What Will Happen to the Housing Market When the Boomers are GONE?
Вставка
- Опубліковано 26 лип 2024
- Boomergeddon - it’s a new term that’s been thrown around the past year. So what will happen to the housing market when all of the boomers are gone? Experts say housing inventory could grow by 9 million homes over the next ten years, thanks to the boomers. And that brings hope to our millennials who desperately need homes. But will it be enough to finally balance this housing market? Let's dive into this prediction and see if it will truly make a difference in the housing market.
CHECK OUT THESE VIDEOS NEXT:
New Year, Same Housing Market ➡️ • New Year, Same Housing...
Zillow's 1% Mortgage Could End the Housing Market ➡️ • Zillow's 1% Mortgage C...
Thanks for being here to get your dose of real estate reality! 🏡
🏡 NEED A REALTOR IN YOUR AREA? Click the link below to get connected with an agent!
✅ homeandmoney.com/jackie/
==================================================================
🏡 If you're interested in purchasing a foreclosed home, visit Foreclosure.com to see all of the available homes: www.foreclosure.com/?rsp=3655
====================================================================
Be sure to subscribe!
✅ SUBSCIRBE ua-cam.com/users/jackiebakersellsnj?sub_co...
Jacqueline "Jackie" Baker
NJ License 1541448
Coldwell Banker Realty
Allendale/Saddle River
#realestate #jackiebakerrealtor #jackiebakersellsnj #homebuyingtips #homesellingtips #realestateinvesting
The current market/economy is unnecessarily tougher for boomers/senior citizens, I’m used to just buying and holding assets which doesn’t seem applicable to the current rollercoaster market plus inflation is catching up with my portfolio. I’m really worried about survival after retirement.
Just buy and invest in Gold or other reliable stock , the government has failed us and we cant keep living like this.
Yes, gold is a great investment and a good bet against the devaluating dollar, been holding some for awhile now, I’m grateful my adviser’s moment by moment changes in the market are lightening quick, cos who know how much losses I would’ve had by now.
Mind if I ask you to recommend this particular coach you using their service?
I really don't like making such recommendations, because everyone's situation is unique. But there are many freelance advisors you could check out. We have been working with Annette Marie Holt, and she's really, really good. If she meets your discretion, then you could go ahead with her. I endorse her
Thank you! I entered her full name into my browser, and her website came out on top. I filled her form and i hope she gets back to me soon.
It is difficult to make exact projections for the housing market as it is still unclear how quickly or to what degree the Federal Reserve will reduce inflation and borrowing costs without having a substantial negative impact on demand from consumers for anything from houses to cars.
It will, if anything, worsen. Affordable homes won't be available for much longer. Therefore, I will advise everybody who wants to do anything to do it right now because tomorrow's prices will look lower than they did today. I believe that frenzy brought on by rogue inflation will continue until the Fed tightens its controls much further. It is impossible to tear off the bandage halfway.
Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes.If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
I will be happy getting assistance and glad to get the help of one, but just how can one spot a reputable one?
My CFA ’’ Vivian Carol Gioia, a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market..!
I find this informative, curiously explored Vivian on the web, spotted her consulting page, and was able to schedule a call session with her, she shows quite a great deal of expertise from her resume.. very much appreciated
Most boomers cannot downsize even if they want to because a small, one bedroom apartment or condo likely costs more to live in than their 4 bedroom house. I absolutely do not blame an elderly person for staying in their home where its comfortable and affordable. Elders deserve to enjoy their homes for as long as they can
Bloomberg blames them in their article saying boomers are making it hard for millennials to own homes.
@@watamatafoyu Yes, Bloomberg likes to pander, even though they don't follow their own advice.
Around here, boomers are downsizing and buying the starter homes built from 1948 and on. They price out the starters with higher incomes, savings, and ability to bid higher. This can't be just a local phenomenon?
When we were considering buying our first house, we had to readjust our expectations...1 ba instead of 2, 2 bd instead of 3, whole house fan instead of ac, etc. All of our homes until recently fell under what were "starter homes.*
BlackRock will buy them
Boomer here. Just added one home to the market. It became a pocket listing to one of the agents that I interviewed. The agent felt there would be multiple offers on my house as soon as it went on, so she asked if I would sell it to one of her clients, pre-listing. I was aware the buyer had little chance of competing in a market like this - as he didn't have much down. And he had been struggling for quite some time to get a house for him and his family. With multiple offers, a seller will look over not only the price, but financial qualifications. It wasn't that long ago when someone such as this buyer would have little problem getting a home - like everyone else. But when a seller has multiple offers, it's human nature to pick the best of the best. Money wasn't my primary goal - so it felt like the right thing to do in today's market. Definitely would never have sold it to a corporation for cash - no matter what they offered.
Love this!!!
@@sarsarsvintagejewelry Thanks! Now let's hope it all pans out. If, in the end, it doesn't go through I'll be very disappointed, - since I worked hard to get my house ready for the ideal time in my area. May is perfect. After that, everything slows down to a crawl. :-(
@@blujeans9462 good luck and best wishes for a positive outcome for everyone! Win and win!
@@blujeans9462 thank you for having a conscience and helping a deserving person... I have a realtor in my pocket for when the day comes. I will need my best payout, but I'm in North County San Diego California so I think it will all shake out okay. Best wishes!
God bless u, boo murr
Gen xer South Carolinian here, a few comments:
1. Why do people claim there are no homes available? There are homes for sale on every street! Where are people searching? NYC? San Francisco? The truth should be rephrased: There are no AFFORDABLE starter homes available. In truth, Gen z can't afford to buy a house.
Bottom line: homes are outrageously overpriced.
2. Of course, Boomers are staying in their homes because they're debt free and happy. Why the hell would they move? When they die, they'll leave it to their grandchildren who can't afford to buy a house on their own.
3. There's no money to be made for contractors to build speck, starter homes. They'll only build luxury homes for wealthy clients. Can't blame them.
4. Real problem is land prices and construction prices. I just spent $82 on one gallon of paint that cost $35 three years ago. Ridiculous.
5. Homeowners aren't selling because they can't afford a different house. Sure, my home is worth 5x what I paid for it 20 yrs ago, but I can't afford anything decent on the market for that price, even with a good income. Prices need to drop. Period.
it's not just house price, its the money left over after student loan, car loan, credit card min payments for the stuff and vacation financed on card, grubhub fees, apple subscriptions, starbucks, etc.
As a semi retired dept free boomer I do want to help my grandchildren get started and I already have in a small way. My home and properties are considerable. All 4 sons are well established so noworry there.
As a residential contractor I differ with your conclusions on construction of low income or starter homes. In the last five years I built 8 2bed 1bath homes on about 8,000+ sq ft lots. There's just to much regulation and fee's for building permits.
