Buying a family-sized home with three or more bedrooms used to be manageable for young people with children. But with home prices climbing faster than wages, mortgage rates still close to 23-year highs and a shortage of homes nationwide, many Millennials with kids can’t afford it. And Gen Z adults with kids? Even harder.
Meanwhile, Baby Boomers are staying in their larger homes for longer, preferring to age in place and stay active in a neighborhood that’s familiar to them. And even if they sold, where would they go? There is a shortage of smaller homes in those neighborhoods.
As a result, empty-nest Baby Boomers own 28% of large homes — and Milliennials with kids own just 14%, according to a Redfin analysis released Tuesday. Gen Z families own just 0.3% of homes with three bedrooms or more.
Article makes it sound like an old people problem. It isn’t. It’s a systemic one. People can’t afford houses.
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Not that weird. The corporate media has been pushing this narrative for a while. They realize that younger people don’t respond to the old racism or anti-lgbtq. But “evil old boomers are stealing your house/money/whatever” seems to work like a charm. It’s just another distraction.
The actual solution is to build more and reject the idea that homes should be a monetary investment (because that requires limited supply, which requires that somebody who needs a home in an area can’t get it in order to make demand drive the price up)
It really isn’t the solution.
I would totally agree with you if it weren’t for the fact that there is an abysmal amount of vacant homes.
Investment companies buy up entire neighborhoods leaving them empty allowing them to jack prices up in the area for rentals.
This has nothing to do with there being not enough homes. The issue is investment companies turning housing into a monopoly.
Building more won’t do shit because investment firms will gobble those up too. New homes are mad expensive too so the only people affording them are rich people or investment firms.
Remove Wall Street from housing and the problem is solved.
Investment companies does make it worse, but they wouldn’t be able to cause a crisis if homes were built in such volumes that they can’t be investments. They’re buying expecting value to go up. Build enough and that can’t happen.
Right, we had the same issue before investment companies got big, and before airBnB. They just made it worse and the jump in interest rates made houses suddenly even less affordable
As someone who does have a house, I wanted to start pre-paying my mortgage so that’s not hanging over my head so long. However with interest rates as low as they are, I’m much better off even just dropping but I to a savings account …. Anyhow, my point is that even if I wanted to sell, such as to downsize, that’s a bad deal given interest rates
with home prices climbing faster than wages, mortgage rates still close to 23-year highs and a shortage of homes nationwide, many Millennials with kids can’t afford it. There is a shortage of smaller homes in those neighborhoods.
The article mentions both cost and availability as factors.
You don’t understand. You must be angry at old people, not rich people or companies.
Well, try to build high density housing near them and see what happens.
“Rich people hate this one simple trick”
my older in-laws are hoarding all the wealth after grandmother passed and they finagled their way into the inheritance they were not in and inherited the vehicles as well
now we have ask them for anything if we get in a bad way and my side of the family did something similar
older people do be hoarding
Yeah, old people! Get out of your houses! Die in the street for everyone else’s benefit!
Just like how you were supposed to die to vote for Trump in the Iowa caucus and die from COVID to help the economy.
The point is, this is entirely your fault and we hate you and go die. In a hole preferably, so we don’t have to hear you moan about needing social security and medicare.
Sincerely,
Republicans
(P.S. Vote for us before you die! Kthx.)
For sure, you know those famous republican rags “CNN.” “Indipendent.co.uk” and “Vanity Fair.”
Sorry… are you under the absolute bizarre impression that because I linked to two articles that quote what Republicans say, I am saying those two sources are Republican?
As for CNN… who just hosted a pointless Republican debate?
I just think it’s funny to be complaining about the republicans doing something and post three sources of their opposition doing the it, instead of finding three republican “pro killing boomers and making them leave their homes” articles which I’m sure you could have.
As for CNN… who just hosted a pointless Republican debate?
So you’re doubling down on CNN being the republican’s news outlet? Oh right I forgot about the party switch, you know, when all the CNN guys became republicans and all the Fox guys became Democrats. Silly me.
I suppose I could have found articles about things I didn’t know people said, but I decided to go with the ones I did know about.
And CNN is whatever its WB masters think will most benefit them… but if you think it’s left-wing to allow two Republicans to spend a huge amount of prime time on your news network spewing their false talking points unchallenged except by each other, I don’t know what to tell you.
I suppose I could have found articles about things I didn’t know people said, but I decided to go with the ones I did know about.
Right, and then say other people said it, it’s just an odd choice.
