Reply to Boomers' Billion-Dollar Bonanza: The Unseen Hoarding Behind Millennial Struggles

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Not only were mortgage rates extremely low until recently, some of us boomers were at home buying age when mortgages were at 18%. I remember being ecstatic to refinance at 7%. [/quote]

Was going to post the same![/quote]

I think the article has so many flaws it’s maddening. 
How many homeowner Boomers actually have mortgages? Many paid off their homes in the late 90s and eat 2000s.

What about GenX? No one ever talks about us? We’re the ones who will inherit the Boomer $$$ - millennials and GenZ are the boomer’s grandchildren.

That wealth may have gone to Boomers for a few decades, but a lot of it will not be transferred to heirs. It will be consumed by healthcare and nursing homes.

Finally, Boomers may have a lot of equity in their homes, but as a generation they are more likely to have a pension than a 401k and many didn’t save much because they thought SS and Medicare would cover them. 
[/quote]

You are talking about a small segment of older boomers. I’m a young boomer. My children are millennials. The youngest is borderline Gen Z. No pension. Didn’t buy my current house until the late 90s, at 7-8% interest. Paid off my mortgage a couple of years ago. Have saved like crazy, put my kids through college and grad school debt free. And inherited nothing because my silent generation parents are still alive. That’s true for many boomers between 60-70.

Hard to paint everyone with a broad brush. [/quote]

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