18 to27% depending on jurisdiction.
Our hands are tied.
@@GIUL7301 If you don't mind could you tell me how much you were spending before you broke ground on those 2 bedroom 1 bath houses?
@@joechang8696 BS. This isnt about spending choices. Been to the doctor even with great insurance lately? Grocery store? FREAKIN RENT? Get over your excuses for this .... its straight up structural intended to enrich a few. Deny it to your peril.
@@mamatrain100 professional whiner?
The biggest problem is the hedge funds that have bought up about 25% of the homes. Paid cash and don't need to worry about jobs
That is somewhat misleading. When a hedge fund buys a house it's technically considered a "cash sale" but very often there is substantial debt within that hedge fund. AHFR is a big one and they have 4.5 billion dollars in debt. The operate similar to REITS... when a REIT buys a 300M property they don't collect 300M and buy the building.. the REIT investors are mostly there for the downpayment, so maybe 90M. The remaining 210M is financed.
@@jonathantaylor6926 Well, isn't this just a problem then. If there is a rental crash, they won't be able to afford the payments on that debt. (assuming the real pages lawsuit might drive down prices)
@@jonathantaylor6926 You are an absolute retard it’s overly inflated the housing market now shut the fuck up and let the adults speak.
jf2176 🎯
25% is the number for all single-family homes owned as investment properties.
Let's just completely ignore properties being bought up by investors and specifically the ones turned into short term rentals.
Or long term rentals or build to rent communities that are becoming popular. As a late boomer myself, more of a Gen X or technically Generation Jones; I started planning for my financial future in my early 20's. I feel bad for people my age and older who blew their money on crap and did not invest.
@@kennixox262 I “blew my money” on HAVING KIDS! Which the average person can no longer afford; at one point, I was receiving food stamps, Medicaid, housing assistance, WIC, child support, both my husband and I were earning as much as we could, and we were STILL going $1k into debt a month just trying to survive, because he SHOULD have been getting disability; he got four YEARS of back payments a couple years later! He’s dead from cancer now, BTW. But at least someone will probably care if I’m safe or not when I’m old… I think a LOT of Boomers who assumed big “nest eggs” would ensure their safety and comfort at the end are in for a rude awakening… 😬
@@inezrosario226as they should. Smart business move
Vanguard ,State Street, Black rock ! That is correct, was waiting for that answer in the video.
It's ridiculous!! I live out in a rural town and alot of properties were bought by investors. There are enough homes, none available at a reasonable price for anyone. I saw a fixer upper that was $130,000.😢
Boomer here. Own my home. Gave it to my son through a trust. He lives in the house and pays for my efficency.
You did the right thing. A private equity firm or REIT would have flipped your home into a rental.
But you don't want to put your kid's name on it in a trust if you're still living in the house and want to get certain tax breaks. Also, If the child will have to pay the difference in how much the house is worth and claim it as income. If it was just given out right to the child, it would be better.
@@WVgirl1959 Have the trust not convey title to him till you die. He gets the tax free step up value.
That’s the same sort of thing thought it was a good thing
@@WVgirl1959it is funny reading this. The ‘kid’ in this case is probably 40-50 years old.
A factor which Ms. Baker didn't mention is the fact that a lot of the older housing entering the market is being snapped up by investment companies and converted into rental properties.
It was being snapped up. Now those same companies are selling and investing to n bonds. The mortgage rates have jumped and the returns on no risk government bonds are more attractive than rentals.
What’s weird is the presumption that elders dont need a place to live, or have no hobbies, work, family care duties, aspirations. On what planet have older generations ever immediately sold out of their homes and driven around the block for 30 years.
Nowhere. Someone in social media land decided to blame the boomers for the shortage of STARTER homes for the young ones. It caught on and all boomers are now the cause of all the problems with the shortage of affordable first homes.
But they generally downsize and go to Florida
@@georgewagner7787 I'm 73 and have never seen that happen. Maybe in their 80s they downsize a little, but I have only known one person who sold a house and moved to Florida. And they moved back after the storm flooded the town. Thing is, houses used to be smaller, so no downsizing was needed. My 90-year-old aunt near Charlottesville is still living in their house, but it's just a 3BR/2BA brick rancher that she and husband built nearly 60 years ago. It does havea full basement, but other than 2 acres with a mountain view that's about it.
My parents left D.C. when they were 71 and built a 3BD/2.5BA rancher in the Shennandoah Valley. They stayed there until 2007 when my mother's dementia got really bad and my father's bad hips and knees kept him from chasing her when she wandered. I sold it for them after they moved to a retirement community. My dad lived to 90 and mom made 92. They never moved to Florida. :)
Late boomer here already retired, husband nearing retirement. Own our home and just sunk $$$ into it to make it elder ready. Cheaper than selling and looking for elder accommodation. Not planning on selling. Will pass on to child.
Same. Hope you put the deed into a living revocable trust.
For boomers and senior citizens, the current market and economy are unnecessarily harder. I'm used to simply purchasing and holding assets, which doesn't seem applicable to the current volatile market, and inflation is catching up with my portfolio. My biggest concern is whether I'll survive after retirement.
Just buy and invest in Gold or other reliable stock , the government has failed us and we cant keep living like this.
Yes, gold is a great investment and a good bet against the devaluating dollar, been holding some for awhile now, I’m grateful my adviser’s moment by moment changes in the market are lightening quick, cos who know how much losses I would’ve had by now.
nice! once you hit a big milestone, the next comes easier.. who is your advisor please, if you don't mind me asking?
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’vivian jean wilhelm” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.
Here in the Deep South, there seems to be plenty of new homes being built, but most of them are McMansions. Giant homes sitting on postage stamp size lots that start at $600,000 and go up quickly from there. These are way out of the price range of a young family starting out...unless they can convince a grandparent or two to join in and share the financial burden and space. This might work out, it might not. Heaven forbid a construction company would build a brand new 3 bedroom 2 bathroom Ranch. 😕
And if you follow any home inspectors' UA-cam channels, you'll see these McMansions are built like cr@p, mostly by corner-cutting builders such as DR Horton.
That describes most of the U.S. housing stock built over the last 20 years. It's built with the wants of developers and builders to make the most profit, the wants of banks and mortgage bond investors to make the most profit, the wants of parasitic HOA industry lobbyists to make the most profit, the wants of your local taxing authorities to make the most taxes,...
but the wants of YOU, the person who actually has to live in it, pay the mortgage, the utilities. the insurance, the property taxes, the HOA dues, nah...that's not important.
