Boomers can’t downsize

[Anonymous]

I live in an expensive in-city neighborhood on the west coast. What we’re finding out here is that boomers who are not downsizing in price and downsizing minimally in size are the ones who are buying. Our neighborhood has traditionally been university professors and medical professionals, and recently has been dominated by tech workers with young children. While many families want to move here because of the housing stock and ok school, plus a few neighborhood amenities that are rare in our area, the few houses that are selling are ALL going to 70-80 year olds who are relocating to be near their adult children. The adult children all live in slightly less nice nearby neighborhoods. The boomers who are relocating and buying may be downsizing because they’re buying 2000-3500 sq ft houses after living in 4000 sq ft houses on the east coast, but they’re clearly paying cash and are probably not paying any less than what they sold for. Our zoned elementary is shrinking fast and soon there will be rezoning to pull in kids from crowded, more affordable areas

Our newest neighbors just moved here from northern VA and they’re 1 of 4 older couples in our 10-block area who have done that. And nothing else is really going on the market because the existing boomers have nowhere to go, so our neighborhood feels like a 55+ community.

[Anonymous]

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

Do you want to pay way more to down size? Yay... let's pay more for less space!!!! Said nobody.

I'm not a boomer but I would absolutely not pay these prices right now, anywhere.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:This is why boomers are annoying to so many of us.

You’re so entitled.

Entitled to the things they earned?

"Entitled" to an exponential increase in home values? "Earned" that?

I look forward to capturing my home appreciation too but I'm not going to complain about timing the market so I can extract the maximum debt on the backs of a young family.

Yeah, right. You'll want top dollar, too.

[Anonymous]

Anonymous wrote:I live in an expensive in-city neighborhood on the west coast. What we’re finding out here is that boomers who are not downsizing in price and downsizing minimally in size are the ones who are buying. Our neighborhood has traditionally been university professors and medical professionals, and recently has been dominated by tech workers with young children. While many families want to move here because of the housing stock and ok school, plus a few neighborhood amenities that are rare in our area, the few houses that are selling are ALL going to 70-80 year olds who are relocating to be near their adult children. The adult children all live in slightly less nice nearby neighborhoods. The boomers who are relocating and buying may be downsizing because they’re buying 2000-3500 sq ft houses after living in 4000 sq ft houses on the east coast, but they’re clearly paying cash and are probably not paying any less than what they sold for. Our zoned elementary is shrinking fast and soon there will be rezoning to pull in kids from crowded, more affordable areas

Our newest neighbors just moved here from northern VA and they’re 1 of 4 older couples in our 10-block area who have done that. And nothing else is really going on the market because the existing boomers have nowhere to go, so our neighborhood feels like a 55+ community.

I really want to know where this is. Marin County?

[Anonymous]

Annns this is why I’m so glad we bought an investment ina. Beach town in 2019 and refinanced at just under 3%. The pandemic rental market was so good to us that house is already paid off 50% (25 when we bought and we sunk another 25% in with rental income). We now can gobble up 2 houses. One here in NoVA if the kids come back to this area and one in Charleston. The Charleston house has appreciated way way faster than NoVA. By the time we retire both homes will be fully paid off.

[Anonymous]

Anonymous wrote:Annns this is why I’m so glad we bought an investment ina. Beach town in 2019 and refinanced at just under 3%. The pandemic rental market was so good to us that house is already paid off 50% (25 when we bought and we sunk another 25% in with rental income). We now can gobble up 2 houses. One here in NoVA if the kids come back to this area and one in Charleston. The Charleston house has appreciated way way faster than NoVA. By the time we retire both homes will be fully paid off.

have fun gobbling up houses.

[Anonymous]

Of course you can.

You just don’t want to.

Own it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:This is why boomers are annoying to so many of us.

You’re so entitled.

You are so entitled. You want us to leave our homes and go live in an apartment so you can leave your apartment and buy our homes! Somehow, you are more deserving!??

First off, the PP didn't say that. Second, you also posted this:

They really need to RTO everyone to get remote people out of Florida etc so retirees can move there again.

That is exactly the same thing you (incorrectly) accused the PP of.

