Anonymous wrote:Imagine thinking it's fair to tax a beach house your grandfather worked and saved for for two decades simply so it puts pressure on the heirs to release it so some newcomer can have it.

This line of thought is insane.

I’m going to guess you have a beach house in the family that you love and are eyeing and worried you might have to release it because of taxes

Imagine thinking it's fair to tax a beach house your grandfather worked and saved for for two decades simply so it puts pressure on the heirs to release it so some newcomer can have it.

This line of thought is insane.

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.

I mean, neither can I and I'm 52. My dad retired from a fed gig after 20 years and got a pension equal to 75% of his last years salary, along with free healthcare for life. He unfortunately died 8 years later but my mom gets his pension until her death which isn't even on the horizon. She's getting somethin like 95K a year, every year, until she dies just off that. Another 4 grand a month in SS, house is paid, taxes are senior exempted, etc etc etc

Both my wife and I work full time (white collar professionals) and we will never have anything close to that.

Life aint fair. Sometimes timing matters.

Most people don't have pensions. Just career military and government workers.

Right, that's my point. In my grandfather's era everyone had a pension and wages were proportionately higher. My dad was born in '41 and most of his peers had pensions/retirement too.

My wife and I (both masters educated professionals) live frugally, invest heavily, sent kids to state schools, etc and will never get to point where our investments generate $15,000 a month in income.

It just the way life works. The later you get to the party the crappier the food selection gets.

Yeah but our current policies are like the crappy food is left but there’s still some nice platters in the back of the fridge and we’re packaging them in to go boxes for the people who arrived first. And those same people are telling the latecomers they should have planned better while walking out the door with their to go bags. It’s just obnoxious at a certain point.

What a sad tale of woe. Aren't there enough voters to outnumber the evil boomers yet? Or maybe it's just you and your inability to compete and earn enough to pay for the lifestyle you think you deserve.

I own a SFH in a close-in desirable neighborhood already and recognize that I benefited from the timing of a) being able to get on the property ladder right after the recession and b) then trading up to a nicer home (now worth about $1.3M) in 2018, which I was able to refinance to a sub 3% mortgage. My DH and I make good incomes so that we can afford to raise 3 kids with a nice lifestyle. So your little retort (a personal attack on someone you don’t even know and not an actual commentary on the issues being discussed) isn’t the burn you think it is.

But I have enough brain cells to look around and think, wow this income inequality isn’t sustainable. And to be fair, my complaints aren’t solely with boomers. We need to tax second homes and investment properties to free up inventory as well.

At least I’m not just pulling the ladder up behind me saying well the timing worked out well for me so too bad for everyone else. It’s clear from your response you are a selfish person who assumes every poster only cares about how public policies affect them personally (because why else assume that my concerns about the housing market are just sour grapes?).

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.

I mean, neither can I and I'm 52. My dad retired from a fed gig after 20 years and got a pension equal to 75% of his last years salary, along with free healthcare for life. He unfortunately died 8 years later but my mom gets his pension until her death which isn't even on the horizon. She's getting somethin like 95K a year, every year, until she dies just off that. Another 4 grand a month in SS, house is paid, taxes are senior exempted, etc etc etc

Both my wife and I work full time (white collar professionals) and we will never have anything close to that.

Life aint fair. Sometimes timing matters.

Most people don't have pensions. Just career military and government workers.

Right, that's my point. In my grandfather's era everyone had a pension and wages were proportionately higher. My dad was born in '41 and most of his peers had pensions/retirement too.

My wife and I (both masters educated professionals) live frugally, invest heavily, sent kids to state schools, etc and will never get to point where our investments generate $15,000 a month in income.

It just the way life works. The later you get to the party the crappier the food selection gets.

Huh? Humans have never had it this good. 15k a month is a very high retirement income so I’m not sure why you highlight that income level.

I highlighted it because it's what my mother recives from my dad's fed pension and SS.

It's not true that Americans have never had it this good. My grandfather bought a house, a lake house, always had two cars, raised three kids all through college with no debt and did it on a factory workers salary. And he had a fully funded 35 year retirement.

You're not doing that on an Aldi paycheck today.

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.

I mean, neither can I and I'm 52. My dad retired from a fed gig after 20 years and got a pension equal to 75% of his last years salary, along with free healthcare for life. He unfortunately died 8 years later but my mom gets his pension until her death which isn't even on the horizon. She's getting somethin like 95K a year, every year, until she dies just off that. Another 4 grand a month in SS, house is paid, taxes are senior exempted, etc etc etc

Both my wife and I work full time (white collar professionals) and we will never have anything close to that.

Life aint fair. Sometimes timing matters.