@@scarpfish I think most of the housing built in the US in the past 90-100 years fits that description. For example, houses and apartment buildings built in the 1950s are like wooden tents. Just 2x4s with 1/2-inch gypsum nailed onto them and cheap aluminum windows.
What makes a young family starting out think they need a new house? Guess what? Very few boomers started adulthood and their family in a comfortable house. Most started with tiny apartments in less-desirable zip codes because that's what their $45/week salary could afford. They followed the old rule of not spending more than 1/4 of their income on housing, saving 20%, and cutting corners everywhere else to make the rest of their paychecks last until the next payday.
@@feoxorus Exactly. They lived in apartments and before they got married, in shared housing with roommates, paying 1/4 of their monthly earnings, which were super low. And there were no 401ks until sometime in the 1980s, so they had no structure to put retirement savings into for many years.
Greedy corporations, and investors will swoop it up.
Depends what the bond markets are paying. Investors don't really even like real estate. The problem was a few years ago the 10 year was paying 0.55%... so a freaking million dollars would pay you $5,500 and thats stupid. At 6% that same million dollars pays you 60 grand.. so you can see how this changes things.. when the yield was so low using that million to buy a rental was a way better idea.. you could get 3K or more in rent.. so 36K gross on that million. After expenses maybe you net 20K... well that is a way better return compared to $5,500.
Absolutely!!! I’m even sick of the little mom and Pop investors buying up all the houses in our area to flip them! Or worse yet, to rent them out. Young people like my son who’s in his mid 30s and single can’t even find a little house to buy because the “investors”are buying them and they have an inside track as to what a going to hit the market. He even had an investor tell him “ I’ll buy the house and remodel it and you can buy it from me.”😳 he wants to buy his own darn house,at a cheaper price and remodel it himself! That’s what young families used to do 😢!
I’ve been seeing so many neighborhoods going downhill in my town. Renters don’t care if the grass is mowed , they don’t care if they plant a tree and flowers.
The “investors” are robbing the younger generation of the joy of buying a house and fixing it up. 😢 It’s so angering to me 😡
@@jonathantaylor6926 I think of investors as flippers or people who are purchasing it to get a rent from. Like mom and Pop investors, that’s the way my little town is anyway and I’m so sick and tired of people buying up all the little houses and leaving nothing for the young people to buy themselves and fix up. Gone are the days a young couple could buy a little house and fix it up on their own,because the investors have bought them all up just to sell them for fortune.
@@bebeautiful6613my dad left me a house. Why should I sell it and pay all that money in taxes > you above are mad at the wrong people. Everyone all over the world aged in place. Plow under mcmansions. Be mad at builders for refusing to build small homes. Blame people for movjng all the time for no reason.
Well said, millennials can’t possibly keep up even with increases in pay versus the cost of rising homes.
Tail end boomer here - not giving up my paid off home any time soon. It will go into my trust that will be be under the control of my niece and nephew once I pass.
My 88 year-old mom lives in her big old four-bedroom house. Paid off years ago. she checked into getting into an efficient apartment that would cost her a lot of money. She doesn’t mind going up and down the steps and why should she pay more to live in an apartment when she lives in a home she owns. It would cost her a whole lot more money to move into an apartment than it does the little bit of electricity she uses and tax she pays. Then when she passes, we will have time to sort her house out properly,no one can rush us. 88-year-old people have lots of things. 😄
Hope you never need any long term care.
I'm a mid of the pack boomer born in 1955. Our 35-year-old home was purchased brand new. 2500 sq feet, 5-bedroom, 3 bathrooms. We raised our kids here. the mortgage was paid off over a decade ago. we just finished a big remodel with the intent of updating the home, and more importantly making it a home to continue aging in place. I have no intention of moving elsewhere till I have to move into the grave.
boomer here. Why would I leave my house? I need some place to live!
Sounds like they consider boomers and babies a drag on resources. But they're looking at the wrong people to blame. It doesn't take a rocket scientist to know exactly WHO and WHAT is purposefully making all our lives harder & harder to manage.
You could live somewhere else but it'll cost you more and be lower quality.
@@watamatafoyu I live on LI!
@@watamatafoyubut they'd also have the money from the sale. Based on current market rates.
Plus 65+ have tons of government programs still to reduce the rate of rent but yes it's a question of freedom,emotion and quality
@@TheJacob232it's my house, it's where I live, I have money, I have had my whole life to prepare.
You can't rely on people to die to get their stuff either. They may leave it to someone they liked.
Boomers aren’t going to die.
That's besides the point. If they leave it to someone, either that someone will move in, taking demand off the market, or they will sell it putting supply onto the market.
@@thebigpicture2032 LOL, are they vampires?
@@sharonsomers well they did suck up a lot of resources and shut doors behind them
Correct: we’re bequeathing our house to our cats… and one of them is a lawyer.
As a boomer I can assure you that if millions of homes hit the market that are unaffordable, they will not sell.
Ok boomer
Exactly. It may be that people will have more money or maybe not but a higher supply means a lower relative price one way or another. And that "3-4 people die" before the house goes on the market is faulty accounting. Once the boomer and their partner go the house is either sold or goes to a child who no longer needs to buy thus effectively reducing the market shortfall. It's one or two people not three or four to impact the housing market.
They might not sell.But they might “rent” to people sitting on the sidelines.
@@BigDogRoy nah, we're all buying cargo containers to convert into tiny homes
@@zarroth Unless you make the conversion yourself, a contractor will charge you almost the same as building something brick and mortar. Also if you’re moving to Florida to build this home, you will likely need a place to “rent”. Personally, I plan on living off rental income in another country with good free healthcare 😉
And another thing that needs addressed. We live in the mountains and we have an exorbitant amount of AirB&Bs. The people who purchase these homes have homes elsewhere. So there is a lot of people who now own 2 homes, there by keeping those homes which should be available, off the market. Is that fair? Probably not, but if you have the money you can do things like that. They sit empty all week when someone could be living in them. But then again, my neighbors house has been on the market for 2 years now and no nibbles. Don't know why. It needs painted inside, but is in good shape otherwise with a nice, flat fenced in yard and driveways. Would make a great starter home for a young family. However, I think the price is probably keeping young people away. These prices are ridiculous.
Homeowners squatting on their homes to wait for a price they want contributes to the price gouging in the market.
fair? thats pretty ignorant, keep your eyes on your own wallet, not my fault your a brokey
I am retired and tried to build 2 small homes in my backyard. After 10 months and about $20K in fees (drawings, gov't fees), it all stopped because the Fire Dept wants me to put in a turn lane for the firetruck. It makes no sense to me. So there are 2 fewer homes available.