And CNN is whatever its WB masters think will most benefit them… but if you think it’s left-wing
“Are democrats left wing” is another convo, but CNN is demonstrably democrats. That’s like denying Fox is “the republican one.”
allow two Republicans to spend a huge amount of prime time on your news network spewing their false talking points unchallenged except by each other, I don’t know what to tell you.
The entire network is a challenge to the republicans, they’re literally the news outlet of “the other side” as fox is to the republicans. Idk what to tell you dude.
but CNN is demonstrably democrats.
The entire network is a challenge to the republicans
Again- why did they devote a large block of prime time to allow Republicans to spew talking points unchallenged if that is true?
My mistake, it has been brought to my attention that they have come under new ownership as of late and that my info is no longer true, that’s my bad.
It seems you’re operating on old news. CNN has changed hands and its stakeholders expressly want CNN to be FOX.
They’re happy leaving the libs MSNBC.
Oh shit, I may be actually. When did this happen?
Boomers shouldn’t have to part with their homes. They, too, need a place to live.
The issue is not Boomers owning the house they live in and refusing to leave it (even if it might be larger than they require) The issue is in particularly large corporations owning thousands of properties and taking them away from the housing market.
We should tear them from their homes and send them back where they came from.
We just need more of them, not some random group to get fucked out of their housing. Bleed the 1%
Not sure how more boomers would help…
I’m shocked! Is this yet another article that tries to blame the average American for the housing market problems instead of residential real estate “investors” buying up all the properties to rent or use as airbnbs?
Or what about the foreign investors who are buying up land and homes with what seems to be zero oversight?
But obviously it’s the boomers who just want to live in the house they bought.
It’s the scapegoat to try and avoid the legislation that needs to happen to put a stop to this bullshit.
Also, y’know just the overall lack of houses. It’s not all greedy investors
https://usafacts.org/articles/how-many-vacant-homes-are-there-in-the-us/ 10% of homes in 2022 in the US were empty
That stat by itself means nothing because
- Second homes/vacation homes of wealthy individuals
- Natural vacancy in between buyers/renters/airbnb/refurbishment etc.
- There’s no point to a vacant house in the middle of bumfuck nowhere. Populations are constantly moving.
It disproves the idea that there aren’t enough homes. When i was homeless person I didnt care where the house was. Second homes of the wealthy are vacant. landlords are part of the problem and are scum.
Second homes/vacation homes of wealthy individuals
The GOP’s constant gigantic tax cuts for the rich are a huge force inflating costs of houses for everyone.
I love this community, seeing through the generational conflict bullshit.
Makes me wonder if the corporate propaganda networks are going to be in trouble because this seems to be one actual generational trend: younger generations don’t seem to trust the media like older ones did.
I’ve seen CNN as basically Fox News but with a different target audience for over a decade now. They can’t say as much stupid shit because that audience isn’t as dumb as Fox’s, but it’s pushing the same divide and conquer shit.
CNN got bought by some other Republican asshole, I forget the name. They are basically FOX News now without actually using the N word.
I like Scripps News
Gee, boomers are being selfish! Who would have guessed?
Idgaf about the boomers who want to grow old in the homes they bought. Thats their right as a homeowner. I care about the airbnbs, unskilled flippers, and the corps trying to turn America into a “renters market”
These fuckers too - price hiking people out of rentals is a policy. The encourage evictions instead of negotiation. it’s fucked.
Exactly. My parents are boomers and own one house. But my sister and her son live with them, so they are utilizing their space.
It’s the corporations that own several rentals, complexes, etc that drive rent and house prices up. Can’t compete with their practices .
I read the disaster insurance in some states are so outrageous or even unobtainable, so private citizens can’t even get a mortgage (no insurance, no loan) anymore-assuming they could afford one to begin with. The only ones who can afford to outright buy in some places are corporations and foreign interests. It’s fucking trash.
There are so many “boomer bad”, “genx vs millenniall”, “zoomers are lazy” stories lately. Seems like they got tired of just pitting races against each other and moved onto fake generational conflict. This way we don’t notice what the billionaires are doing to all of us. Meanwhile the 5 richest billionaires doubled their net worth.
GenX here. I’m shocked someone remembered us. We’re not even mentioned in the synopsis
This. it’s ok to own a home. It’s ok to rent a home. people need places to live.
What’s not ok is being a slumlord.
yeah kinda feels like the corporations trying to push a bogeyman to distract us.
