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:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Imagine thinking it's fair to tax a beach house your grandfather worked and saved for for two decades simply so it puts pressure on the heirs to release it so some newcomer can have it.

This line of thought is insane.

Clearly you have never taken a trust and estates or property law class. There is a public interest in not having all the wealth be concentrated and handed down continually to heirs. We’re not creating dynasties. The heirs will already have a leg up in inheriting a beach house in the first place. Why are we also giving them a leg up on taxes?

My opinion is invalid because I disagree with a theory taught in a "trust and estates or property law class."?

OK!

I didn’t say it’s invalid. But you said that line of thinking is “insane.” And it’s actually not insane. It’s a line of thinking that forms the basis for many property-related policies in our country. You may disagree or not like it, but there’s actual logic behind disincentivizing properties staying in one family lineage indefinitely.

I disagree with the logic because it balances on someone else's desire to have what I already have. That is insane. Bill has no right to Tom's house simply because Tom's house was given to him by his dad. You wouldn't be saying this about primary residences, so why about inherited residences?

It's just punitive.

If Tom is using it as a primary residence then he will pay normal taxes. But if Tom already has a primary residence and then through birth luck inherits a beach house, he should pay higher taxes because vacation homes that sit empty provide less value to society than providing primary residences for more people. If Tom decides to rent it out (creating economic activity and providing use to others) then he gets to make money and deduct certain expenses on his taxes.

But I inherited so it’s mine and you can’t extra tax me is not a good argument for macro level policy.

Ohhh, so lets make section 8 inhabitants sweep the sidewalks and pick up dog sh*t, OK? I mean, they provide less value to society so they should even it up.

Are you comparing the value of human beings to a building?

Omg this was not the brilliant point you think you are making.

It's a great analogy; you're just too stupid to see it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Some, not all, millennials want that perfect, large house right out of the gate. The kitchen is dated? Lazy boomers! Also, hard pass.

More realistic is to start small (condo or starter house) and move up the property ladder.

Then find a forever home that’s a fixer-upper and fix up the necessary things but don’t buy into all the marketing and real estate bs about how you need the perfect kitchen before you move in.

We fixed up a house with two small kids and both of us working full time. Now we have an objectively “nice” house with lots of memories. I’m not going to downsize into a more expensive, smaller place just because OP is afraid of a little elbow grease.

+1

Tale end of the Boomer generation here. Lived in a one bedroom, basement apartment in crummy neighborhood with 2 roommates right out of college for several years to save money to go to grad school.

After grad school, DH and I saved until we could afford to buy into a tenancy in common that we then converted to 2 condos with our co-owners. Took a huge risk on a charming but very dated flat in a supposedly up and coming neighborhood. Interest rate for mortgage was 8%. When sold, made strong profit thanks to the fact that a condo was more valuable than a TIC.

Moved to 2000 square foot, 4 bedroom house in a very desirable neighborhood that needed significant work. Lived in house for almost 20 years before replacing old kitchen with an Ikea kitchen. Bathrooms still need to be remodeled. Raised 3 kids in the house who are now out of college. House, or more precisely, the lot the house is on, is now worth at least 3 times what we paid for it.

Meanwhile I watch my nieces and nephews in their late 20s, as well as my own children to a certain extent, complain about how they will never be able to afford a house. Yet they rent in expensive neighborhoods, generally don't have roommates, eat dinner out almost every night, take expensive vacations, buy expensive clothes and yes, drink those $$$ lattes.

Sorry OP but DH and I took took risks and sacrificed all these years to reach the point and we have no plans to downsize.

This is our story, too. We really did it with not a great amount of income and high mortgage rates. I don't get all the whining .

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Some, not all, millennials want that perfect, large house right out of the gate. The kitchen is dated? Lazy boomers! Also, hard pass.

More realistic is to start small (condo or starter house) and move up the property ladder.

Then find a forever home that’s a fixer-upper and fix up the necessary things but don’t buy into all the marketing and real estate bs about how you need the perfect kitchen before you move in.

