Reply to The median Boomer has a housing cost of $612. That includes taxes and insurance.

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]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. [/quote]

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. [/quote]

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.[/quote]

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