Boomers can’t downsize

[Anonymous]

Here is a big part of housing problem. Boomers including me can’t move due to home prices shooting through roof in places we want to retire.

Rehoboth Beach I like, Hamptons I like, Beach place North Carolina or South Carolina I like it maybe a lot place in a good part of Florida.

But prices those places are through the roof!! Way more appreciation than my DMV house the last three years.

And taxes way up on selling and buying homes and retirement places often have HOA fees.

I was shocked at Rehoboth prices when I was there last month. One bedroom condos by beach are price of a whole nice house by beach just 5 years ago.

And Florida I visited there my friends 495k house bought in 2016 is now 825k. To be honest it is crappy and his neighbor the nice homes are now 2 million!! 2 million for Florida!!

[Anonymous]

Ok but you should sell and live somewhere cheap

[Anonymous]

Well, you can. You’re just experiencing sticker shock and don’t think you’re getting as much for your money as you “should.”

I feel the same way when I pay $5 for a gallon of milk but that’s how inflation works.

[Anonymous]

Typical boomers. Want top dollar for the home they're in now, but want to land somewhere nice and cheap.

[Anonymous]

The issue is you. You want to go places that are very desirable. No crap the Hamptons are expensive. They’ve been expensive for decades upon decades.

You’re spoiled.

[Anonymous]

Find a house or condo on a lake in Michigan or Kentucky. Nice view, lower prices.

[Anonymous]

You're surprised that you can't retire to the Hamptons?

[Anonymous]

Anonymous wrote:Typical boomers. Want top dollar for the home they're in now, but want to land somewhere nice and cheap.

Typical GenZ/X/Y - want to land somewhere nice, but it also has to be cheap.

[Anonymous]

My parents sold their 4/3.5 house in the DC suburbs, and moved to SC. My mom says she “downsized” because she now has 3/3.5, but after all the “must have” upgrades, she only saved about $40k in purchase price. In rural SC. It blows my mind.

[Anonymous]

I would say “Boomers don’t want to downsize”.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Typical boomers. Want top dollar for the home they're in now, but want to land somewhere nice and cheap.

Typical GenZ/X/Y - want to land somewhere nice, but it also has to be cheap.

Not true - most of my millennial friends bought in expensive areas because we value location over mcmansions

[Anonymous]

Mfw priced out of the Hamptons

[Anonymous]

Anonymous wrote:My parents sold their 4/3.5 house in the DC suburbs, and moved to SC. My mom says she “downsized” because she now has 3/3.5, but after all the “must have” upgrades, she only saved about $40k in purchase price. In rural SC. It blows my mind.

Is this a new house? We would prefer to downsize to a smaller but new house to avoid maintenance issues as seniors.

[Anonymous]

Anonymous wrote:Typical boomers. Want top dollar for the home they're in now, but want to land somewhere nice and cheap.

Exactly this. Rehoboth beach is what, one mile long? That means limited inventory. This isn't a difficult concept.

[Anonymous]

You’ll just have to move elsewhere then. You probably will make a ton of money off your DMV home.

Also, I looked up Rehoboth and there are places that are reasonable. They may not be in the best area or what you want, but everyone makes compromises when it comes to housing.

Don’t forget about getting all the proper insurnace if you live by the water, that’s $$$