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

[Anonymous]

Anonymous wrote:That sounds about what my
Mom pays in Buffalo, NY. Except she’s not a boomer she is silent generation. She is finally selling and moving to an over 65 complex- mainly 75 and up heavy on 90+.

She didn’t move for years precisely because it was so cheap! Don’t worry there was a gen z bidding war for the house I grew up in.

But Gen Z and millennials have no money!

[Anonymous]

Anonymous wrote:

Anonymous wrote:That sounds about what my
Mom pays in Buffalo, NY. Except she’s not a boomer she is silent generation. She is finally selling and moving to an over 65 complex- mainly 75 and up heavy on 90+.

She didn’t move for years precisely because it was so cheap! Don’t worry there was a gen z bidding war for the house I grew up in.

But Gen Z and millennials have no money!

OP has no money.

[Anonymous]

Anonymous wrote:That sounds about what my
Mom pays in Buffalo, NY. Except she’s not a boomer she is silent generation. She is finally selling and moving to an over 65 complex- mainly 75 and up heavy on 90+.

She didn’t move for years precisely because it was so cheap! Don’t worry there was a gen z bidding war for the house I grew up in.

I wouldn't want to move into one of these complexes until I absolutely had to. Not only are they expensive, you are around the very elderly all the time.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I don't understand this. Are boomers grandfathered in to low taxes and insurance or something? How on earth could they pay so much lower than the rest of us with similar houses?

When it comes to property taxes, many states (eg, California) and local jurisdictions (eg, DC and thousands of other cities & counties) cap property taxes from appreciating for long time home owners. So if you own your home for a long time, you will pay only a fraction in property taxes of what newer home owners will pay. This is especially true in areas that have seen rapid price appreciation in recent years.

It’s massively market-distorting and keeps older residents in their big homes because they don’t want to pay more in taxes. California tried to alleviate this by allowing older residents to sell their home and apply the original discounted property tax rate to a new property….its had mixed results. But even in California, you have houses in Malibu that are worth $10m but they pay the original property tax on the $300K value when they purchased the property in 1980. So maybe they pay $10K per year in property taxes while their next door neighbor pays $100K/year.

There’s variations of these tax distortions all over the US. Now apply this to vacation homes and investment properties, plus zoning restrictions….it puts younger buyers at a massive disadvantage.

This is insane! So the rest of us are subsidizing boomers?!

Wait until you hear that in CA if they pass the home to their child, the child keeps the property taxes locked in at the parents’ previous rate. The reason is so the adult child who inherits won’t lose the home due to extreme increases in property values.

Only if they live in it. It used to be that the inheriting adult child could use it as an investment property and retain the property tax basis. The taxes still increase every year, it is not "frozen".

That is good policy. Tax breaks shouldn’t be given to investment properties.

I agree. We need to allocate more real estate for primary homeowners.

And dramatically increase taxes on second or investment homes.

So, increase rents?

[Anonymous]

Anonymous wrote:If it was economically feasible for them to downsize, more would have been doing it. They face the same constraints the rest of us do if they try to downsize. Limited availability of small houses, hassle of selling / buying, and the price difference between their large “as is” sale and a small dwelling in same area doesn’t make financial sense for them. It’s the lack of housing options that keeps them in place.

This. My FIl owns a $2m house in Nj. All he has to do is pay taxes on it so he lives there for $20k a year, plus utilities. It doesn’t make financial sense for him to move.

[Anonymous]

Anonymous wrote:

Anonymous wrote:People upset at boomers "hoarding" houses, where do you want the boomers to move to if you force them to sell? You'd just be driving them into the starter home markets if the goal is to get them to move to smaller properties.

There is no logic here. Just angry spiel and rambling typical of unintelligent left wing progressives.

Then get rid of 55 plus communities. Look at homes in Boca raton. Hundreds of very affordable homes listed there until you see they are age restricted.

How about just building more affordable, efficient homes for everyone?

[Anonymous]

Anonymous wrote:Throughout history, and even today in much of the world, people literally lived and died in the same house their entire life. Yet here you have all this whining about people not giving up their home. Unbelievable.

The level of entitlement is astounding.