One issue that was not mentioned was older owners do not fix the homes that they have. They ether do not have the money or are afraid of not having enough to not out live their money or just afraid that they will de swindled. I’m seeing it with my mother. The houses are falling apart around them. It takes hard bargaining to get them to fix what must be done. They are not updating at all!
I've seen both sides of that coin. My own parents (greatest generation), passed away in the last 18 months. Their large home on acreage was in such poor condition. During the past 15 years or so, my siblings and I tried many times to work with them to help fix the place up, and they had the $$ to do so. They house is now on the market, and we had to dump a significant amount of $ into it to bring it up to sellable (not stylish) shape. Now, as a Boomer myself, I just did a big cosmetic and functional remodel of my own home for my own personal enjoyment and safety. If I am lucky enough to live another 21 years, no doubt some of the design will be considered "dated" by then, but the house will be sound structurally.
As a boomer I'm joining my wife in retirement later this year but even as empty nesters we have no plans to sell our 4-bedroom suburban home within the next decade simply because there's nowhere else we want to move to. One-floor condos we might be interested in are too small, too expensive (especially with condo fees) and are typically built beside noisy arterial roads. Eventually we will sell of course, and when we do the market will set the price as it always has. But selling is the last thing on our minds right now.
Jackie. You never talked about corporate, banks and private equity buying up homes as investment. That has had huge bearing on the market since 2008.
It's NOT supply and demand. I'm in a country that from 1990-2023 went from 10 million to 6 million population. During that period we have built so many homes that now we have 3-4x more homes than before. With all that you'd think that they are cheap right? Nope, in the 90s the median home, which back then was 74m^2 and now is 48-51m^2, went from 2-3x individual median salaries to 9-12x... let that sink in.
Companies are buying out homes or straight up building them, and they artificially price them based on what loan 2x median incomes can for the median home and then they scale it based on size, year of construction and location.
And the politicians won't do anything about them, because they are either one of the owners of said companies or have heavily invested in them, or just own a lot of real estate themselves.
New homes don't compare. Lumber costs a lot more now. So does labor
@@georgewagner7787 Lumber? We make brick and mortar houses/apartments or reinforced concrete pillar + brick and mortar houses/apartments. Carboard houses are for the USA.
@@georgewagner7787 And land is much more expensive. That's why they build expensive houses in a development instead of simple starter homes.
@@badass6300 Haven't the prices for brick and mortar gone up 2x or 3x or more? We have wonderful brick houses and they do last for generations. They are still being built, but are expensive.
@@Singlesix6 My country has only had brick houses or steel reinforced concrete pillar + brick houses since the 19th and 20th century respectively. We never did the cardboard and planks thing. And yes clay brick prices have increased by about 60% since 2019, but concrete bricks haven't moved almost at all, but I'm not talking new construction here, if anything, new construction is cheaper...why? Because they want to sell it, since it has no owner yet.
I've done the calculations, if you want to build an 80m^2 two story house, you need 7200 bricks with 25cm by 12cm by 12cm dimensions(technically 7152 to be exact, but let's buy some more, since they do break). Each of them costs 0.6 euro, but in bulk they are 0.48 euro. That's 3456 euro...
So how is it that a house of this size is 250 000 at the bare minimum outside of small villages where there aren't almost any people and no jobs?
you seem to have forgotten just how much of housing market isn't in hands on individuals but huge rental businesses, that are perfectly eager to buy out all the new homes that would theoretically be built.
I'd blame the "investor class" for the housing problem. Too many investors flipping houses or turning houses into AirBnB rentals.
Also those Millennial home buyers who can work from home could afford a house simply by looking at older houses in the rustbelt
Areas like Youngstown, Ohio for instance you can find housing stock for a fraction of the price of similar houses in San Francisco or Atlanta. Since you're working remotely, it doesn't matter where you live, as long as you have Internet.
One employer might be okay with you working from home but your next one might be not. You'd be stuck in a home that won't sell while not finding employment in your area.
Boomer here. I am single and own a smaller townhome worth about 250k. I am leaving it to my son to do with what he can. He told me, "Mom I used to worry about where I could live in the future, but as long as I can keep the house I will never be homeless" I told him that was my plan.
I have worked in construction all my life . A big problem we have to talk about is the price . With corporations buying up homes, they prefer to keep the prices high to limit the competition. The amount of land available to develop in desired locations has encouraged contractors to build more expensive homes . They are not building "starter homes." Home flippers have also drove up prices . Some homes have been fliped three times, making some of the older starter homes unafordable to the new buyers . The boomer die off passes down to their children , some who will need them .
They’re building new homes everywhere around where I live in Pennsylvania. Here’s the problem: The average STARTING price for one of these new homes is around $425,000. Now on a selfish note I can’t complain because that’s making the value of our house go up. But looking at the bigger picture, nobody is going to buy these newer homes if they don’t drop the price. For new homebuyers, these prices are out of sight. The only reason we were able to afford a 400k house where we live now is because we already had a house that was half the size, we did a ton of work to it, and when we sold it we had a substantial down payment. If we tried to do that today, that wouldn’t even be possible because that first house of ours is now worth almost 100k more than when we bought it. The rich get richer.
Can’t blame the rich because someone else isn’t
Yes there are many crazy expensive houses for sale. You see so much publicity of homes for sale. Also all those influencers and movies about easy selling expensive houses looking normal.
It costs more to build
Also, I updated my home and plan to enjoy the new roof, new hvac, new electrical, pleasant patio. My furniture fits. I have a place for my dog. For family to visit.Where can I buy another home that is low risk? Everything I see is worn out. Further, the whole move up paradigm. Boomer homes aren’t starter homes for the most part. Mine is upper middling, but we certainly could not have afforded this in our 20s even with good incomes.
We also need to find a way to slow down "bucks up" people/organizations from buying up houses and renting them back to to those they squeezed out of the market.
I’m a gen x’r and close to a boomer. I retired early, but my spouse still works. We bought our home ten years ago with mainly demographics being the top reason for purchasing. Our daughter attends college and will graduate next year. The house is too big and the yard is getting more difficult to maintain, especially with our HOA requirements. However, we don’t plan to sell in the foreseeable future. Though we have a ways to go on our mortgage payments, it’s affordable and we would actually save money by remaining where we are. If something were to happen such as death or a debilitating illness, then we plan to hand the keys to our daughter. It’s her future that we consider most precious. So, I agree with your take on this matter.
Instead of building these new mega homes rehab abandoned homes or build affordable houses. Heck even manufactured houses in trailer parks are out of reach for the average Joe. That’s crazy. Things need to change.
My 38 yr old son bought a 1970 park model in a park for $40,000 for cash in a lumber/mining town 3 hours from a city. He made having a paid-for roof over his head a financial planning priority. They both got decent service jobs immediately. The concept of a starter home died years ago with Gen X, who mortgaged monster homes to the hilt.
