While I worry about the country (because of the sacrifice of so many).
...I have NO sympathy for the idiots who choose to piss on their graves.
Posted on 05/03/2024 5:10:58 AM PDT by Libloather
Baby boomers are refusing to downsize in their golden years, according to a Redfin study, which found that the generation born between 1946 and 1964 owns nearly three in 10 (28.2 percent) large homes in the nation—nearly twice as many as millennial households with kids (14 percent).
This is happening despite boomers' kids having long left the nest and their households having shrunk to one or two people. Instead of selling their large properties and moving to a smaller place, boomers are turning the extra bedrooms into hobby rooms and guest rooms for visiting family members.
Read more: What Is a Home Equity Loan?
While it's understandable why boomers are holding on to their mortgage-free large homes, which are likely cheaper than what a new, smaller property might cost them now, their choice to stay put is having a profound impact on the U.S. housing market, contributing to keeping inventory tight. Some 54 percent of boomers own their homes and no longer need to pay a mortgage, according to Redfin.
The historic supply shortage in the country, which is mainly because the U.S. hasn't built enough homes since the 2007-2008 crisis, has kept prices up, even when demand dipped between late summer 2022 and spring 2023, triggering a correction at the national level.
"The number of homes for sale is near historic lows and that is in part due to baby boomers holding on to their homes and aging in place," Daryl Fairweather, Redfin's chief economist, told Newsweek.
"The larger problem is that there isn't enough new construction being built to meet demand from Gen Zers and millennials or from baby boomers who would want to downsize in retirement."
(Excerpt) Read more at newsweek.com ...
>> Come visit the Coeur d’Alene area.
It appears that Coeur d’Alene is getting Californicated. Boise’s already gone. Wonder how long Idaho will remain a bastion of conservatism.
how dare they do the things that give them joy and make them happy, that is so un-American
“They install and service stair lifts”
We have considered that possibility, as we do have a second floor. My craft room is upstairs and I guess I “do” stairs 30+ round-trips a day.
Our neighbor had an Acorn installed and used it all the time. She died in 2022, but her husband did not have it removed. He has heard from a few people that a chair lift is an asset when selling a home these days. (If buyers don’t want it, it’s easily removed.)
While I worry about the country (because of the sacrifice of so many).
...I have NO sympathy for the idiots who choose to piss on their graves.
How can it be refusing when there’s nothing to refuse? It’s theirs, they own the homes.
It’s leftarded policies that are keeping people in their homes if that’s what they want to say. It’s too damn expensive to sell and try something else.
Pinkos using divisive tactics again. 😡
If I sold my house, I couldn’t find any place to live in comparable comfort. I’m too old for a fixer upper. I’ve done that all of my life.
“It’s no one else’s business what we do.”
The communards won’t like that attitude! You sound like a despised rugged individualist.
Same here. Kids can stay as long as they want. 1 did and left to join the Army after a few years. 1 left because she wanted independence (that’s the goal right?). 1 graduated HS early and plans to stay for a while.
The offer is there for all of them. Stay as long as you want as long as you’re being productive. Either work or school. Won’t tolerate laziness.
Who would move during the Biden Trainwreckonomy.
I also noticed that Giulia Carbonaro failed to mention that Biden’s importation of millions of illegal aliens into the USA is a major reason why there is a housing shortage.
**********
Other reasons: local barriers to housing construction; YOUNG people living alone; and the war on landlords depleting the supply of rentals.
oh screw you! The accusatory tone of that title- I did not even read the article.
no thanks, we have homes being slapped up everywhere here in Northern Va- not every space needs to be developed.
Paid off three bedroom with a pool in Florida...no kids. Come and take it (try) but be prepared for a 40 caliber enema.
I DO NOT care if millennials want my home. They can’t have it until I am prepared to sell. They can go cry in their room in their mom’s basement.
Actually, the houses that are in a huge demand in the Manchester & Nashua areas are the three bedroom ranches that were built in the 1960s and 1970s. Especially if they have been redone.
People want single floor living. Our friends just bought one. They ended up taking down the walls that separated the kitchen from the dining room and living room. Typically these houses only had one load bearing wall down the center. Even that can be taken out IF you replace it with 3 LVLs to create a beam. The other thing that needs to be done is move the laundry UP out of the basement.
The only thing wrong with a lot of these houses is that they only had one car garages. The lot lines might be too close to add onto the end.
Another friend has a house just like I described in the city of Manchester. It takes him 15 minutes to mow the lawn. It has three bedrooms and one bathroom. They remodeled the bath too. Took out the tub and put in a big glassed in shower stall.
Me on the other hand is looking at buying a commercial lawn mower that is more expensive than my first brand new truck.
You ought to get them appraised. Some of those figurines are crazy valuable!
So she is into London, housing and Ukraine. Maybe she should consider demanding the mansion in London which Zelinskyy just purchased.
“””Me on the other hand is looking at buying a commercial lawn mower that is more expensive than my first brand new truck.”””
I had not thought about that. My last two riding lawn mowers cost me more than my first two cars I bought in the 1960’s.
Shut the H^^L up.
Where’s Comrade Kaprugina when you need her? /sarc
You said: “Shut the H^^L up.”
That’s a valuable and constructive contribution to the discussion at hand!
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