[Anonymous]

Anonymous wrote:

Anonymous wrote:People upset at boomers "hoarding" houses, where do you want the boomers to move to if you force them to sell? You'd just be driving them into the starter home markets if the goal is to get them to move to smaller properties.

There is no logic here. Just angry spiel and rambling typical of unintelligent left wing progressives.

Then get rid of 55 plus communities. Look at homes in Boca raton. Hundreds of very affordable homes listed there until you see they are age restricted.

Boca Raton? These people are retired or close to it. I thought you wanted to get the boomers to move out of here? Logic isn't your strong suit.

[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 mean, neither can I and I'm 52. My dad retired from a fed gig after 20 years and got a pension equal to 75% of his last years salary, along with free healthcare for life. He unfortunately died 8 years later but my mom gets his pension until her death which isn't even on the horizon. She's getting somethin like 95K a year, every year, until she dies just off that. Another 4 grand a month in SS, house is paid, taxes are senior exempted, etc etc etc

Both my wife and I work full time (white collar professionals) and we will never have anything close to that.

Life aint fair. Sometimes timing matters.

[Anonymous]

The 55 and over communities exist as towns want tax revenue with no kids in the school district. they usually do not allow anyone under 18 to live there.

Briefly a town near me did a 45 and over community with no kids allowed under 18. Only one I ever saw.

[Anonymous]

Anonymous wrote:The 55 and over communities exist as towns want tax revenue with no kids in the school district. they usually do not allow anyone under 18 to live there.

Briefly a town near me did a 45 and over community with no kids allowed under 18. Only one I ever saw.

It's not ideal. We have a SN adult daughter and we couldn't move her into one with us. Grandparents caring for their grandchildren also would be shut out.

[Anonymous]

Anonymous wrote:

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 mean, neither can I and I'm 52. My dad retired from a fed gig after 20 years and got a pension equal to 75% of his last years salary, along with free healthcare for life. He unfortunately died 8 years later but my mom gets his pension until her death which isn't even on the horizon. She's getting somethin like 95K a year, every year, until she dies just off that. Another 4 grand a month in SS, house is paid, taxes are senior exempted, etc etc etc

Both my wife and I work full time (white collar professionals) and we will never have anything close to that.

Life aint fair. Sometimes timing matters.

Most people don't have pensions. Just career military and government workers.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:People upset at boomers "hoarding" houses, where do you want the boomers to move to if you force them to sell? You'd just be driving them into the starter home markets if the goal is to get them to move to smaller properties.

There is no logic here. Just angry spiel and rambling typical of unintelligent left wing progressives.

Then get rid of 55 plus communities. Look at homes in Boca raton. Hundreds of very affordable homes listed there until you see they are age restricted.

How about just building more affordable, efficient homes for everyone?

That would be great. We were buying a new house at 50 in the DC area and I desperately wanted one level living but didn't qualify for the 55+ communities yet! So this genxer and boomer dh now pay 2700k a month (which is now decent in this market) for a split level we didn't really want.

I do know of a small couple 55+ communities in my home state which have taken off age restrictions because there were so few people 55+ who could afford to sell their houses and move there.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:People upset at boomers "hoarding" houses, where do you want the boomers to move to if you force them to sell? You'd just be driving them into the starter home markets if the goal is to get them to move to smaller properties.

There is no logic here. Just angry spiel and rambling typical of unintelligent left wing progressives.

Then get rid of 55 plus communities. Look at homes in Boca raton. Hundreds of very affordable homes listed there until you see they are age restricted.

How about just building more affordable, efficient homes for everyone?

That would be great. We were buying a new house at 50 in the DC area and I desperately wanted one level living but didn't qualify for the 55+ communities yet! So this genxer and boomer dh now pay 2700k a month (which is now decent in this market) for a split level we didn't really want.

I do know of a small couple 55+ communities in my home state which have taken off age restrictions because there were so few people 55+ who could afford to sell their houses and move there.

That gives me hope. Which state is this?

[Anonymous]

I thought I would never have the ability to build generational wealth 20 years ago when I left grad school in 2003 and was working at my first job not making even 50k in a high cost region.

Now I own a house and have healthy savings and 401k. IT takes time to accumulate these things. It doesn't happen overnight.

And compounding is a real factor. You won't understand its value until it actually happens. But you need time for its magic to work.