But the average Joe is eager to spend on meals out. Fashion clothes vacations on credit card etc. After that he has no money left to buy a house
As a Millennial who works 2 minimum wage jobs, I will never be able to afford a starter home. Old run down 1-2 bedroom homes are $300,000 +. My parents will not be leaving me any property or money as they built a house that they are still paying off. Which is fine. I don’t expect anything from them. I just feel like the issue is the prices of homes make homeownership unattainable😢
You need to look at other states
I totally agree that we need to build more affordable homes, and the best way to do that is building higher density housing. It takes less than twice as much labour or materials to build a duplex as it does to build a single family home and it takes less than twice the labour and materials to build a 4 unit townhome than it does to build a duplex. Densification also solves the land problem where land is scarce as you can house more families per acre of land. Yes many people “want” a single family home, but if they can’t afford one, build what they can afford. As the philosopher Jagger once said, “You can't always get what you want,
But if you try sometimes, you might find, you get what you need.”
Factors that I'm not seeing considered in these projections, that I am seeing in real life, are the Airbnb houses in which no one lives, empty investment homes that are only a parking space for money and the massive increase in families with 2 or more homes. I'd love to see those things factored in
I work in the building industry, fyi.
Boomer here who will add one home to the marketplace this summer - hopefully. We're going to sell our home in OK to move to TX to be near the granddaughter. Looks like we'll just rent for a while when we get there before deciding what to do. In our 60s and this prepping the house to get on the market is sooo stressful! I can't imagine how much more stressful it would be in 10 years or so if we wait.
Thank you. Please sell to an owner-occ buyer, not a landlord or corp👍
I'm 67 and making my final move... to the country. Kids to follow and build on my acreage.
@@shirleyshirley4188 43 with 20 yo, 18 yo and 18 month old twins. We sold a house in the city and bought a house up north to live in while we build a house on 200 acres. We would have rented but there wasn't anything to rent. Once we finish the build (selfbuild on track for Oct 2025) we'll need to rent the temp house for a few years to make our money back and hopefully sell without complications.
Older 2 kids are excited they'll have land to build on with a gorgeous view when they're ready. Don't want to dampen their hopes too much but I imagine all they could afford to build will be tiny homes starting out. Watching what's happening and feeling so lucky
Property taxes in TX are the 4th highest in the nation. You should check into that before committing to TX.
Why did my comment get deleted. I didn't say anything negative
My husband and I are 66 and 67. Our mothers are 86 and 91 and still living in their homes. We aren't planning to die off any time soon. We worked hard for our home and want to enjoy it as long as possible. Our 4 daughters all own homes except the youngest one who has no interest in buying a home at this time in her life. My 3rd daughter got a brand new 4 bed, 3 bath home for a little over &300,000. I think people aren't looking in the right areas perhaps. We live in So Cal and it wasn't working out for them here so they moved and are doing much better.
Exactly, why would people blame boomers for staying in a stable inflation proof living situation, especially on a fixed income? I don't blame them at all. My parents are boomers, and I hope they can stay in their house as long as possible. It's not their fault that the housing market sucks, and nobody should feel entitled to what they worked hard for. I'll have my own home paid off in two years, and I'm damn sure not turning it loose to anyone lol. A paid off home is part of my retirement plan.
Downsizing should be an option though, perhaps to a single story, without incurring massive nominal capital gains tax due to decades of inflation.
@@bearcubdaycare We already live in a small, one story house. We were thinking ahead when we purchased it. It is 900 sq. ft. and when our family comes, it is quite the squash. Don't want to go even smaller.
What about downsizing with death in the family especially when the income from social security is cut in half when one spouse dies.
Wow... to the op! That is exactly our situation, including you ages! Amazing! Anyway, sadly us boomers are checking out fast, and it's speeding up. In the next 10 years, about half of our generation will be gone. So at least 30 million homes will become available.
The problem is, Private Investment Firms and the like, are buying up all the family homes. Ordinary people will no longer be able to ever hope to own their own home. That's a serious problem!
Great info! Thank you.
Good points. Thank you.
Great analysis! Thank you for considering the realistic aspects!
I'm not waiting for to buy a house, since we own a condo already, and having public transport, services within walking distance, and not needing to do gardening or such work, is really all that I'm looking for.
We actually bought this from a retired couple who wanted to move back to the countryside (their childhood place), now that they didn't need to consider commuting anymore. Though for all I know, they settled for a condo in a small town.
Financial planning is like navigation. If you know where you are and where you want to go, navigation isn't such a great problem. It's when you don't know the two points that it's difficult
People dont understand that the prices of things are never going back down. This inflation is deeper than we think. Those buying groceries are well aware that the real inflation is much over 10%. The increments dont match our income, yet certain investors still earn over $365,000 in stocks and assets. Wish I could accomplish that.
Very possible! especially at this moment. Profits can be made in many different ways, but such intricate transactions should only be handled by seasoned market professionals.
Some persons think inves'tin is all about buying stocks; I think going into the stock market without a good experience is a big risk, that's why I'm lucky to have seen someone like mr Brian.
Finding yourself a good broker is as same as finding a good wife, which you go less stress, you get just enough with so much little effort at things
Brian demonstrates an excellent understanding of market trends, making well informed decisions that leads to consistent profit
Thanks, Jackie, for highlighting the need to build more affordable houses and promoting more job creation in the trades. When I was in high school back in the early 1970’s, one of our community high schools ( we had 3! ), used the shop classes to build a house in a neighboring community. The house is a proud testament to a pilot project that taught and nurtured an interest and skills in the trades. This could be utilized in most if not every high school. Bringing back Home Economics would prove helpful as well, especially in this era of needing to stretch dollars.
Totally agree. Thanks for watching!
I personally like your idea, but (for now) in truth I think you're too practical for the Academic Agenda of Indoctrination that has infiltrated American government funded (aka public) schools.
If the government wanted to they could step in and prevent large scale investors from purchasing starter homes and turning them into rentals. Start there. This should be an off limits asset class for a corporation to own 30,000 doors. This doesn’t benefit any part of the economy except banks and investors.
Convert office buildings, knock down office buildings, scrape old buildings, etc. rust belt has tons of areas which could be gentrified and cleaned up environmentally. Provide incentives from businesses to move there.
Converting office buildings into apartments is easier said than done. Every system from plumbing to electrical to HVAC would need to be replaced. Fire barriers and smoke barriers would need to be built. Services would need to be upgraded. You would have to gut the entire building and rebuild it from the inside out. Different building codes apply to domiciles than those of office buildings including things like means of egress. It's easier to tear down office buildings than to repurpose one.
