Boomers can’t downsize

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

Most of the houses boomers are selling are really not all that nice. Trying to pass a 20 year old kitchen reno as a recent update, for example. But options are limited right now so it’s more about finding something acceptable within a reasonable budget (“cheap” was in 2008, nothing is cheap anymore).

A 20 year old kitchen Reno? Try a kitchen that hasn’t been touched since 1994 + wallpaper borders in every bedroom and bathroom!

Yep. We bought our current house and renovated it top to bottom because the boomers who lived here before either hadn’t touched things in 25 years, or did crappy DIY repairs that made things worse.

And all that construction trash in the landfill because you just had to renovate it from top to bottom. Spoiled.

[Anonymous]

Anonymous wrote:The young today aren’t nearly as cheap and miserly I was to get ahead financially.

The easiest and laziest way to get wealthy is to save and invest down to the penny. Never eat out, zero subscriptions, no travel, no A/C, Pump it into index funds. If a car is necessary nothing higher priced than a Mitsubishi Mirage. If single share rent with housemates.

Do you have any friends?

[Anonymous]

For what possible reason do I have to sell my house? There's no reason to leave- why buy another house at all? My house is a colonial under 2000 sf- what am I downsizing to and why- we use the whole house all the time. What is the point of this whole thread? Who are the people that decide that Boomers are supposed to do anything.
If you want to buy a house- buy one. It won't be huge with an instagram kitchen- there's plenty. Stop looking at Niche scores- they are useless and wrong. You don't need the giant house, we didn't. We raised our kids in a TH. We only moved because of a job after that, and this house is hardly large. I didn't have a low mortgage rate until 2012. My first rate was 18%- good grief. There's house if you want it.

[Anonymous]

Anonymous wrote:It’s the Boomer’s America, the rest of us just live in it.

You are absolutely wrong. I graduated college in the worst recession. Rationed gas, lines for miles to even get some. No jobs at all. Interest rates for mortgages were in the high teens, dropped over 2 decades slowly. We lived in apts, then THs , and either stayed there or bought a bigger place when we were READY and not everyone did, and the place wasn't huge. We were public servants- much lower salary and far less govt promotions, but we didn't travel to Europe, we bought used cars, our kids didn't go to pricey camps, but they had college paid for- because we saved. No, we didn't have marble anything, or the newest reno, but our house was great. We both have multiple degrees, but we knew that did not translate to large salaries. We got over that and focused on what mattered.

No, I am not feeling the need to sell my hard earned and lived in house to you. Sorry.

[Anonymous]

Anonymous wrote:One problem Boomers have is that they are super picky. It's pretty typical with age. But when the market is tight, you can't be that picky.

If you've been living in a house that you have renovated to your specifications several times over 40 years, it is very hard to shop for a smaller house where you are pretty much definitely going to have to accept some imperfections, especially if you don't want to go through more renovations.

My parents are currently shopping for a retirement home, but they want 3 bedrooms (but under 2k sq ft), a two car garage, all one level, and everything updated. They have a healthy budget ($1m, this is not the DMV but a similarly low-inventory, HCOL place), but they are struggling to find all that and feeling disappointed. But... that's what it's like to buy a house these days. They just haven't done it in a long time.

What's funny is that a few years back when WE were house hunting, my parents rolled their eyes at us when we expressed frustration with what was on the market. Now they get it.

Yeah, it's you that does not get it. At your age they were not looking for perfection and the latest everything. Your parents have the time and money to have what they want for their last home, and that is entirely different. It's your generation that is unwilling to compromise, so I agree with the eyerolling.

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP, don't worry. Housing crash is coming. Wait for it.

People have been saying this on here since 2012. It’s not happening.

There will not be a crash as there is no reason for one- like the last one. This one is simply supply and demand. When or if that ends, things will slow to the usual pace, but nothing now is causing a crash.

[Anonymous]

Anonymous wrote:

Anonymous wrote:It’s the Boomer’s America, the rest of us just live in it.

You are absolutely wrong. I graduated college in the worst recession. Rationed gas, lines for miles to even get some. No jobs at all. Interest rates for mortgages were in the high teens, dropped over 2 decades slowly. We lived in apts, then THs , and either stayed there or bought a bigger place when we were READY and not everyone did, and the place wasn't huge. We were public servants- much lower salary and far less govt promotions, but we didn't travel to Europe, we bought used cars, our kids didn't go to pricey camps, but they had college paid for- because we saved. No, we didn't have marble anything, or the newest reno, but our house was great. We both have multiple degrees, but we knew that did not translate to large salaries. We got over that and focused on what mattered.

No, I am not feeling the need to sell my hard earned and lived in house to you. Sorry.

They had college paid for because it was a fraction of what it is today because it was heavily subsidized. You boomers cut funding. You voted yourself nice pensions and gold plated health insurance benefits. Do you think we get any of that? Think we will ever see a pension? You also take out far more in social security than you will ever put in, Boomer.

[Anonymous]

Well, sweetheart, the house you own and paid off years ago has appreciated in value SO MUCH that you can afford a more expensive house in a less expensive area. You don't have to move to the beach, you just want to keep up with the Jones' who moved there 5 years ago.

-Gen X who just bought a house from a Boomer like you who, from what neighbors have told me, is living in a condo in Florida somewhere.

[Anonymous]

Anonymous wrote:

Anonymous wrote:It’s the Boomer’s America, the rest of us just live in it.

You are absolutely wrong. I graduated college in the worst recession. Rationed gas, lines for miles to even get some. No jobs at all. Interest rates for mortgages were in the high teens, dropped over 2 decades slowly. We lived in apts, then THs , and either stayed there or bought a bigger place when we were READY and not everyone did, and the place wasn't huge. We were public servants- much lower salary and far less govt promotions, but we didn't travel to Europe, we bought used cars, our kids didn't go to pricey camps, but they had college paid for- because we saved. No, we didn't have marble anything, or the newest reno, but our house was great. We both have multiple degrees, but we knew that did not translate to large salaries. We got over that and focused on what mattered.