We fixed up a house with two small kids and both of us working full time. Now we have an objectively “nice” house with lots of memories. I’m not going to downsize into a more expensive, smaller place just because OP is afraid of a little elbow grease.

+1

Tale end of the Boomer generation here. Lived in a one bedroom, basement apartment in crummy neighborhood with 2 roommates right out of college for several years to save money to go to grad school.

After grad school, DH and I saved until we could afford to buy into a tenancy in common that we then converted to 2 condos with our co-owners. Took a huge risk on a charming but very dated flat in a supposedly up and coming neighborhood. Interest rate for mortgage was 8%. When sold, made strong profit thanks to the fact that a condo was more valuable than a TIC.

Moved to 2000 square foot, 4 bedroom house in a very desirable neighborhood that needed significant work. Lived in house for almost 20 years before replacing old kitchen with an Ikea kitchen. Bathrooms still need to be remodeled. Raised 3 kids in the house who are now out of college. House, or more precisely, the lot the house is on, is now worth at least 3 times what we paid for it.

Meanwhile I watch my nieces and nephews in their late 20s, as well as my own children to a certain extent, complain about how they will never be able to afford a house. Yet they rent in expensive neighborhoods, generally don't have roommates, eat dinner out almost every night, take expensive vacations, buy expensive clothes and yes, drink those $$$ lattes.

Sorry OP but DH and I took took risks and sacrificed all these years to reach the point and we have no plans to downsize.

I think people are missing the point here. No one is forcing you out of your home. We are simply commenting its a lot harder for millenials now, and that we as a society shouldnt incentivize the elderly to stay in place with reduced property taxes, not incentivize the transfer of real estate through special taxes. Youve done a great job - and i dont think you expect or need preferential treatment to stay in your well earned home.

Ya, but we aren't elderly. And we should be staying in our home. What else should we be doing?

[Anonymous]

Lots of Gen X or millennials work remotely and could afford to move to a less expensive place. But they don’t.

That’s an opportunity boomers never had.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Some, not all, millennials want that perfect, large house right out of the gate. The kitchen is dated? Lazy boomers! Also, hard pass.

More realistic is to start small (condo or starter house) and move up the property ladder.

Then find a forever home that’s a fixer-upper and fix up the necessary things but don’t buy into all the marketing and real estate bs about how you need the perfect kitchen before you move in.

We fixed up a house with two small kids and both of us working full time. Now we have an objectively “nice” house with lots of memories. I’m not going to downsize into a more expensive, smaller place just because OP is afraid of a little elbow grease.

+1

Tale end of the Boomer generation here. Lived in a one bedroom, basement apartment in crummy neighborhood with 2 roommates right out of college for several years to save money to go to grad school.

After grad school, DH and I saved until we could afford to buy into a tenancy in common that we then converted to 2 condos with our co-owners. Took a huge risk on a charming but very dated flat in a supposedly up and coming neighborhood. Interest rate for mortgage was 8%. When sold, made strong profit thanks to the fact that a condo was more valuable than a TIC.

Moved to 2000 square foot, 4 bedroom house in a very desirable neighborhood that needed significant work. Lived in house for almost 20 years before replacing old kitchen with an Ikea kitchen. Bathrooms still need to be remodeled. Raised 3 kids in the house who are now out of college. House, or more precisely, the lot the house is on, is now worth at least 3 times what we paid for it.

Meanwhile I watch my nieces and nephews in their late 20s, as well as my own children to a certain extent, complain about how they will never be able to afford a house. Yet they rent in expensive neighborhoods, generally don't have roommates, eat dinner out almost every night, take expensive vacations, buy expensive clothes and yes, drink those $$$ lattes.

Sorry OP but DH and I took took risks and sacrificed all these years to reach the point and we have no plans to downsize.

This is our story, too. We really did it with not a great amount of income and high mortgage rates. I don't get all the whining .