You're going off the assumption that building more homes solves the problem. The new problem is private equity firms flipping homes to rentals.
A lot of them already sold their houses to equity companies like Blackrock for cash offers 15% above market.
I love how you're Jersey accent sneaks in lol❤
As a millennial.. I got lucky. I bought 2 acres and 2000sq ft old house from an old couple who sold to live closer to their kids. My neighbors are between the ages of 84 and 55.. lol
Hy. Here in Canada, I have a coworker who is planning to retire soon. He is 63 years old. He was planning to sell his house and move with his wife in a retirement home. He has 2 kids around 30 years old.
2 months ago his daughter was evicted because the landlord wanted to sell the house.
She moved in with her boyfriend in her parents home.
Now the guy does full reno to accomodate the new guests.
That house will never see the market now.
This is just one example.
Disagree- banks are buying inventory for pricey rentals. So. No. There's an interruption to logic, called GREED
Baby Boomer here, staying in our home. Boomers get blamed for everything.
Yes, I’m getting into sick of people acting like we are wrong for staying in the homes we paid for. I am Gen X and no one can make me feel bad for working my entire life to have a nice home.
@@ckl5590 Gen X aren’t Boomers
As they should, and I'm a Boomer that's tried to live with a sense of "enoughness" while most are still partying.
True. A lot of it comes from jealousy. Every generation has its issues and struggles.
Shut up, Boomer
I bought my townhouse pre-covid at 125k @5% now it was appraised 200k @4% ,yes interest rate went down but cost more over all
Jackie to lead HUD!! Great ideas!!
Maybe if zoning was changed so things went back to mixed use and you could live above retail businesses there would be more housing opeing up. And, you know developer greed in only making mcmansions were curbed, that might help too. I'm much more for mixed use and more public transit myself.Not everyone wants the expense and upkeep of giant house and yard.
Greed is the number one problem in our country and the most popular way of being.
Millennial here... I'm almost 40. I've owned a house for almost 10 years. Do you mean that Gen Z can't afford a house? Those are the guys who are probably starting families now. We millennials are... old now.
Millennials 1981 to 1996 some are turning 30 and some are turning 40. Two generations of millennials, Millennial 1 and millennial 2.
Maybe it's time for you to grow up. At 30 you are not a boy anymore. Did you know.? You teenager
Totally agree. I'm 42 and bought a 2200 sq foot home for my family of six. It's my third property, been a property owner since 2010 and work with hundreds other millennials who own homes as well. I dont get this narrative about millennials not being able to move in the housing market.
This will make a subtle difference, but we really need policies to encourage the building of more housing, and in particular more affordable housing. There's no reason houses need to be 2500sq ft and above. You can raise a couple of homes or live as a couple VERY comfortably in 1400 sq ft. Affordability can also be boosted by building them without a garage, but situated to easily add a garage. Even an attached garage.
"Silver tsunami" made me laugh too hard . . . 🤣😅
That is what I have been saying for 20 years. Let people build the homes! Remove building restrictions and permits to the absolute minimum! Not building permit cost more that cost of the home 40 years ago. As a result, people are not allowed to build, they spend weekends drinking beers whereas they could be building houses for themselves. You can buy materials for 1000sqft house in HomeDepot under 40K and build a fully functional house in 2 years working on weekends.
Have you seen the kind of stuff people build when there are no permits and restrictions? It’s the 3 little pigs writ large.
Why isn't anyone talking about Medicaid Reimbursement when boomers need to go to the nursing home? That's why people say," the nursing home took my mom's house." Fellow millennials don't plan on this, unless your folks put their house in a trust and MUST be done 5 years PRIOR to receiving care. Most people wait too late because they don't know.
@@carollynt Good Lord, aren't we the little goody two shoes. Everyone leaves their assets to their heirs. Have you been living under a rock. Its not a question.
@@inezrosario226 it’s Medicaid. It’s the payer of last resort for poor people. That’s why they take the houses.
@@carollyntno it is not. Should’ve planned better and why should people get free care?
Homes in our area doubled after the pandemic. Speculators and Corporate realty funds constantly offer to buy older homes as is. The more affordable older/starter homes that become available are often razed with McMansions put in its place. It's a vicious cycle to the 1rst time home buyer
Jackie, just subscribed. Interesting content. Question: What’s up with the multiple, sometimes massive, apartment complexes going in everywhere? I’m in NJ and not sure how they will impact house values.
Thanks for subscribing! Yeah I'm seeing the apartment buildings too. Like a LOT of them. I guess since there isn't much land left to build houses, they putting in apartments. I'm not sure what that will do to home values either. There have been quite a bit of luxury apartments built.
If people can’t afford a home, where else are they supposed to live?
Why are you worried about the baby boomers staying in their homes when the silent generation is still in their homes. Our neighborhood is full of the silent generation 86 years old and older.
Because the silent generation is probably still in shape and dont piss their money away on stupid stuff. Silent generation were raised to be adults. Baby boomers were raised to just do whatever the hell they wanted to do.
Yes, the silent generation and their offspring, genx, have escaped notice and the animosity that boomers and millennials seem to have for each other. My silent gen parents have no plan to move and I support whatever they want to do.
Government was 17 percent of GDP in 1980 while it was 39 percent of GDP in 2020.
Healthcare was 9 percent of GDP in 1980 while it was 20 percent of GDP in 2020.
The increased cost of government and healthcare are making it much more difficult for young people to build wealth than it was in the 80's or earlier.
Great comment even if it is indirect to this specific discussion it ALL plays a big part. You, my friend just addressed the big elephant in the room no one wants to discuss, but it is not going away because it is reality. You are so right, glad you brought this up.
Yes, and the Military Industrial Complex Budget has ALWAYS gone up.
Lets cut it in half bc 500 billion could do a lot of good for Americans instead of War Profiteering corporations
@@bobbafett1849Except military is a shrinking % of Fed budget. Great Society is killing us.
@@michaelplunkett8059 The MIC is not even "shrinking", all the government has to do is threaten to slow its increase and the MIC goes into full meltdown and starts a war or pandemic.
@@bobbafett1849 Healthcare and social security account for well over half of all government spending. Military spending is small compared to the welfare state.
Im a 36 year old millennial who would love to move out of my current home to a place with more land and room to expand, my boomer mother would love to sell her home and downsize... neither of us can reasonably do it because we would be throwing money away just to facilitate a move. Its a stalemate i hear from a lot of people. And to the younger millennials and gen z that havent bought a home, i feel your pain! Its truly terrible what investors and hedge funds have done to reasonably priced homes!
