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Reply to "Boomers can’t downsize "
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[quote=Anonymous]On my block one older couple lives in a large home. No mortgage. They bought it in 1975. Last summer they did a big renovation. New roof, pointing, added master bedroom suite and bath main level. Mind you they are 80. Their house is 6,600 sf total counting basement and upstairs. Given no mortgage and no HOA and property taxes or $1,200 a month he said I can’t even rent a run down studio apt in a bad neighborhood for $1,200 a month. They just stay in main level 2,200sf and upstairs is for when they get feeble and need a caregiver or kids or grandkids stay over. Their house is worth 1.7 million and they paid $150,000. They have to pay taxes on a million dollar gain to move, plus closings costs ti buy and sell. They just will stay. [/quote]
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