No, I am not feeling the need to sell my hard earned and lived in house to you. Sorry.

This thread was stated by an entitled boomer. I hope you're directing your rudeness to your generation.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It’s the Boomer’s America, the rest of us just live in it.

You are absolutely wrong. I graduated college in the worst recession. Rationed gas, lines for miles to even get some. No jobs at all. Interest rates for mortgages were in the high teens, dropped over 2 decades slowly. We lived in apts, then THs , and either stayed there or bought a bigger place when we were READY and not everyone did, and the place wasn't huge. We were public servants- much lower salary and far less govt promotions, but we didn't travel to Europe, we bought used cars, our kids didn't go to pricey camps, but they had college paid for- because we saved. No, we didn't have marble anything, or the newest reno, but our house was great. We both have multiple degrees, but we knew that did not translate to large salaries. We got over that and focused on what mattered.

No, I am not feeling the need to sell my hard earned and lived in house to you. Sorry.

This thread was stated by an entitled boomer. I hope you're directing your rudeness to your generation.

Not rude, explanatory; as millennials, aplenty here, seem to feel that we've taken something from them, which is unbelievably rude.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It’s the Boomer’s America, the rest of us just live in it.

You are absolutely wrong. I graduated college in the worst recession. Rationed gas, lines for miles to even get some. No jobs at all. Interest rates for mortgages were in the high teens, dropped over 2 decades slowly. We lived in apts, then THs , and either stayed there or bought a bigger place when we were READY and not everyone did, and the place wasn't huge. We were public servants- much lower salary and far less govt promotions, but we didn't travel to Europe, we bought used cars, our kids didn't go to pricey camps, but they had college paid for- because we saved. No, we didn't have marble anything, or the newest reno, but our house was great. We both have multiple degrees, but we knew that did not translate to large salaries. We got over that and focused on what mattered.

No, I am not feeling the need to sell my hard earned and lived in house to you. Sorry.

They had college paid for because it was a fraction of what it is today because it was heavily subsidized. You boomers cut funding. You voted yourself nice pensions and gold plated health insurance benefits. Do you think we get any of that? Think we will ever see a pension? You also take out far more in social security than you will ever put in, Boomer.

Again! Wrong generation! Tuition was not at all inexpensive in the early 2000s- where on earth are you getting all this incorrect info? We did not cut any funding-what? One of us has government health, but I didn't on my own- I was not a fed. I do not have a pension- why do you think we all do? Most of my contemporaries do not! For the feds that did get CSRS, it is absolutely deferred income- very low comparatively to today. Promotions were not givens like now. We lived VERY frugally. Read a book- you are wrong about everything.

[Anonymous]

Looking here and the numerous send ups of Boomers on insta , I am here to say that most millennials are entirely unschooled as to who the Boomers were. Boomers are constantly confused with my parents' generation. None of this is true- about anything- housing, jobs, pensions, inflation, anything.

[Anonymous]

Anonymous wrote:Looking here and the numerous send ups of Boomers on insta , I am here to say that most millennials are entirely unschooled as to who the Boomers were. Boomers are constantly confused with my parents' generation. None of this is true- about anything- housing, jobs, pensions, inflation, anything.

Born between 1946 and 1964. A lot of people here have no idea.

[Anonymous]

Boomers I am one paid 100 percent their kids college education.

Boomers parents of silent generation or greatest generation parents often grew up in Great Depression, WWII era and then in their later years navigating sky high interest rates in 1970s and 1980s.

Remember Jerry Ford. When mortgages were 16 percent his response was to hand out WIN buttons Whip Inflation Now and When NYS almost went bankrupt and garbage piled sku high and rats everywhere he told NYC to drop dead

Boomers parents had it tough. My uncle at 18 was guy in glass bubble at bottom of of massive bomber on WWII pulling lever to kill as many Germans as possible.

Basically was on a plane full of bombs, was a pilot, co pilot, navigator, bomb loaded, guy to relay instructions to drop bombs and as he got close to target sometimes Germans with machine guns shooting yo to try to kill him before he pulled the lever.

Yes buying a 2 million dollar home in Chevy Chase or leasing a 100k Escalade is harder now that rates are up. But at least you are not fighting the Germans in WWII or starving to death in Great Depression.

Being trapped in a starter home driving a certified pre owned BMW is not that bad.

Rehoboth in my opinion should ban rentals on Airbnb and VRBO less than 30 days. NYC just did it and it frees up housing stock. People can still vacation just longer leases and short term people can stay in hotel where hotel taxes are paid and hotel manages guests behavior.

[Anonymous]

Anonymous wrote:Looking here and the numerous send ups of Boomers on insta , I am here to say that most millennials are entirely unschooled as to who the Boomers were. Boomers are constantly confused with my parents' generation. None of this is true- about anything- housing, jobs, pensions, inflation, anything.

Tons of boomers born 1960- 1964 still working. SS is 67 and Medicare is 65. They are not old enough to retire.

Numerous boomers still have kids in HS and college. They are laying 2023 prices for college.

And pensions were phased out in the 1970s and 1980s most big companies. They just have 401ks. And they did not get medical on retirement.

For instance American Express froze its pension plan and post retirement medical benefits in 1991. And they were generous as never canceled. But you have to retire from there at 65 to get it and they did massive layoffs in 2000 and 2009. Do you really think there are anf pre 1991 employees left?

My first company canceled pensions in 1982 when rates shot up.

And 401ks unless you are paid very well and get a good match good luck.