The median Boomer has a housing cost of $612. That includes taxes and insurance.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I was in Texas recently. Lots of new construction homes being built.

The irony of red states generally having less restrictive zoning.

https://www.newsweek.com/blue-states-housing-market-crisis-1877226

Texas is big and flat. Very easy to build. California has challenging geography - the only empty places left to build are mountainous and/or prone to wild fire risks or very inhospitable. California needs to build upward to compensate, yet nimby’s fight anything that isn’t a SFH or townhouse.

The last time we had a “New Deal for Housing” was post WW2 when the GIs came back and had no houses for their wives and kids. They had to live with aging parents. We will need another similarly dire situation in order to bulldoze over NIMBY protests to upzoning

Wait you think GenZ and Millennials are going to want to just buy condos? Lol.

No lack of Gen Z and Millennials in my California neighborhood. Doubt they want to live next to condos with their 3 kid families.

Of course they don’t. And most people don’t want to buy them either. PP’s pipe dream of just building up is truly one of the most stupid takes given that you can’t increase infrastructure to support all the people that would then supposedly move into these multifamily buildings.

Those that have advocated to move job centers to less urban areas and build around them is one of the best ways to support the ability for younger generations to buy homes. So is increasing the ability to continue to work from anywhere, significant cost increases on investment properties, limiting Air BnB etc, limiting foreign investment etc.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Seriously dumb criticism. Every generation nearing death had, has and will have relatively low housing costs. Their expenses were incurred earlier in life.

But food news for whining millennials. They will inherit these assets en masse.

No we won’t. Our parents are going to have to spend down everything they ever saved (if they saved) in end of life care that can run $5k+ a month. Boomers are going to live for a long time, this will easily drain most of the “inheritance” the average Boomer might’ve accumulated.

Good.

NP. How old are you?

Why are you asking this?

[Anonymous]

Let’s put all the Boomers in internment camps and take their houses.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:What’s with all the boomer hate?

Let’s see. They have indebted and ruined our country in self-serving ways. They are self involved often letting family hang out to dry. Every problem America faces traces back to that generation . . .

Ah, ok. Your complaint is that Mommy and Daddy aren’t subsidizing your lifestyle.

Yes they want free weekly child care and mommy and daddy all expense paid vacations to the destination of their choice. Anything less is considered neglect. All with no strings attached of course, such as a modicum of respect. It's a one way street.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Stop your whining and get a therapist to help you deal with your very transparent issues with your parents.

NP. My parents aren’t Boomers but I legitimately don’t see how people don’t understand why Millrennials/Gen Z/Gen Alpha feel enraged that no matter how hard they work they will never have the ability to build wealth the way previous generations did.

I am a millennial and I’ve had no problems building wealth.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Seriously dumb criticism. Every generation nearing death had, has and will have relatively low housing costs. Their expenses were incurred earlier in life.

But food news for whining millennials. They will inherit these assets en masse.

No we won’t. Our parents are going to have to spend down everything they ever saved (if they saved) in end of life care that can run $5k+ a month. Boomers are going to live for a long time, this will easily drain most of the “inheritance” the average Boomer might’ve accumulated.

Good.

NP. How old are you?

Why are you asking this?

Just wondering how many years you have left until you have to spend down your assets to qualify for a bed in a Medicaid nursing home, and how excited you are at that prospect, since you seem to favor it pretty well at the moment

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:The premise is dumb. Of course housing costs are lower because boomers are older and many have paid off their mortgages. When they were in their 30’s they had big mortgages (helped by much higher interest rates than today).

Boomers and elder Gen ZX had a much lower income-home price ratio throughout their child raising and home buying years than pretty much any other generation:
https://www.longtermtrends.net/home-price-median-annual-income-ratio/

Mortgage payment to household income ratio is at historic highs:
https://twitter.com/Barchart/status/1618079832730132482

Look, it was easier for Boomers - especially white Boomers - to get rich and acquire assets. There’s no shame in admitting that. Even during the Volcker years - the high interest rates still didn’t outweigh the low principal balances for homes back then relative to today.

