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 ...
There are plenty of starter homes available. But millennials expect to buy a house right out of the box like the one their parents had after years of work and saving.
“When I bought my first house, it was during a real estate spike, and interest rates were over 10 percent. No picnic for this boomer.”
Same here. I got 10% no points and felt fortunate. I pointed that out to some younger person who was complaining about how tough they had it with 3% mortgage rates. They didn’t want to listen to facts (and probably were not capable of doing the math).
Bought a house in 1978. Interest rate was 10.25%. 30 year mortgage.
“Boomers snatching homes out of millennials hands”
Wow can these “journalists” be any more direct in creating artificial groups of Americans and then pit them against each other?
And we wonder why why there is so much divisiveness , the journalism industry manufactures most of just like in this article.
I bet at least one of those bids was from Back Rock, perhaps through a designated buyer.
I’d downsize but we moved my 95 yo father in law in to care for him I still have an 8 year old at home and 27 year old daughter moved in during her residency to save $ to lay down student loans. House is as full as ever! Hopefully when 27 yo moves out in the next year two we will be blessed with son in law and grandchildren. When my out of town family including son and his 2 kids visit we currently have to put them up in a hotel! You only think life gets less complicated when you retire…
Exactly. The trouble with not downsizing when becoming an empty nester is that it gives you more room to store things you never use. ;-)
We are selling both of our properties and buying a homestead in the mountains. The market is just too good to pass up.
For your interest.
This is true. One of the arguments my wife emphasizes against selling is she’s convinced my oldest daughter and grandson will leave her husband. She could be right. He’s an er, weenie.
I recently retired and am now really only able to fully enjoy my home since I’m finished busting my tail off.
I’ve swum more in my pool this summer than in all of the past twenty years combined. I’ve watched more movies in my home theater this year than ever, and I’m sitting on the back deck watching the leaves change as I type this over a nice cup of coffee. Perhaps she’s right.
not defending millenials, but I think general outrage and concern over a 25%+ rise in home prices YOY (even higher for the cheapest homes) is quite warranted. Interest rates only came down marginally from 2019.
” The trouble with not downsizing when becoming an empty nester is that it gives you more room to store things you never use. ;-)”
One of my personal laws is that “The stuff you accumulate will grow to exceed your storage space.”
In 2011 I put all my crap in the garage and had an auction company sell it. I really didn’t care about the money, just wanted it all gone.
That’s hysterical. Every Boomer I know has HELPED their kids buy or rent a house. A lot of us write them checks on a semi-regular basis to keep them afloat.
Another article trying to start trouble.
“I really didn’t care about the money”
I just had someone offer more than the tag. “that’s too cheap”
I said ‘nope’ and ‘take another $2 item’. (moving sale ongoing)
Moving is an outstanding opportunity to throw garbage out. If you haven’t touched it in 3 years and there isn’t lots of sentimental value, get rid of it.
I joined my town’s annual garage sale and put up a sign that said FREE. Why mess with cash trying to make a few bucks just to catch COVID?
Then I filled a 16 yard dumpster. Best $1,200 I’ve spent in a while. Now we are in the new place and things are good.
Garbage. My kid has had it better than I did so far. Better housing, nicer cars, you name it.
“I am in the process of downsizing. Same size house, but no basement. 20 years accumulation needs to go.”
We just had our second retro fit in the same home. We will be carried out feet first when our time is due. No basement but a high quality shed in the car port and the lockable storage areas in the car port were emptied. Also, our home has a lot of large closets through out the home.
Kayaks were given away to the work crew, one was sold with its trailer. The shed was dismantled and hauled away and most of the stuff in the carport storage areas was given away or thrown away.
Our city has great curb side new ownership for good but no longer wanted items. Just put them by the curb and a free sign.
Anything that isn’t picked up via the curbside free method goes to Good Will or the garbage people will haul it away for free.
Our future heirs have put their names on the backs of paintings and furniture. Anything of value left over will go into an estate sale. A younger friend will handle that. She and her daughter are furniture stagers for selling homes.
i live in a starter home, it was built in 1885...
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