, but I had to work up to this.
There is such a surplus but you'd never want to live near there.
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