Anonymous
04/15/2024 10:34
Subject: The median Boomer has a housing cost of $612. That includes taxes and insurance.
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Stop your whining and get a therapist to help you deal with your very transparent issues with your parents.
NP. My parents aren’t Boomers but I legitimately don’t see how people don’t understand why Millrennials/Gen Z/Gen Alpha feel enraged that no matter how hard they work they will never have the ability to build wealth the way previous generations did.
Who do you think is going to inherit the houses and 401k balances of boomers?
Real answer: private equity and asset management firms that own housing vulture funds, nursing homes, hospital networks, and physician practices.
Yeah, people who discount this don't understand how it works. And the PP who mentioned that many Boomers amassed small fortunes with no or little skill is right, which is one reason Boomers are so susceptible to this-- many have no clue how to protect their money from being gobbled up by elder and end-of-life care.
Also, don't laugh, but scammers are a genuine concern. They are getting more aggressive and clever, there are more of them, and they know Boomers are sitting on piles of cash. I know of two Boomer men who recently got scammed out of thousands this way. It could have been a lot more.
And to be fair, what is the special skill that the younger generations have? They can make a mean pivot table and slide deck? Most people aren't sitting at the top in a leadership position, they are sitting somewhere in the middle bored and daydreaming.
Also some of the jobs boomers have had successfully - nurses, teachers, etc, we still need desperately today. Are you knocking those positions? Are you being condescending to people who work low wage jobs?
The irony is that you just proved our point: there are Boomers who have amassed small fortunes by having a career as a teacher, nurse, firefighter, low wages jobs, etc. They were able to buy property near job centers, had low cost for education (teacher or nurse), maybe a pension, decent 401K match.
Not at all possible today for similar jobs held by Millennials or Gen Z to amass significant assets as Boomers who held the same professions. This is the story!
Actually, the irony is that you didn't realize you were replying to an RN. I work in a DC hospital with plentiful RNs and other healthcare workers who live and own in DC area, suburbs and exurbs. Generally, no nurse or teacher was affording the super fancy real estate even in the 50s, people bought where they could and over time those areas became more desirable. You have to be willing to live where you can afford rather than think you are entitled to the best of the best.
Anonymous
04/15/2024 10:26
Subject: The median Boomer has a housing cost of $612. That includes taxes and insurance.
If younger generations would be willing to move to lower cost of living areas, housing wouldn't be a burden. And no, that doesn't mean rural, it could mean a suburb of Philadelphia, it could mean Buffalo NY, Charlotte, even Richmond.
Also be willing to live in a fixer upper for awhile. Older generations literally built homes. My boomer in laws purchased a fixer upper and most fixes other than a major renovation, they handled themselves.
I'm an xennial. We purchased a fixer upper in a "bad" area of town with a 1 percent down payment and PMI and lived in it for 8 years before renovating. Most younger folks I know seem less willing to do this.
Also be willing to live in a fixer upper for awhile. Older generations literally built homes. My boomer in laws purchased a fixer upper and most fixes other than a major renovation, they handled themselves.
I'm an xennial. We purchased a fixer upper in a "bad" area of town with a 1 percent down payment and PMI and lived in it for 8 years before renovating. Most younger folks I know seem less willing to do this.
Anonymous
04/15/2024 09:11
Subject: The median Boomer has a housing cost of $612. That includes taxes and insurance.
Boomers bought trade up homes in middle age so mortgages will go to their 70s and 80s
Anonymous
04/15/2024 08:38
Subject: The median Boomer has a housing cost of $612. That includes taxes and insurance.
Anonymous wrote:If that’s the case then they are all living in this 55 plus communities where because it’s age restricted it’s still cheap and they get a senior discount on tax. When I sold my house in what is supposed to be a family friendly hoa community over half the people who came were people over 60 looking to buy a 3500 sq ft 4/3 home rather than heading to Boca del vista.
Those should be banned , boomers need to pay more taxes to catch up to where the younger millennials and genz are with their payments
Anonymous
04/15/2024 08:36
Subject: The median Boomer has a housing cost of $612. That includes taxes and insurance.
Anonymous wrote:612 a month means a fully paid off mortgage and probably 400 a month in taxes and 200 in insurance. Why is this so surprising? The average SFH in the US is worth about 400k, meaning a 4k property tax bill is realistic.
The metric is for housing costs which takes into account renters and assisted living both of which cost far more.
Anonymous
04/15/2024 08:30
Subject: The median Boomer has a housing cost of $612. That includes taxes and insurance.