This. May parents bough my childhood home with a 14% interest rate in 1981. But it was a 60k house they bought with an income of 45k (with a SAHM). Yes, that's a high interest rate, but it was actually possible for them to buy because they only needed 12k for a down payment (not a small sum back then but not some crazy sum either) and the monthly payment was not onerous even with multiple kids. AND it was in a good school district AND it was a safe, walkable neighborhood. It wasn't this horrible burden.

They sold that house for 500k 20 years later. They still had 10 years left on the mortgage but it didn't matter because they were getting over 400k in equity. Their next home was a custom build that they did not finance -- built for about 350k including land, they sold it for over 600k in 2006. Then another custom build (about 500k for land and construction) that my dad still talks about them "losing" money on because they wound up selling after the subprime cash for about 1.1m (it is now worth upwards of 2.5m). They downsized and invested, which worked out great. They recently bought what I think is probably their last house, for 850k in cash. They've got millions in the bank and it's largely from real estate and investment proceeds -- my mom has never worked and my dad has never had a salaried position that paid more than 100k. I'm happy for them, that's great.

But they cannot understand why I haven't been able to do the same thing despite low interest rates. They are confused as to why we still live in our "starter home" which needs some updates we can't presently finance, mediocre schools, more crime than we like. The reason is that we can't afford the upgrade. We are 15 years in on our mortgage and it's manageable, but even if we pulled out all our equity, we can't actually afford either the same house in a better school district, or a nicer house in the same school district. There's just no point. We'll stay and keep paying it down, and I do think in the next 10 years or so we'll be able to move (we pretty much have to by the time our kid hits high school). But we're not amassing a fortune based on real estate -- the market does not work that way anymore, but my parents don't understand that because it's all they've ever known.

How much money do you make? We make less than most people we know. We bought an outdated very small house in a meh school pyramid for what was then a lot of money for us ten years ago with 10% down at 4% interest. Our salaries have increased in that 10 years, our costs have gone down (no more childcare), and we saved enough to buy a house for twice as much recently (downpayment came from savings + the equity on our old home which increased in price by about 30%). We paid off our student loans years ago. Our new house is in a better school pyramid and is 3x the size of our old place. Do people in your situation just not make any money?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Seriously dumb criticism. Every generation nearing death had, has and will have relatively low housing costs. Their expenses were incurred earlier in life.

But food news for whining millennials. They will inherit these assets en masse.

The real estate gains are mostly unique to Boomers.

Not at all. My Greatest Gen dad and Silent Gen mom bought their house for $45,000 in 1968. It's worth close to $2mil and they never did a renovation.

True. My Greatest Gen.parents made millions on their home and other real estate investments. They lived in their four-bedroom house until they died. They liked it. Why leave? My in laws who are Silent Gen also made s lot from just buying a house at the right time. They did move but into an equally large house. Most people I grew up with had parents with these same stories.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Seriously dumb criticism. Every generation nearing death had, has and will have relatively low housing costs. Their expenses were incurred earlier in life.

But food news for whining millennials. They will inherit these assets en masse.

The real estate gains are mostly unique to Boomers.

Not at all. My Greatest Gen dad and Silent Gen mom bought their house for $45,000 in 1968. It's worth close to $2mil and they never did a renovation.

True. My Greatest Gen.parents made millions on their home and other real estate investments. They lived in their four-bedroom house until they died. They liked it. Why leave? My in laws who are Silent Gen also made s lot from just buying a house at the right time. They did move but into an equally large house. Most people I grew up with had parents with these same stories.

Well my Greatest generation grandparents never could afford to buy their own place. I guess it’s just different among different groups of people, just like now.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Seriously dumb criticism. Every generation nearing death had, has and will have relatively low housing costs. Their expenses were incurred earlier in life.

But food news for whining millennials. They will inherit these assets en masse.

No we won’t. Our parents are going to have to spend down everything they ever saved (if they saved) in end of life care that can run $5k+ a month. Boomers are going to live for a long time, this will easily drain most of the “inheritance” the average Boomer might’ve accumulated.

Good.

NP. How old are you?

Why are you asking this?

Just wondering how many years you have left until you have to spend down your assets to qualify for a bed in a Medicaid nursing home, and how excited you are at that prospect, since you seem to favor it pretty well at the moment

I am. What else do you think someone’s wealth should be spent on?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Seriously dumb criticism. Every generation nearing death had, has and will have relatively low housing costs. Their expenses were incurred earlier in life.