[Anonymous]

Anonymous wrote:Annns this is why I’m so glad we bought an investment ina. Beach town in 2019 and refinanced at just under 3%. The pandemic rental market was so good to us that house is already paid off 50% (25 when we bought and we sunk another 25% in with rental income). We now can gobble up 2 houses. One here in NoVA if the kids come back to this area and one in Charleston. The Charleston house has appreciated way way faster than NoVA. By the time we retire both homes will be fully paid off.

Gobble up 2 homes? You're gross. I hope a hurricane comes and slides your beach house into the ocean, and that everyone else's house in Charleston is spared.

[Anonymous]

Anonymous wrote:I’m a boomer and OP is nauseating. You can’t afford to retire in Rehoboth? Really? One of the most expensive beach towns on the Eastern Seaboard? Neither can anybody else, moron. Not to mention living in Rehoboth or any of the other places you listed year round would actually suck.

We “downsized” from a large home in a pricey DMV suburb in an excellent school district to downtown DC, where we bought a rowhome with a basement apartment for the same price. We’re in a shitty school district now and don’t care, and the basement rent covers the mortgage 100 percent. We’re having a great time while surrounding ourselves with folks of all ages and races rather than just a bunch of blue hairs and snow birds. And a nice young family now lives in our old house.

Be creative, OP.

This is my plan/dream. Good for you, PP.

[Anonymous]

It's trading what you have (large house) for what you want (smaller house but in a particular location). Call it downsizing or call it something else.

[Anonymous]

It seems like people don’t downsize until they are forced to. Once people hit their 80s, things can fall apart rapidly. If you are wheelchair bound or demented or disabled, it doesn’t really matter that you will lose money selling your house. You just have no choice. (Unless you can afford full time aides or dally help).

[Anonymous]

Anonymous wrote:

Anonymous wrote:I live in an expensive in-city neighborhood on the west coast. What we’re finding out here is that boomers who are not downsizing in price and downsizing minimally in size are the ones who are buying. Our neighborhood has traditionally been university professors and medical professionals, and recently has been dominated by tech workers with young children. While many families want to move here because of the housing stock and ok school, plus a few neighborhood amenities that are rare in our area, the few houses that are selling are ALL going to 70-80 year olds who are relocating to be near their adult children. The adult children all live in slightly less nice nearby neighborhoods. The boomers who are relocating and buying may be downsizing because they’re buying 2000-3500 sq ft houses after living in 4000 sq ft houses on the east coast, but they’re clearly paying cash and are probably not paying any less than what they sold for. Our zoned elementary is shrinking fast and soon there will be rezoning to pull in kids from crowded, more affordable areas

Our newest neighbors just moved here from northern VA and they’re 1 of 4 older couples in our 10-block area who have done that. And nothing else is really going on the market because the existing boomers have nowhere to go, so our neighborhood feels like a 55+ community.

I really want to know where this is. Marin County?

Pacific NW, but similar demographic vibe to Marin. Very different housing stock and density. One of the 4 relocated couples who just moved here is from San Rafael, though!

[Anonymous]

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

Nope. Great Lakes-adjacent prices are at all-time highs since COVID.

[Anonymous]

Anonymous wrote:I live in an expensive in-city neighborhood on the west coast. What we’re finding out here is that boomers who are not downsizing in price and downsizing minimally in size are the ones who are buying. Our neighborhood has traditionally been university professors and medical professionals, and recently has been dominated by tech workers with young children. While many families want to move here because of the housing stock and ok school, plus a few neighborhood amenities that are rare in our area, the few houses that are selling are ALL going to 70-80 year olds who are relocating to be near their adult children. The adult children all live in slightly less nice nearby neighborhoods. The boomers who are relocating and buying may be downsizing because they’re buying 2000-3500 sq ft houses after living in 4000 sq ft houses on the east coast, but they’re clearly paying cash and are probably not paying any less than what they sold for. Our zoned elementary is shrinking fast and soon there will be rezoning to pull in kids from crowded, more affordable areas

Our newest neighbors just moved here from northern VA and they’re 1 of 4 older couples in our 10-block area who have done that. And nothing else is really going on the market because the existing boomers have nowhere to go, so our neighborhood feels like a 55+ community.

If they are 70-80, in ten years, they will probably not be able to stay in those homes and their children will upsize or they will sell and the younger families will purchase the homes.