No, just a writer with nothing to write about. This article is seriously summed up as “omg people are choosing to live in the homes they bought, wtf??!”
Why should they have to move? What is this unwritten law that says after 30 years you’re required to sell your family home to someone younger? I get that the baby boomer generation has fucked up a lot, but I don’t see why anyone should have to silently pack their belongings and shuffle off to a nursing home just because Junior wants his first big boy house…
I agree, but it sure would be nice if boomers did something good for once.
They will eventually (though only once). It’s one of two certainties in life and the other is taxes.
“Shortage of homes” created by a parasitic class of people and corporations who gobble up all the available homes
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Baby boomers aren’t, but capitalists are.
They’re the ones who gobble up all available real estate to manipulate everyone else with for their own benefit.
I assume that was Karashta’s intent, not Baby boomers as you deflected to.
They can go rent the places everyone else is currently forced to because of their generational bullshit.
It ain’t the boomers doing that. It’s the corporations.
And who runs those corporations?
Rich out of touch assholes ranging from Boomers, Gen X and millennials?
Bunk beds in assisted living, pack them in tight so they briefly get to experience a taste of the consequences of their generation’s gluttony before shuffling off this mortal coil. The rich won’t be affected, of course, so significant opposition isn’t likely. Through their votes and actions, they made their bed so now they get to climb up and lie in it.
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Thanks doc.
Yeah? And if a person from the third world whose island is half under water because of your ‘luxurious’ lifestyle comes to you for some of that sweet justice? The average American emits 15 times the CO2 compared to someone in Tuvalu. Would you like to be put in the bed you made?
Oh you’re not the one that made the system the way it is? Well neither did the majority of “boomers”.
The plan was that they sell their home and downsize into an easier to maintain condo.
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It existed 15 years ago, when millennials were starting to move out of their parents’ home.
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What everyone is saying is that boomers were greedy. They held on to everything. Jobs, homes, they voted away our social safety nets because they wanted to keep their tax money and voted for conservatives and neo liberals.
Now the younger generation had a late start in life because of this. They got an education but couldn’t find jobs. They wanted to get a house to raise a family but they had to forfeit that whole idea because of the little savings they could make. And because raising a child in a one bedroom 500sqft apartment, or condo unit at best, isn’t ideal.
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Corporate propaganda.
Obviously fuck boomers.
But we can’t afford housing because of corporations. Not other people.
In general when other people are being blamed for your problems, it’s corporate propaganda. They don’t want us working together.
Why fuck boomers? Hating a whole generation seems a little extreme
Funny how corporate strategy of encouraging us to squabble with each other is the same as the predominant political strategy.
What’s funny is that some people still think there’s a meaningful difference between government and business.
“Old people to blame for not selling their houses or dying sooner!"
Seriously, WTF? It’s my house. The entitlement of some people…
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Ok so we’re trying to blame boomers now for Airbnb now? Cuz there’s more than enough NEW housing that was turned into Airbnb by gobbling firms.
Brian Joseph Chesky (born August 29, 1981) is an American businessman and industrial designer and the co-founder and CEO of Airbnb. Chesky is the 249th richest person in the world according to Forbes, with a net worth of $8.6 billion, mostly due to his ownership of 76 million shares of Airbnb.
Where did Brian Chesky start Airbnb?
San Francisco Airbnb. In October 2007, the Industrial Designers Society of America was hosting a conference in San Francisco and all hotel rooms were booked. The pair could not afford rent for the month and decided to rent their apartment for money.
You can safely leave the boomers out of that conversation for how the unchecked system was actually broken by a millennial.
Airbnb impact pales in comparison to SFR and B2R. And guess what generation is driving those industries.
Go away troll.
What comes after Gen Z? Gen A? Gen Ź? Gen [?
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Here’s the fun part. It started with X and the definition of who is Generation X keeps changing. Originally, Boomers were Generation X.
https://en.wikipedia.org/wiki/Generation_X#Terminology_and_etymology
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Currently called gen Alpha
Ok, so going back to the beginning. Interesting choice. I would prefer Gen [. Can we agree to call then Gen [?
Well the Greek alphabet, presumably we will get Beta and Gamma next.
Seems fitting, it’s the roaring 20s again. We’re going to be building up to the faithful days of the 2029 market crash. This time with real serious dumpster diving. You talk about finding half a burger and climbing into one of these things next to a tall building… Nah, think 50 floor diving in right on the burger, lid closed or open, head first. Yeah, it’s building up!
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