Its so crazy to me how everyone is willfully ignoring that home prices have risen significantly faster than incomes have. Your income and savings back when you bought your home worked, but if you were born 12 years ago, it wouldnt. Maybe your point is - that sucks, move even further out. But a lot of millenials dont want to live out in deep in the suburbs and commute 1+ hour a day. And yes people spend money on toast and lattes- and that is $20. In a year thats like $1200. Its not exactly needle moving. Why is that so hard to understand?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Some, not all, millennials want that perfect, large house right out of the gate. The kitchen is dated? Lazy boomers! Also, hard pass.

More realistic is to start small (condo or starter house) and move up the property ladder.

Then find a forever home that’s a fixer-upper and fix up the necessary things but don’t buy into all the marketing and real estate bs about how you need the perfect kitchen before you move in.

We fixed up a house with two small kids and both of us working full time. Now we have an objectively “nice” house with lots of memories. I’m not going to downsize into a more expensive, smaller place just because OP is afraid of a little elbow grease.

+1

Tale end of the Boomer generation here. Lived in a one bedroom, basement apartment in crummy neighborhood with 2 roommates right out of college for several years to save money to go to grad school.

After grad school, DH and I saved until we could afford to buy into a tenancy in common that we then converted to 2 condos with our co-owners. Took a huge risk on a charming but very dated flat in a supposedly up and coming neighborhood. Interest rate for mortgage was 8%. When sold, made strong profit thanks to the fact that a condo was more valuable than a TIC.

Moved to 2000 square foot, 4 bedroom house in a very desirable neighborhood that needed significant work. Lived in house for almost 20 years before replacing old kitchen with an Ikea kitchen. Bathrooms still need to be remodeled. Raised 3 kids in the house who are now out of college. House, or more precisely, the lot the house is on, is now worth at least 3 times what we paid for it.

Meanwhile I watch my nieces and nephews in their late 20s, as well as my own children to a certain extent, complain about how they will never be able to afford a house. Yet they rent in expensive neighborhoods, generally don't have roommates, eat dinner out almost every night, take expensive vacations, buy expensive clothes and yes, drink those $$$ lattes.

Sorry OP but DH and I took took risks and sacrificed all these years to reach the point and we have no plans to downsize.

This is our story, too. We really did it with not a great amount of income and high mortgage rates. I don't get all the whining .

Its so crazy to me how everyone is willfully ignoring that home prices have risen significantly faster than incomes have. Your income and savings back when you bought your home worked, but if you were born 12 years ago, it wouldnt. Maybe your point is - that sucks, move even further out. But a lot of millenials dont want to live out in deep in the suburbs and commute 1+ hour a day. And yes people spend money on toast and lattes- and that is $20. In a year thats like $1200. Its not exactly needle moving. Why is that so hard to understand?

It took a while, but finally we get to the crux of the problem. All of this hand wringing because Millennials "don't want to" suffer inconvenience. Boo freakin' hoo. Let's take heroic measured to ensure Millennials don''t ever have to do anything they don't want to do.

PS - I'm fairly certain Boomers didn't want to get drafted and go to Vietnam.

[Anonymous]

Boomers are the ones voting against housing. The lack of housing is whats causing the housing price growth. I don't see millenials clamoring for yards or SFHs. They are perfectly fine with apartments. And yet we are in this situation, and then having folks arguing how dare you discriminate against these elderly who sacrificed themselves by not giving them better property tax rates? how dare you suggest we try to incentivize them to move?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Some, not all, millennials want that perfect, large house right out of the gate. The kitchen is dated? Lazy boomers! Also, hard pass.

More realistic is to start small (condo or starter house) and move up the property ladder.

Then find a forever home that’s a fixer-upper and fix up the necessary things but don’t buy into all the marketing and real estate bs about how you need the perfect kitchen before you move in.

We fixed up a house with two small kids and both of us working full time. Now we have an objectively “nice” house with lots of memories. I’m not going to downsize into a more expensive, smaller place just because OP is afraid of a little elbow grease.