Most people don't have pensions. Just career military and government workers.

Right, that's my point. In my grandfather's era everyone had a pension and wages were proportionately higher. My dad was born in '41 and most of his peers had pensions/retirement too.

My wife and I (both masters educated professionals) live frugally, invest heavily, sent kids to state schools, etc and will never get to point where our investments generate $15,000 a month in income.

It just the way life works. The later you get to the party the crappier the food selection gets.

Yeah but our current policies are like the crappy food is left but there’s still some nice platters in the back of the fridge and we’re packaging them in to go boxes for the people who arrived first. And those same people are telling the latecomers they should have planned better while walking out the door with their to go bags. It’s just obnoxious at a certain point.

What a sad tale of woe. Aren't there enough voters to outnumber the evil boomers yet? Or maybe it's just you and your inability to compete and earn enough to pay for the lifestyle you think you deserve.

Anonymous wrote:

Anonymous wrote:I actually think it’s pretty rare for elderly to stay in really high value homes unless there is a particular reason (like caring for grandkids nearby). Most r the boomers are staying in houses that are run down or in not very desirable locations — most of the ones around here are cashing out and moving to the Carolina’s or Florida. The ones in Ohio, upstate New York, western PA, etc etc are pretty stuck. Even some places around here…if you are a boomer in an unrelated Levitt house in Bowie, can you get enough for it to buy into a nice over 55 community?

Soooooo many boomers living in our neighborhood of 4-5 bedroom houses in Alexandria. They all have huge yards (for the area). If they wanted they could easily sell for 1-1.5 million. They're not leaving because they don't want to downsize. Personally, I can't imagine wanting this suburban lifestyle in my 70s . . .

The #1 problem is you hit an age where it is very hard to make significant decisions. I saw it in my own parents and now seeing it with spouse's parents. They don't want to deal with the large house, but are paralyzed about how to solve for that. If you are planning to make the move, you probably need to really put that plan in earnest in your 60s.

They would never say that's why they aren't moving, but you see it with all kinds of everyday decisions as well. Just a complete paralysis about getting a new car (when the old one breaks down a ton and has none of the safety features you would want for an elderly driver) or other similar decisions.

When I read this article, that is the takeaway for me for basically all the people they interview.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I actually think it’s pretty rare for elderly to stay in really high value homes unless there is a particular reason (like caring for grandkids nearby). Most r the boomers are staying in houses that are run down or in not very desirable locations — most of the ones around here are cashing out and moving to the Carolina’s or Florida. The ones in Ohio, upstate New York, western PA, etc etc are pretty stuck. Even some places around here…if you are a boomer in an unrelated Levitt house in Bowie, can you get enough for it to buy into a nice over 55 community?

Soooooo many boomers living in our neighborhood of 4-5 bedroom houses in Alexandria. They all have huge yards (for the area). If they wanted they could easily sell for 1-1.5 million. They're not leaving because they don't want to downsize. Personally, I can't imagine wanting this suburban lifestyle in my 70s . . .

These are the same boomers probably voting to veto new housing and introduce property tax amendment favoring the elderly

This!!

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.

I mean, neither can I and I'm 52. My dad retired from a fed gig after 20 years and got a pension equal to 75% of his last years salary, along with free healthcare for life. He unfortunately died 8 years later but my mom gets his pension until her death which isn't even on the horizon. She's getting somethin like 95K a year, every year, until she dies just off that. Another 4 grand a month in SS, house is paid, taxes are senior exempted, etc etc etc

Both my wife and I work full time (white collar professionals) and we will never have anything close to that.

Life aint fair. Sometimes timing matters.

Most people don't have pensions. Just career military and government workers.

Right, that's my point. In my grandfather's era everyone had a pension and wages were proportionately higher. My dad was born in '41 and most of his peers had pensions/retirement too.

My wife and I (both masters educated professionals) live frugally, invest heavily, sent kids to state schools, etc and will never get to point where our investments generate $15,000 a month in income.

It just the way life works. The later you get to the party the crappier the food selection gets.

Yeah but our current policies are like the crappy food is left but there’s still some nice platters in the back of the fridge and we’re packaging them in to go boxes for the people who arrived first. And those same people are telling the latecomers they should have planned better while walking out the door with their to go bags. It’s just obnoxious at a certain point.

Anonymous wrote:My parents are in their 80's and they have been "grandfathered" in to low property taxes of $3,500 a year on a $2M future teardown property in California. They bought the house in the late 70's for $135,000. I just bought my first property, which is a $500K 2BR condo in Arlington and my property taxes are higher than my parents.

That's because CA passed that crazy law that I think property taxes can't increase more than 1.5% per year, and only re-adjust on a new sale.