Even in smaller cities in iowa newer built homes are costing $400,000+
Why are gen Xers completely removed from the equation in most conversations
Conversations about what? Real estate?
Sshhhhh, that's the best way to have it. Let them fight among themselves.
@@JackieBaker Yes please! We like to buy homes too and many of us are struggling in this housing market like the younger generations. Some will inherit homes from their Boomer/Silent parents of course and pass them to their children which make up Gen Z and a little bit of the millennials, or sell them. I'm curious how we fit into this dynamic. We may be a small generation between the Boomers and the Millennials but we still number in the tens of millions and that can make a pretty big impact on the housing market.
Shhhhh. We are quite happy being left out of your culture wars! We grew up the latch key kids so are independent trend setters who just don't give a snot. Boomers chose to age in place, which meant we did not get the homestead and had to strike out on our own. Interest rates hit 18% at one point. We were the first generation to do worse than our parents. We got by but not unscathed. We were kinda forgotten, but the first generation to be told we must go to college to not die in poverty and the first to find out it wasn't true for all. We came of age during "trickle down economics" popularized by an actor/ president. Still we got by. We watched life go from party lines to cellphones, arcades to home game systems, malls to online shopping. We saw 8 tracks become cassets and had records to CDs to now streaming. We adapted. We get ignored because we were a smaller generation and we were taught to be seen not heard. We put our heads down and went to work and didn't ruffle feathers like our parents had. We quietly innovated and adapted. Millennials lived their lives in public view from birth. It's kinda hard not to know all about millennials🤣. Gen X is just fine over here in the corner all on our own. It's ok we have a key and let ourselves in everyday. Put dinner in the oven do our homework and hang out with friends.
I am planning on leaving my home to my Millennial daughter. I don't think she will be able to get her own.
Corporations will snatch up those homes, make them rentals and bundle them on the stock exchange.
Thats exactly what HAS BEEN going on the past few years and it'll only get worse
Gen X here 🖐️, yeah we're here too and need housing as much as our kids do lol.
Apartments are another thing. My old neighborhood where 4 generations of my family lived is going more vertical. Finally, the second buyer scraped the old house and trees on 1 1/2 plots and put in two tri-level apartment buildings with a total of 12 units. The previous buyer used that falling apart house as a live-in office for his supply business for 20 years. I then took a tour of that neighborhood of 80+ year-old houses and found similar as these are being slowly replaced with about 4 units per lot. It will be harder to raise children in a 3 floor slice.
Even boomers are gone, we still have to face the problem of population growth and limited resources.
Birthrates way down. You're complaining about a non problem
*clickbait ⚠️ warning*
this is a natural, gradual trend, that will play-out in the market over many years, not a "Boomergeddon Tsunami" with hellfire, shock, and awe as seen on the misleading thumbnail pic
Thank you. Nothing has changed.
Homes were typically left to family. Nothing new here with that. Part of the problem is the young buyers. They want what they can’t afford. Been in real estate since 1980’s and what I hear from young people makes me cringe. I ‘have to have’ a huge walkin closet, a pool and four bedrooms. Oh, and a two car garage and a large yard and, and and. . .
One guy was angry because he wanted a fixed up house in the country on acreage and could only afford a fixed up house in the subdivision but as he kept saving up the prices kept going up and that was the fault of the Realtors, the appraisers and the greedy sellers. Not himself. For most that dream home came after the starter house and that came after the townhouse and that came after getting a career and hanging out with the family for a few years.
Aren't the majority of single family homes being bought by private equity firms for use as rentals or to park money for easy appreciation? Building more homes won't matter if investors snap them all up, increasing their holdings while boosting their existing asset values by maintaining scarcity.
What is the potential corporate acquisition rate of private real estate going to be during that time as well. The market is more than just private buyers and sellers, in some neighborhoods you have 10% ownership by corporate entities what's to say that they won't aquire at a higher rate over time.
I would like to add deflation is the only answer
Can I ask you a question how come you never talk about generation x and for that matter how come nobody ever talks about generation x and purchasing homes¿????
We don't want the attention that Boomers and Millennials get.
Talk about us all you want. The difference is we don’t give a damn what your opinions are.
Us Gen Xers are notorious for not wanting to be talked about. We are also the last generation that was able to buy our houses and yet are in the prime of our money making life. No need to talk about Gen X buying homes. We all got em already at great interest rates and low downpayments.
Gen "X" just messes everything up
Gen Xers notoriously want less and expect less from the general public. Including attention.
Mostly though the issue is that Gen Xers aren’t as numerous as the generations before and after them. Birth rates fell from 1965-77 so there just aren’t as many of us as boomers or millennials.
Unless if the government can restrict home purchases, a majority of the homes will just go to investors.
Yes Jackie, I'm always here for your opinions lol
The only way housing is going to become more affordable is if people make the decision to lower the prices. It's not just the boomers. Many homeowners are holding out and holding on because they want to make a lot of money. That's the problem. Everyone encourages these increased prices except the buyers. The owners of homes need to lower the prices significantly. It's about affordability.
Nobody is going to take less than what they can get including yourself.
It’s not so much wanting more money. Current homeowners who’ve been there for, say, 5+ years either have the home paid off or are on a low interest rate. Assuming they own no other property, if they sell, they’d need to buy some other place at top of the market and/or borrow at a higher loan interest rate. They’re not stuck, but there isn’t much incentive to sell in those circumstances.
I'm a boomer, my two brothers and myself inherited our parents home over 40 years ago. We sold it. People die every day and the market absorbs all of it eventually. It all doesn't occur overnight. All this speculation is silly. The gen x group is also aging as well, nearing retirement age very soon. What of their houses?
Boomer parents died young, Boomers will live forever, Gen X seems like a lot are dying in their 50’s. Hedge funds are waiting for the homes.
@@thebigpicture2032 I'm a boomer, my parents died at 90, your equation doesn't work.
@@rockingredpoppy9119 averages, there will be exceptions
We keep them and pass them to our kids. We worked hard or build our house, we had two jobs, never vacationed, no expensive cars, no eating out, SACRIFICED for years to build our home 25 years ago. And before you say, we are privileged, I was a waitress and he’s an iron worker and was bringing home $700 a week, not huge money for a family. A. Lot of things people won’t do now to get where they want to be. This house will go to our kids, paid for and beautiful.
@@thebigpicture2032 on average, the boomers are dying younger than their parents. The estimated life expectancy now is only 77, ten years younger than the Silent Generation.
The problem with housing is NOT the individuals that own one or two houses. The problem is that far too many houses are owned en mass or by companies/corporations and are then RENTED out an heightened prices. This practice is what has led houses to be priced so high, because tgey are now viewed as a "commodity" instead of a necessary right. The average house was sold for almost $500k while the average wage was less than $40k in 2023.
