"How many people living in expense areas could sell homes that were purchased for $50K and lower in the 1970's that are now worth $300K and $400K. Move to smaller digs and bank the money. Lots of money in them thar homes."
Among boomers? Lots and lots. I bought a California home in 1974 for $20,000, and paid it off in 6 years. I lived in it for 35 years.
Two years ago, I sold it for $337,000. I packed up and moved to Minnesota, where I bought a home twice as big for $175,000, and banked the rest. Why did I move to Minnesota. Well, my wife's parents, who are part of "The Greatest Generation," were getting older and needed some help from day to day. So we moved to be near them.
What I'm hearing from the Gen-Xers is that they plan on dumping the Boomers (their parents), rather than moving to take care of them. OK, then...there it is. Screw 'em.
What I'm hearing from the Gen-Xers is that they plan on dumping the Boomers (their parents), rather than moving to take care of them. OK, then...there it is. Screw 'em."
I think I've just developed a new respect for you. :)
Quite frankly, I can't say that I blame some of them, given the selfishness of the Boomers. The Boomers will vote en masse to drain resouces from their children and grandchildren. The folks who really will get it in the shins are the tail end of the Boomers - once the bulk of the Boomers die off, the Gen-X and Gen-Y folks will have the votes to cut off the wealth transfers, and IMO there will be a cultural backlash demanding that the elderly die off earlier as to not sap others.