612 a month means a fully paid off mortgage and probably 400 a month in taxes and 200 in insurance. Why is this so surprising? The average SFH in the US is worth about 400k, meaning a 4k property tax bill is realistic.
Anonymous
04/15/2024 07:48
Subject: The median Boomer has a housing cost of $612. That includes taxes and insurance.
Shouldn't so-called boomers have low housing costs? They have presumably been paying off mortgages for decades. Most should their houses outright at this point, only owing taxes and insurance. Stop blaming everything on boomers. I'm Gen X and don't ever plan on selling our DC house. It's the most valuable asset that I can give my children.
Anonymous
04/15/2024 00:03
Subject: Re:The median Boomer has a housing cost of $612. That includes taxes and insurance.
I am a Gen Xer and I think it’s still possible to build wealth. We bought our first house in late 2008 in an exurb, for 475k. We commuted 3 hrs everyday for 10 years, had 15 yr mortgage and sold the house in 2019, net gain was 300k (not much appreciation).
We bought in McLean in early 2019 for 1.3 mil, our house is currently at 1.9 mil+, the way I see it we did work hard by commuting 3-4 hrs daily, that’s how we built the down payment for the next property. So, it’s happening all around you and it’s still possible.
We bought in McLean in early 2019 for 1.3 mil, our house is currently at 1.9 mil+, the way I see it we did work hard by commuting 3-4 hrs daily, that’s how we built the down payment for the next property. So, it’s happening all around you and it’s still possible.
Anonymous
04/14/2024 23:03
Subject: The median Boomer has a housing cost of $612. That includes taxes and insurance.
Anonymous wrote:I can’t read all the comments but I bloody well hope that all these retirees have paid off their mortgages. Isnt the median Boomer now something like 70 years old? They better be paying almost nothing for housing — they have no income! And all old people say they will never move. Once they break a hip or have a stroke, they move. But everyone hopes to die in their house — don’t you?
Besides, trust me, OP, you do not want the median house that the median boomer is living in. The house I grew up in, which was built in the 1960/ and never renovated, we sold in the early 1980s. The purchaser, likely an older boomer, is still living there 42 years later! It is a depressed town with no industry and I’m sure they haven’t renovated it. There are a lot of boomers living in utter crap locations with utter crap houses like that.
I feel like most of these posts about boomers are of the “water is wet” variety. Yes, most elderly people have paid off their mortgages. Yes, most elderly people have unrealistic expectations about aging in place.
No, boomers are between 60 and 78 with the median at 65.
Anonymous
04/14/2024 21:19
Subject: The median Boomer has a housing cost of $612. That includes taxes and insurance.
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Stop your whining and get a therapist to help you deal with your very transparent issues with your parents.
NP. My parents aren’t Boomers but I legitimately don’t see how people don’t understand why Millrennials/Gen Z/Gen Alpha feel enraged that no matter how hard they work they will never have the ability to build wealth the way previous generations did.
Who do you think is going to inherit the houses and 401k balances of boomers?
The elder care industry.
Some, but not all of it. In the next decade or two, we’re going to see an inheritance windfall like never before. It’s not like the past where retirement was tied up in pensions and Social Security. Boomers and GenX are sitting on trillions in retirement savings, living off the interest. They can’t possibly spend the principle in their lifetimes.
So here's an idea Millennials/Gen Z/Gen Alpha: use ur technology skills to build better platforms to deliver those elder care services. U know...sort of like being the Amazon for elder care service delivery. Just beats whining about that job. Be the change u want to see.
The price for in-home elder care is easily going to hit $150-200/hour in the next 15 years. We will have soooooo many Boomers who will need care but will have a shortage of facilities, doctors, nurses, and home health aides. Medicare and Medicaid will likely only cover a small fraction of the actual market-based costs. Lots of practitioners will stop accepting Medicare and Medicaid except absolute bottom-of-the-barrel crap.
The massive “inheritance windfall” will only be among a relatively small cohort of ultra-high net worth white families.
Anonymous
04/14/2024 20:47
Subject: The median Boomer has a housing cost of $612. That includes taxes and insurance.
I can’t read all the comments but I bloody well hope that all these retirees have paid off their mortgages. Isnt the median Boomer now something like 70 years old? They better be paying almost nothing for housing — they have no income! And all old people say they will never move. Once they break a hip or have a stroke, they move. But everyone hopes to die in their house — don’t you?
Besides, trust me, OP, you do not want the median house that the median boomer is living in. The house I grew up in, which was built in the 1960/ and never renovated, we sold in the early 1980s. The purchaser, likely an older boomer, is still living there 42 years later! It is a depressed town with no industry and I’m sure they haven’t renovated it. There are a lot of boomers living in utter crap locations with utter crap houses like that.