+1

Tale end of the Boomer generation here. Lived in a one bedroom, basement apartment in crummy neighborhood with 2 roommates right out of college for several years to save money to go to grad school.

After grad school, DH and I saved until we could afford to buy into a tenancy in common that we then converted to 2 condos with our co-owners. Took a huge risk on a charming but very dated flat in a supposedly up and coming neighborhood. Interest rate for mortgage was 8%. When sold, made strong profit thanks to the fact that a condo was more valuable than a TIC.

Moved to 2000 square foot, 4 bedroom house in a very desirable neighborhood that needed significant work. Lived in house for almost 20 years before replacing old kitchen with an Ikea kitchen. Bathrooms still need to be remodeled. Raised 3 kids in the house who are now out of college. House, or more precisely, the lot the house is on, is now worth at least 3 times what we paid for it.

Meanwhile I watch my nieces and nephews in their late 20s, as well as my own children to a certain extent, complain about how they will never be able to afford a house. Yet they rent in expensive neighborhoods, generally don't have roommates, eat dinner out almost every night, take expensive vacations, buy expensive clothes and yes, drink those $$$ lattes.

Sorry OP but DH and I took took risks and sacrificed all these years to reach the point and we have no plans to downsize.

This is our story, too. We really did it with not a great amount of income and high mortgage rates. I don't get all the whining .

Its so crazy to me how everyone is willfully ignoring that home prices have risen significantly faster than incomes have. Your income and savings back when you bought your home worked, but if you were born 12 years ago, it wouldnt. Maybe your point is - that sucks, move even further out. But a lot of millenials dont want to live out in deep in the suburbs and commute 1+ hour a day. And yes people spend money on toast and lattes- and that is $20. In a year thats like $1200. Its not exactly needle moving. Why is that so hard to understand?

It took a while, but finally we get to the crux of the problem. All of this hand wringing because Millennials "don't want to" suffer inconvenience. Boo freakin' hoo. Let's take heroic measured to ensure Millennials don''t ever have to do anything they don't want to do.

PS - I'm fairly certain Boomers didn't want to get drafted and go to Vietnam.

+1

[Anonymous]

Anonymous wrote:Boomers are the ones voting against housing. The lack of housing is whats causing the housing price growth. I don't see millenials clamoring for yards or SFHs. They are perfectly fine with apartments. And yet we are in this situation, and then having folks arguing how dare you discriminate against these elderly who sacrificed themselves by not giving them better property tax rates? how dare you suggest we try to incentivize them to move?

No, they want the large homes. It's been said over and over in here. They also want: a move in ready fully remodeled home, near public transit, in a good school system, with a high walkability score, in a desirable zip code, yard, mature trees, and sidewalks. It's an impressive wish list which will carry a hefty price tag if they could actually tick all the boxes. Anything less means they are suffering and don't have it as good as their parents who should just die already.

[Anonymous]

Anonymous wrote:Boomers are the ones voting against housing. The lack of housing is whats causing the housing price growth. I don't see millenials clamoring for yards or SFHs. They are perfectly fine with apartments. And yet we are in this situation, and then having folks arguing how dare you discriminate against these elderly who sacrificed themselves by not giving them better property tax rates? how dare you suggest we try to incentivize them to move?

BS. The majority of millennials do not want to live with 4 shared walls their entire life.

OP wouldn’t have started this thread if they wanted to just live in an apartment. But if you’re so desperate to live in a new apartment, there is millions of sqft of vacant offices ready to be converted. DC is your oyster.

[Anonymous]

It's time to mass move boomers into retirement homes already. Just tell them they're going to a place where they can still buy candy for a penny and they'll line up in droves.

[Anonymous]

Why should people (of any age) sell and move from a house that they enjoy?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Some, not all, millennials want that perfect, large house right out of the gate. The kitchen is dated? Lazy boomers! Also, hard pass.

More realistic is to start small (condo or starter house) and move up the property ladder.

Then find a forever home that’s a fixer-upper and fix up the necessary things but don’t buy into all the marketing and real estate bs about how you need the perfect kitchen before you move in.