I love all these predictions. When you depend on a crystal ball for your future, you sometimes wind up eating broken glass.
Build, Build, BUILD! Stop building OUT and start building UP.
Why are generation X-er’s completely omitted from the majority of equations?
Because they are the modern equivalent to the silent generation, they were the last generation to enjoy similar benefits to the boomers.
We are already home owners. Though not necessarily house owners, but condos.
Because we like it that way and have better things to do than complain.
They’re in their 50s and should have bought a house years ago when rates were low and houses were way cheaper.
@@MaryLopez-em3rcrates were at 8% 23 years ago when this gen-xer built our house. Not low. Now we refi to 1.8% for 15 years during Covid. House will be paid off early, just as husband retires if he wants to.
We don't need to build more homes. There are around 16 million vacant homes all across the country. I think people have unrealistic expectations wanting a move in ready house in prime locations.
At a certain point, do you understand how dumb your comment is?
I look at what homes cost 3 years ago and I'm wowed by what I could afford to buy if I could just send my income back 3 years to buy it.
Exactly. There are plenty of older homes that aren't in desirable areas. Nobody wants to clean them out and fix them up.
Exactly, look at Detroit, St. Louis, Baltimore and Buffalo - city after city and town after town in the rustbelt and Midwest, and that's not even catching the scope of it. Massive amounts of housing just abandoned decades ago and rotting away. There is housing to go around alright, there just isn't the purchasing power to motivate renovations and bringing the salveagable stock back to market. The inflators of the currency supply and architects of the US fake economy have decided the future American consumer rather deserves to live in a homeless tent. After all, if housing prices went down, there goes everyone's pension.
If it takes building more homes to bring down the prices then yes, we do need more homes
I just bought a house from a boomer. They lived in it for 40 years.
34 year old millennial here that bought a home back in 2018 and land in 2012, I WAS trying to FINALLY build a new home on my land but the 8% interest rate ruined that 😡 That's absolutely RIDICULOUS when my current mortgage rate is 4%. That's what is causing my wife and I to sit on our home 😒
Boomers not problem-Airbnb problem
In my area it is a huge problem. Our neighborhoods have been demolished. I feel like I live on hotel row now.
Thank you!!!!
If we're going to build new homes, they should be in new towns and cities. This cramming of new homes into already built out towns and cities in California is not the way to go.
You haven’t heard. No more wasteful suburban housing subdivisions.High rise living space is the new way. How would you like raise a family on the 16th floor. Lol.
Density has a lot of benefits
I love the idea of "creating" cities of, say, 50,000 residents, but you'd need some big employers, as well.
To do that you need to run water, sewer, electric and roads out to the “new cities.” 🤦♂️
Just ignore the Hedgefunds like AH4R holding all the inventory
Unless the home is priced at 300k or more, not many being built below that but i see tons of huge fancy condo/apartment buildings going up.
Boomer here...first, I don't think my millennial kids would want my home (or any of my stuff for that matter)...next, I always hear how they're smarter than us so they'll figure it out...Boomers aren't the reason homes are WAY overpriced in most markets.
Family issues
LOL. As a young boomer (born in '62) I'm already tired of seeing how the boomers are being blamed for all the economic woes of this country. They tell us how easy it was for all of us. What I don't see is most of the young generation living like we did in order to get ahead. Simply doesn't exist for most. They consider giving up a coffee a day as a great sacrifice when I've never stopped for a coffee on my way or breakfast either. We ate out 1-4 times a month when our children were home - many times only 1x a month to McD's. The rest I cooked. I'm really tired of hearing how the young ones have it so hard. They just have no concept of what their parents or older people did when they were young to try to get that extra cash.
There's usually a child that's a bum and won't or hasn't worked and moves in when the parents kick it!
Legally speaking why would that even be allowed? There are 4 of us. When my mother died the house was left to the 4 of us. We sold it and split the money. I wouldn’t allow the loser to live there. Take your 1/4 and bye! Can’t happen if you don’t allow it.
Not a lot of jobs out there. Maybe they aren't all "bums"
The boomers got married, worked jobs for decades even if they hated the job, and paid for what they could buy.
That’s the path, folks. No gadgets and parties and big vacations or $50k weddings. Get married, stay married, work hard, and buy what you can afford where you can afford it.
Lot of boomers moved to my home state (florida) after working their lives up north in brutal winters in crowded streets.
I’ve lived in many trailers. Will again if I have to. I turn my nose down at nothing. At present I have lawn chairs in my living room because I’m too frugal to buy furniture and I don’t need it right now. If people find that odd, don’t come to my house.
I vinegar my old terrazzo floors so they are clean but they aren’t nice like new tile would be. Too bad. I can’t afford new tile right now.
Learn to make priorities then decide if that takes you in the direction you want to go but remember it is work
A quick solution would be to disincentivize corporations by removing any tax write-offs or tax breaks for corporate-owned single-family homes.
We just had 7 million people immigrate to the US. Bommers don't mean squat. Ecomony is the only thing that matters.
@@ZZ-ic4vk Great comment! Thank you!
@@ZZ-ic4vk Who do you think are building new houses?
Over what period? How many years?
Exactly.
You spelled, illegal entry wrong
The cynic in mean thinks that housing market conditions in the US aren't going to improve unless there is serious changes at the regulatory level to help protect the average prospective buyer. And honestly the same can be said too about other aspects of living in the US (e.g. the job market, healthcare, education, childcare, etc.). Although the likelihood of that happening is slim to none.
For a thought, if they don’t figure this out, there will be no one to bag your groceries, stock your shelves, start your IV, answer your911 call, etc.
People who make less money cannot afford the rising prices and will have to move where they can.
I’m worried these homes will just be scooped up by private equity. So nothing will change.
Sorry about being 61 and alive. I should just go live under a bridge for 20 years so someone else can have my house? 😂
😆 Exactly. We need a place to live too!
@@coopert.9290 it's not a personal issue, some people in your generation voted in ways that have excluded following generations from accessing the same prosperity you had access to.
Look it up, gen x was poorer at 30 than boomers (by roughly half), millennials were poorer then gen x at 30 (again by roughly half) and now gen z is poorer still.
We have better technology and significantly worse daily-life wealth.
People from other countries will fill in the gaps. They have education and often large families.
There's another factor now. Many businesses have gone with remote work. Office buildings usually have 10 year leases. How many of those leases get renewed? And how many of those office buildings get converted into living spaces?
What unbalanced the housing market is our illustrious government fiscal policies and institutional investors snapping up inventory. Inflation froze the market (nobody wants to give up low interest mortgages) and low inventory is exacerbated by the investors mentioned earlier.