Reply to Why do people think Boomers had it so good?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Help this old man out here. Yes, we bought a house in the 80s (with a 12% mortgage) and it has appreciated tremendously since then. So we sell it and get a windfall. Then what? The so-called windfall is not enough to buy another house, even a small one. And the rental at senior living / assisted living facilities is way out of line. And we should know how corrupt those places are. So we decide to stay here until we drop.[/quote]

You bought at 12% for a low price because of that 12%. You should have refinanced multiple times to cut the interest rate which should have given you an extremely low mortgage payment.  That money had had 40 years to grow [/quote]

You didn't answer my question: What would we do with the windfall we make if we sell the house? Where can we afford to live during old age?[/quote]

This. Even my Gen-X friends say the same thing about their Brooklyn home that was purchased around 2000.
"If we sell, we'd make a pretty penny but can't afford to buy back into this same neighborhood" - this was said around 2007 when they still had young kids.[/quote]

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