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

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[quote=Anonymous][quote=Anonymous]I’m not a boomer but I recognize that the boomers were heavily impacted by the 2008 crash.  Many lost 25-40% of savings in a signed year just as they were getting ready for retirement.  Many went underwater on their houses after having taken home equity loans to put their kids through college and right at the time frame when they wanted to sell and downsize or divorce.  I have boomer family members that live in areas of the country where the real estate market did not recover for over a decade.  We were pretty lucky out here,,/although PG county took a real hit and took longer to recover.  Our house in PG dropped about 50% in value almost overnight and didn’t come back up to that price for over a decade.  We could “afford” to take that loss because we were near the start of our working career for had another 20 years to work.[/quote]

My parents live north of Chicago and bought their home around 1998. Their home may be worth 10%-20% more today if they are lucky. If you bought in 2005 you might be losing money. There was a Covid bump but not enough to recover from 2008. They were badly hurt in the market crash but they have recovered but they were in their mid 50s at the time and that pushed their retirement out around five years. Thankfully things have worked out and they are now retired and fine but if people don’t think boomers faced challenges you can call my dad! [/quote]

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