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 ...
It would make sense if you were comparing millennials to ANY other generation. The Baby Boomers were essentially Mark I Zoomers, themselves. I've worked under/with/over, trained, disciplined, and fired Boomers since college, and I've never met one worth the piss it would take to drown one. Every Boomer I've ever met seemed to think that the substance of work consists of placing one's hands on one's own hips and talking about work while head shaking.
Houses in NC are selling sight unseen.
I wish I’d known that we’re not worth the piss to drown us. If I’d known that, I might have felt free to slack off. MY boomer friends and I were the ones who held the workplaces together, with the strongest work ethic in any situation. Many of us didn’t have college degrees, but were called in to fix the messes created by the following generation’s highly educated dumb-asses.
Your breaking my heart man!!!
Here’s some reality for you:
Great union job - well, there was a union out there (2,000 miles away) but i’m sure they didn’t even know i existed.
Homeowner at 22 - got my first mortgage at 28 (10% rate). Didn’t actually own a home outright until i was 48.(property tax is forever though).
Makes you borrow tuition money - I had to. Probably 7 or 8% rate back in the day. Are you too good to take out a loan to help pay for YOUR education (and struggle to pay it off when you start out at $17K/yr)?
Hasn’t applied for a job.... - Employers are begging for people now.
Has it better than his parents - Damn right i did. They were born near the start of the Great Depression. Mom grew up on a farm and Dad joined the Army Air Force. I hope my kids have it better than i do but their future is up to them.
Tuition was $400 - Maybe for one quarter but that didn’t include room and board or any other expenses. And that was at a State University not Pepperdine or wherever. My Brother went to Stanford (but he was a National Merit Scholar so there’s that).
Only made $15K/year. I made $17K. Had to repay those student loans. One bedroom apartment was $425/month and small condo was $100K.
Drives up federal deficit - yeah we really had control over that.
No job hunt since 1982 - At least six since then and now on the seventh.
Bought a house in his 20s, no degree job - First mortgage at 28. STEM degree. Oh, spent at least 17 of my working years doing 12 hour shifts. Nights, holidays and weekends included. Industrial work places, some very remote and dangerous.
Creates world’s worst economy - You got me there. I really screwed it up.
Retires - At age 52. I bet that really tears you up.
After mom-in-law got moved to assisted living (dementia care), we remodeled her home in SF and sold it. Probably worth $900,000 in it’s run-down condition, after remodeling we put it up for sale at $1.2 million, and it sold for $1.45 million after multiple bids, this was several years ago as techie yuppies were moving into the neighborhood. Now a bunch of homes were fixed up and sold. One a block away sold, was fixed up and resold for $1.7m; then the same home was remodeled and listed for $5.3m and sold this month. We’re in shock that a formerly blue-collar neighborhood with $20,000 homes in the 1960’s where my wife grew up is now seeing prices in the $5million range.
Young families in FL can get a similar shaft.
Say a boomer who has homesteaded in FL for thirty years and a a millennial family buy identical side by side homes for 400K.
The boomer family might pay $700 or so in RE taxes while the young family could easily get socked with four to five thousand dollars.
I bought 2 one acre lots 6 months apart over 20 years ago. Put a mobile home on one acre and lived in it 16 years and finally built a home on the 2nd acre that I designed with room size/layout I wanted. Never had to compete with anybody and now have what I think is a pretty good homestead. Of course had to have a construction loan that swung over to a mortgage at my advanced age but payments are under $700 a month so when I end up leaving it to family it won’t break anyones budget. Not everyones cup of tea, but worked for me.
“BUT where do you put the proceeds? “
In all the stuff you denied yourself to get where you are. I have a new truck on order, when I fly it’s 1st/Business, when I buy an item I look for the best quality, not the most bang for the buck. I don’t deny myself, however, hard to over come 60 years of being frugal.
I could spend every penny of my proceeds and my wife & Daughter are still set in case I pass.
Time is not on the millenials’ side. Black rock and Vanguard are buying up all the houses they can to be rented. They are offering 1 and higher premiums on asking prices in order to get the houses with no hassles.
When I moved to Thailand, I sold my house to my daughter and her husband for enough to pay off the remaining amount on the mortgage and the closing costs.
That cost me well over $100K compared to what I could’ve gotten for it on the open market.
I am soooooooo sick of hearing millennials piss and moan about how eviiiiiil boomers are and how we are ruining their lives.
Not a bad situation for this X’er. I am buying from downsizing boomers, while other downsizing boomers and millennials bid on my starter home.
Downsizing does not always mean getting a smaller home. In my case I am getting rid of investment properties and upsized my retirement home on the Lake.
Mortgage interest rates are incredibly low now.
Process shot up when “work from home” became a widespread thing and lots decided to move, coupled with temporary reduction in construction supply.
Get some cheap remote rural land, a turnkey log cabin kit, and Starlink. Move. Stop trying to buy into a limited supply of high demand urban luxury.
Agree!! My kids never wanted for a damn thing, grew up in a house where they had their own bedrooms.
Dad drove an 18 year old pickup truck, they each went to Europe twice while in high school
Dad made the down payments on their NEW cars, Dad paid their TUITION, but dad is still an asshole apparently.
YES; I KICKED THEM OUT WHEN THEY GOT THEIR DEGREES, now they don’t talk to me—F#CK’EM!
Business insider
Utterly shit news org
I have to ask, did shake your head while writing about work in response to my claim that Boomers just head-shake while talking about work? With and education, you'd know the direction of time's flow and would know that future people can't leave problems for past people to fix.
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