Posted on 10/16/2021 6:10:13 AM PDT by where's_the_Outrage?
Boomers and millennials are competing for houses, per a new Zillow report. Boomers are winning.
Boomers have more cash to win bidding wars as they take advantage of an appreciating market.
Buying a home has been hard enough for millennials, who are struggling with skyhigh prices and a lack of starter homes.
Baby boomers and millennials are in a housing war.
It's boomers who are winning, according to a Zillow report released this week. It found that so many boomers are active in the housing market that it's become more difficult for millennials to buy a home.
As seen in the chart below, Americans 60 years old and older have been more active in the housing market in the past decade than people in the same age group 10 years earlier. The share of homebuyers in this cohort grew by 47% from 2009 to 2019. Meanwhile, the share of younger buyers ages 18 to 39 in the past decade has shrunk by 13% in the same time frame.
(Excerpt) Read more at msn.com ...
Seems that coming of age boomers started that tread in the late 1970s. But yes, the idea of starter homes is not attractive to millennials. Poorly constructed 3/4 bdrms, 3.5 baths, 3200-3600 sq ft, 1/3 acre all for >$375K. (of course depending on location)
i don’t understand parents like this.
My kids support themselves.
a friend of the family, and in my family my aunt, spent hundreds of thousands of dollars to support her kids.
When she was 80 she was paying for both my cousins lives, and they were high 50’s in age.
one had a big paying job but still managed to lose his house, and his job. He never took another job, always waiting for the next “big” opportunity.
Other cousin stopped working around 25, and never left home.
Illegal immigration is actually a very serious global warming issue as we are moving large amounts of people from low energy economies to high energy economies... to save the planet we must reverse that trend.
I could not live like that! I went to college when I was 17 (no $$ from the parents), and never went back home except to visit. I’d be so embarrassed! OTOH, me (my sis and I) have spent many thousands of dollars helping my parents along the way.
Great thinking. It’ll never take but I like where you’re coming from.
Definitely.
Millennials should stay in the city where they are best connected, and where their mucking in politics can be offset.
I too am tempted to unload some property and lock in profits after the insane run-up of the last 2 years, BUT where do you put the proceeds? The stock market is also at irrationally high levels considering the underlying weakness of Dementia Joe’s stagflation economy. And cash is trash, as the Fed systematically destroys the value of the dollar. Gold produces no income, and historically has underperformed compared to real estate and equities. So, yes, it’s a great time to be a seller of real estate, but I don’t see a lot of wonderful options for parking your money after you pull the trigger.
Too fkn bad, minnies.. we earned it.
Let’s see if we can get a full blown generation gap war going right here on FR. It’ll be great!
This boomer is already in the South. We are moving further south from central Alabama to coastal Alabama. Already got the land. We have had a horse farm all of our lives, but just can’t do it any more. Now to go through 30 years of stuff and get the farm on the market.
I call BS on this revelation. As a boomer, I bought my first starter home when I was twenty-eight. This 'gem' was in a less
than favorable neighborhood, 800 sq feet, and was home to me, my wife and two small children. The millennials are whining
that they can't move into a brand new, 3000 sq foot, pool-in-the-backyard manse in a gated community AS A STARTER!
My pity meter is pegged at zero...
I put 2 rentals on the market this month, already have contract on one with lookers on the other. Thinking about puting my 3rd one up before market falls out.
i agree, they want a great big house for them and their 2 poodles.
” I just can’t afford the divorce.”
i have a friend who said that every time he got married, he counted on giving away yet another house ...
There is the old joke that goes something like this:
“If you want to find out what it is like to get married, just buy a house and give it to a woman who hates you.”
;-)
“Some boomers are going to get stuck upside down”
wouldn’t that depend upon when they bought? i bought my current home 35 years ago and it’s increased its value by a factor or six ... not planning on buying again, either ...
Your story reminds me of an apartment building in one of the upscale suburbs in this area.
Lenders get rejecting the developer’s application because the property was on a superfund site (with a super toxic stream flowing through the property). It took years until some lender decided to say “yes”.
The place is full of renters—guess they don’t know the back-story.
;-)
Very wise choice—if things get ugly you do not want to own rental apartments (and I am sure you already know why...).
this millennial (along with many others) would not mind an 800sf house, but we actually DO have a MASSIVE shortage of starter homes on the market:
https://www.globest.com/2021/04/16/supply-of-starter-homes-at-lowest-point-in-50-years/
And anecdotally, the millennials I know (leftist and conservative) are not looking at 3000sf homes...we’re all comfortable in the 1000sf range. When the prices of these homes increase 25-30% in ONE year while incomes remain stagnant, I think outrage and concern from all Americans trying to buy a house are legitimate.
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