I feel like most of these posts about boomers are of the “water is wet” variety. Yes, most elderly people have paid off their mortgages. Yes, most elderly people have unrealistic expectations about aging in place.
Besides, trust me, OP, you do not want the median house that the median boomer is living in. The house I grew up in, which was built in the 1960/ and never renovated, we sold in the early 1980s. The purchaser, likely an older boomer, is still living there 42 years later! It is a depressed town with no industry and I’m sure they haven’t renovated it. There are a lot of boomers living in utter crap locations with utter crap houses like that.
I feel like most of these posts about boomers are of the “water is wet” variety. Yes, most elderly people have paid off their mortgages. Yes, most elderly people have unrealistic expectations about aging in place.
Anonymous
04/14/2024 20:35
Subject: The median Boomer has a housing cost of $612. That includes taxes and insurance.
If that’s the case then they are all living in this 55 plus communities where because it’s age restricted it’s still cheap and they get a senior discount on tax. When I sold my house in what is supposed to be a family friendly hoa community over half the people who came were people over 60 looking to buy a 3500 sq ft 4/3 home rather than heading to Boca del vista.
Anonymous
04/14/2024 20:16
Subject: The median Boomer has a housing cost of $612. That includes taxes and insurance.
Anonymous wrote:Anonymous wrote:Anonymous wrote:I was in Texas recently. Lots of new construction homes being built.
The irony of red states generally having less restrictive zoning.
https://www.newsweek.com/blue-states-housing-market-crisis-1877226
Texas is big and flat. Very easy to build. California has challenging geography - the only empty places left to build are mountainous and/or prone to wild fire risks or very inhospitable. California needs to build upward to compensate, yet nimby’s fight anything that isn’t a SFH or townhouse.
The last time we had a “New Deal for Housing” was post WW2 when the GIs came back and had no houses for their wives and kids. They had to live with aging parents. We will need another similarly dire situation in order to bulldoze over NIMBY protests to upzoning
That’s a cop out for CA and the Northeast. Texas is building more density than any other state. The runners up are in the south and intermountain west.
Anonymous
04/14/2024 18:10
Subject: The median Boomer has a housing cost of $612. That includes taxes and insurance.
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Seriously dumb criticism. Every generation nearing death had, has and will have relatively low housing costs. Their expenses were incurred earlier in life.
But food news for whining millennials. They will inherit these assets en masse.
No we won’t. Our parents are going to have to spend down everything they ever saved (if they saved) in end of life care that can run $5k+ a month. Boomers are going to live for a long time, this will easily drain most of the “inheritance” the average Boomer might’ve accumulated.
Good.
NP. How old are you?
Why are you asking this?
Just wondering how many years you have left until you have to spend down your assets to qualify for a bed in a Medicaid nursing home, and how excited you are at that prospect, since you seem to favor it pretty well at the moment
I am. What else do you think someone’s wealth should be spent on?
Was this supposed to be a coherent response to the comment above
What is this unintelligent ramble?
Which part don’t you understand?
Internet time is over. The adults are talking. Go outside and play. The fresh air will do you some good.
So, again, you can’t come up with a coherent response? Ok, thanks for confirming.
You’re a bothersome gnat that cannot read English.
Oh? Can you point out some examples, and tell me what I read incorrectly? I really would appreciate it.
Anonymous
04/14/2024 18:04
Subject: The median Boomer has a housing cost of $612. That includes taxes and insurance.
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Seriously dumb criticism. Every generation nearing death had, has and will have relatively low housing costs. Their expenses were incurred earlier in life.
But food news for whining millennials. They will inherit these assets en masse.
No we won’t. Our parents are going to have to spend down everything they ever saved (if they saved) in end of life care that can run $5k+ a month. Boomers are going to live for a long time, this will easily drain most of the “inheritance” the average Boomer might’ve accumulated.
Good.
NP. How old are you?
Why are you asking this?
Just wondering how many years you have left until you have to spend down your assets to qualify for a bed in a Medicaid nursing home, and how excited you are at that prospect, since you seem to favor it pretty well at the moment
I am. What else do you think someone’s wealth should be spent on?
Was this supposed to be a coherent response to the comment above
What is this unintelligent ramble?
Which part don’t you understand?
Internet time is over. The adults are talking. Go outside and play. The fresh air will do you some good.
So, again, you can’t come up with a coherent response? Ok, thanks for confirming.
You’re a bothersome gnat that cannot read English.