But food news for whining millennials. They will inherit these assets en masse.

No we won’t. Our parents are going to have to spend down everything they ever saved (if they saved) in end of life care that can run $5k+ a month. Boomers are going to live for a long time, this will easily drain most of the “inheritance” the average Boomer might’ve accumulated.

Good.

NP. How old are you?

Why are you asking this?

Just wondering how many years you have left until you have to spend down your assets to qualify for a bed in a Medicaid nursing home, and how excited you are at that prospect, since you seem to favor it pretty well at the moment

I am. What else do you think someone’s wealth should be spent on?

Was this supposed to be a coherent response to the comment above

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Seriously dumb criticism. Every generation nearing death had, has and will have relatively low housing costs. Their expenses were incurred earlier in life.

But food news for whining millennials. They will inherit these assets en masse.

No we won’t. Our parents are going to have to spend down everything they ever saved (if they saved) in end of life care that can run $5k+ a month. Boomers are going to live for a long time, this will easily drain most of the “inheritance” the average Boomer might’ve accumulated.

Good.

NP. How old are you?

Why are you asking this?

Just wondering how many years you have left until you have to spend down your assets to qualify for a bed in a Medicaid nursing home, and how excited you are at that prospect, since you seem to favor it pretty well at the moment

I am. What else do you think someone’s wealth should be spent on?

Was this supposed to be a coherent response to the comment above

What is this unintelligent ramble?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Seriously dumb criticism. Every generation nearing death had, has and will have relatively low housing costs. Their expenses were incurred earlier in life.

But food news for whining millennials. They will inherit these assets en masse.

No we won’t. Our parents are going to have to spend down everything they ever saved (if they saved) in end of life care that can run $5k+ a month. Boomers are going to live for a long time, this will easily drain most of the “inheritance” the average Boomer might’ve accumulated.

Good.

NP. How old are you?

Why are you asking this?

Just wondering how many years you have left until you have to spend down your assets to qualify for a bed in a Medicaid nursing home, and how excited you are at that prospect, since you seem to favor it pretty well at the moment

I am. What else do you think someone’s wealth should be spent on?

Was this supposed to be a coherent response to the comment above

What is this unintelligent ramble?

Which part don’t you understand?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Seriously dumb criticism. Every generation nearing death had, has and will have relatively low housing costs. Their expenses were incurred earlier in life.

But food news for whining millennials. They will inherit these assets en masse.

No we won’t. Our parents are going to have to spend down everything they ever saved (if they saved) in end of life care that can run $5k+ a month. Boomers are going to live for a long time, this will easily drain most of the “inheritance” the average Boomer might’ve accumulated.

Good.

NP. How old are you?

Why are you asking this?

Just wondering how many years you have left until you have to spend down your assets to qualify for a bed in a Medicaid nursing home, and how excited you are at that prospect, since you seem to favor it pretty well at the moment

I am. What else do you think someone’s wealth should be spent on?

Was this supposed to be a coherent response to the comment above

What is this unintelligent ramble?

Which part don’t you understand?

Internet time is over. The adults are talking. Go outside and play. The fresh air will do you some good.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Seriously dumb criticism. Every generation nearing death had, has and will have relatively low housing costs. Their expenses were incurred earlier in life.

But food news for whining millennials. They will inherit these assets en masse.

No we won’t. Our parents are going to have to spend down everything they ever saved (if they saved) in end of life care that can run $5k+ a month. Boomers are going to live for a long time, this will easily drain most of the “inheritance” the average Boomer might’ve accumulated.

Good.

NP. How old are you?

Why are you asking this?

Just wondering how many years you have left until you have to spend down your assets to qualify for a bed in a Medicaid nursing home, and how excited you are at that prospect, since you seem to favor it pretty well at the moment

I am. What else do you think someone’s wealth should be spent on?

Was this supposed to be a coherent response to the comment above

What is this unintelligent ramble?

Which part don’t you understand?

Internet time is over. The adults are talking. Go outside and play. The fresh air will do you some good.

So, again, you can’t come up with a coherent response? Ok, thanks for confirming.