Anonymous wrote:

Anonymous wrote:I actually think it’s pretty rare for elderly to stay in really high value homes unless there is a particular reason (like caring for grandkids nearby). Most r the boomers are staying in houses that are run down or in not very desirable locations — most of the ones around here are cashing out and moving to the Carolina’s or Florida. The ones in Ohio, upstate New York, western PA, etc etc are pretty stuck. Even some places around here…if you are a boomer in an unrelated Levitt house in Bowie, can you get enough for it to buy into a nice over 55 community?

Soooooo many boomers living in our neighborhood of 4-5 bedroom houses in Alexandria. They all have huge yards (for the area). If they wanted they could easily sell for 1-1.5 million. They're not leaving because they don't want to downsize. Personally, I can't imagine wanting this suburban lifestyle in my 70s . . .

These are the same boomers probably voting to veto new housing and introduce property tax amendment favoring the elderly

Anonymous wrote:

Anonymous wrote:I actually think it’s pretty rare for elderly to stay in really high value homes unless there is a particular reason (like caring for grandkids nearby). Most r the boomers are staying in houses that are run down or in not very desirable locations — most of the ones around here are cashing out and moving to the Carolina’s or Florida. The ones in Ohio, upstate New York, western PA, etc etc are pretty stuck. Even some places around here…if you are a boomer in an unrelated Levitt house in Bowie, can you get enough for it to buy into a nice over 55 community?

Soooooo many boomers living in our neighborhood of 4-5 bedroom houses in Alexandria. They all have huge yards (for the area). If they wanted they could easily sell for 1-1.5 million. They're not leaving because they don't want to downsize. Personally, I can't imagine wanting this suburban lifestyle in my 70s . . .

For every younger person eschewing suburban life in their senior years, there are plenty of older people who will say the thought of urban living with shared walls as a senior is the last thing they want.

Anonymous wrote:I actually think it’s pretty rare for elderly to stay in really high value homes unless there is a particular reason (like caring for grandkids nearby). Most r the boomers are staying in houses that are run down or in not very desirable locations — most of the ones around here are cashing out and moving to the Carolina’s or Florida. The ones in Ohio, upstate New York, western PA, etc etc are pretty stuck. Even some places around here…if you are a boomer in an unrelated Levitt house in Bowie, can you get enough for it to buy into a nice over 55 community?

Soooooo many boomers living in our neighborhood of 4-5 bedroom houses in Alexandria. They all have huge yards (for the area). If they wanted they could easily sell for 1-1.5 million. They're not leaving because they don't want to downsize. Personally, I can't imagine wanting this suburban lifestyle in my 70s . . .

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.

I mean, neither can I and I'm 52. My dad retired from a fed gig after 20 years and got a pension equal to 75% of his last years salary, along with free healthcare for life. He unfortunately died 8 years later but my mom gets his pension until her death which isn't even on the horizon. She's getting somethin like 95K a year, every year, until she dies just off that. Another 4 grand a month in SS, house is paid, taxes are senior exempted, etc etc etc

Both my wife and I work full time (white collar professionals) and we will never have anything close to that.

Life aint fair. Sometimes timing matters.

Most people don't have pensions. Just career military and government workers.

Right, that's my point. In my grandfather's era everyone had a pension and wages were proportionately higher. My dad was born in '41 and most of his peers had pensions/retirement too.

My wife and I (both masters educated professionals) live frugally, invest heavily, sent kids to state schools, etc and will never get to point where our investments generate $15,000 a month in income.

It just the way life works. The later you get to the party the crappier the food selection gets.

Huh? Humans have never had it this good. 15k a month is a very high retirement income so I’m not sure why you highlight that income level.

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.

I mean, neither can I and I'm 52. My dad retired from a fed gig after 20 years and got a pension equal to 75% of his last years salary, along with free healthcare for life. He unfortunately died 8 years later but my mom gets his pension until her death which isn't even on the horizon. She's getting somethin like 95K a year, every year, until she dies just off that. Another 4 grand a month in SS, house is paid, taxes are senior exempted, etc etc etc

Both my wife and I work full time (white collar professionals) and we will never have anything close to that.

Life aint fair. Sometimes timing matters.

Most people don't have pensions. Just career military and government workers.

Right, that's my point. In my grandfather's era everyone had a pension and wages were proportionately higher. My dad was born in '41 and most of his peers had pensions/retirement too.

My wife and I (both masters educated professionals) live frugally, invest heavily, sent kids to state schools, etc and will never get to point where our investments generate $15,000 a month in income.

It just the way life works. The later you get to the party the crappier the food selection gets.

The home equity will be wiped out by nursing home expenses in a few years.