We fixed up a house with two small kids and both of us working full time. Now we have an objectively “nice” house with lots of memories. I’m not going to downsize into a more expensive, smaller place just because OP is afraid of a little elbow grease.

+1

Tale end of the Boomer generation here. Lived in a one bedroom, basement apartment in crummy neighborhood with 2 roommates right out of college for several years to save money to go to grad school.

After grad school, DH and I saved until we could afford to buy into a tenancy in common that we then converted to 2 condos with our co-owners. Took a huge risk on a charming but very dated flat in a supposedly up and coming neighborhood. Interest rate for mortgage was 8%. When sold, made strong profit thanks to the fact that a condo was more valuable than a TIC.

Moved to 2000 square foot, 4 bedroom house in a very desirable neighborhood that needed significant work. Lived in house for almost 20 years before replacing old kitchen with an Ikea kitchen. Bathrooms still need to be remodeled. Raised 3 kids in the house who are now out of college. House, or more precisely, the lot the house is on, is now worth at least 3 times what we paid for it.

Meanwhile I watch my nieces and nephews in their late 20s, as well as my own children to a certain extent, complain about how they will never be able to afford a house. Yet they rent in expensive neighborhoods, generally don't have roommates, eat dinner out almost every night, take expensive vacations, buy expensive clothes and yes, drink those $$$ lattes.

Sorry OP but DH and I took took risks and sacrificed all these years to reach the point and we have no plans to downsize.

This is our story, too. We really did it with not a great amount of income and high mortgage rates. I don't get all the whining .

Its so crazy to me how everyone is willfully ignoring that home prices have risen significantly faster than incomes have. Your income and savings back when you bought your home worked, but if you were born 12 years ago, it wouldnt. Maybe your point is - that sucks, move even further out. But a lot of millenials dont want to live out in deep in the suburbs and commute 1+ hour a day. And yes people spend money on toast and lattes- and that is $20. In a year thats like $1200. Its not exactly needle moving. Why is that so hard to understand?

This also is not true. We were professionals with multiple degrees, paying for 2 of the graduate degrees in loans and making a combined 75 k. We bought a cheaper house. That is the whole point. We bought a TH, drove used cars- thrifted furniture, no big vacations. What my spouse earned as GS 11,12, 13 in those years PALES in comparison to feds today, pay, promotions, everything. Promotions almost never happened. My neighbors who are feds are in their 30s at Grade 14 ans 15. Spouse wasn't even close to that until retirement years. I was in public service too- and these were also all our peers.Those in private companies, or in business for themselves earned more, but I don't temember any staggering amount of money unless someone was a lawyer. Then there was a step up income.

No, we absolutely didn't as a generation earn more, and NO, housing was not cheaper! Mortgage rates were definitely not cheaper.

You really have it all wrong.

[Anonymous]

Anonymous wrote:It's time to mass move boomers into retirement homes already. Just tell them they're going to a place where they can still buy candy for a penny and they'll line up in droves.

Why do I need to buy a retirement home. What is the point of that? And have you seen the cost for those, the mortgage and HOA fees? Staggering? Why woulf anyone need to do that?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Boomers are the ones voting against housing. The lack of housing is whats causing the housing price growth. I don't see millenials clamoring for yards or SFHs. They are perfectly fine with apartments. And yet we are in this situation, and then having folks arguing how dare you discriminate against these elderly who sacrificed themselves by not giving them better property tax rates? how dare you suggest we try to incentivize them to move?

BS. The majority of millennials do not want to live with 4 shared walls their entire life.

OP wouldn’t have started this thread if they wanted to just live in an apartment. But if you’re so desperate to live in a new apartment, there is millions of sqft of vacant offices ready to be converted. DC is your oyster.

Millenials what the whole single family farmhouse, all cosmetically decorated to IG's standards, the marble kitchens and bathrooms. Come on. They (the dumb ones anyway) are bypassing condos and THs.