Ok Boomer. Now You are Gonna Ruin the Housing Market

Interesting article on the potential housing situation over the next 2 decades. Boomers own 25% of for sale homes in the US and its predicted that some 21 million homes will be on the market over those coming years as boomers peg it....but mostly in areas that young peeps dont care about.

www.wsj.com...

Thats a lot of wealth erased. These areas could go the way of the old boom towns of the gold rush. Or not...who knows...but it does make a lot.of sense.

And not only that, but the demographics are changing rapidly...as in suburban areas ard losing population. We saw this in the last election, where big city populations nearly trumped the burbs, so it will be an interesting next 20 years.

www.pewsocialtrends.org...

I saw that article. Perhaps it is a fantastic thing for the millennials. Everyone says they can't afford homes. In some cities like SF and LA even the middle class can't afford to buy a home.

Perhaps the market needs to crash to make housing affordable again. Especially in cities like SF and LA. They need a huge crash or their servant/service class and even middle class will have to flee because there is no place they can afford to live. In big tech areas in CA people live in their cars during the week and drive out of the city to their families because they can't afford housing where they work.

A big crash in the housing market may be just what the country needs to bring prices to the level that millennials aren't forced to live in Mom and Dad's basement.

It is unsustainable for the country when the lower and middle class workers, the service/servant class who actually make the nation work can't afford to buy a house - or in some cities even rent an apartment. While it will hurt the economy in the short run, crashing housing prices may be just what we need to bring more equality.

Right now the biggest Democratic Party run cities have huge housing inequality. The rich and upper classes living in homes, while the lower class lives in tents on the streets. The middle class barely scraping by and sometime having to live in their cars. This needs to stop, and a deep crash in the housing market may be just the thing that is needed at this time.

I'm not going to read anything that starts with a fail meme..

do it rite. This goes for all y'all.

Your article is behind a pay wall.

Could you elaborate on how Boomers selling homes no one wants to buy will Ruin the Housing Market?

a reply to: The2Billies

But again; how does a house that can't sell in a retirement community in Phoenix affect SF or LA prices?

originally posted by: lakenheath24
Interesting article on the potential housing situation over the next 2 decades. Boomers own 25% of for sale homes in the US and its predicted that some 21 million homes will be on the market over those coming years as boomers peg it....but mostly in areas that young peeps dont care about.

Thats a lot of wealth erased.

And not only that, but the demographics are changing rapidly...as in suburban areas ard losing population. We saw this in the last election, where big city populations nearly trumped the burbs, so it will be an interesting next 20 years.

If people buy/build homes they can afford, then why is this a problem? I'm a boomer and bought the home I live in 20 years ago. I probably will want to sell it at some point but if I'm not able to then I'll live in it for the rest of my life.

I bought a home I liked, in a neighborhood I liked, for a price I could afford. It's paid off. If I move, I'll pay cash for my next house. If I stay here, my kids will inherit it and will be able to live here (or sell it).

I don't see the problem.

Who has decided the millennials don't want to live where boomers lived. Someone who hasn't been paying attention to the housing market i would guess. Average home under $300k is on the market less than a month around here. City country it doesn't matter. Under a million less than 90 days.

So who is buying all those homes if the boomers are dying off.

Only house that didn't sell around here was Simbads for $13 mill then lowered to 8 then to 5 then bulldozed. Yup a $13 million dollar house bulldozed and the property being split.

a reply to: lakenheath24

Ok boomers, you people will ruin everything.

It can't be so. I was just educated about this online term about a week ago, my friend asked me do i know what "Ok, boomer" means. So i guessed the obvious that it refers to American people and when they made a lot of babies after the second world war, then those babies are now boomers. And i said that i bet it is used more as an insult than a compliment. I bet that there are really wonderful boomers and really nasty, idiotic ones.

All of this sounds like harsh generalization to me.

Ok Boomer. Now You are Gonna Ruin the Housing Market

How ?
I imagine most "boomers" have either paid their house off , or have plans to do so .
Now 2nd mortgages are a different subject altogether .

Don’t subscribe to the WSJ so I didn’t get to read the article.

21 million homes will be on the market over those coming years as boomers peg it....but mostly in areas that young peeps dont care about.

Prices are going to drop .

That’ll make that real estate attractive to young people .

Buy cheap sell big capitalism 101 .

A house is a investment you occupy for a while .

suburban areas ard losing population.

There you go cheap houses for sale .( make offer ) lol

These areas could go the way of the old boom towns of the gold rush.

Not necessarily Scottsdale Arizona is a good example .

During the 70s Scottsdale‘s population jumped 400% .

Cheap property and a density of young people( around 50% under 50 years old ) make it attractive to employers .

The housing market tanks when the bubble burst’s .

Not the other way around .

Where some people see failure, others see potential .

originally posted by: DanDanDat
a reply to: The2Billies

But again; how does a house that can't sell in a retirement community in Phoenix affect SF or LA prices?

Boomers are a huge generation. They aren't all in retirement communities.

Many, if not most are in their first or second homes they purchased, or the house they bought last before they retired. Over 25% of the population of SF are boomers. Boomers are far more likely to be homeowners as a group. What happens when 25% of the houses in a city go on the market within a few years of each other? Prices plummet

I just looked up the demographics of LA and they are similar to SF. Boomers comprise nearly 25% of the population total right now, and they have already started to die off.

Boomers are a huge segment of the US population and currently make up more than 23% of the population overall. Born 1946=1964, makes them between the ages of 74 and 56.

They mostly live in homes they own, not nursing homes. The stats say that around 80% of boomers currently live in a home they own, compared to around 43% of younger families. That means that around 25%+ of all homes today all over the US are owned by boomers. That seems to match with my neighborhood which is around 10 years old, the vast majority are boomers and retired into these regular homes in a regular small city, in a regular community.

My friends are between the ages of 65 and 85, they all own their own homes and live in them. They have had spouses who went to nursing homes for a short time, but most have remained in a home they own rather than a retirement community. Many if not most opt for in home care, which is cheaper and nicer overall than a nursing home or retirement community. Some eat out daily, most have housekeepers and lawn service, which is what senior communities provide, but the cost is lower when you own your home outright and it is, well, home. When we die off, and we will, everyone dies - you will see a glut of homes on the market everywhere.

Yes OK Boomer is an insult you would get one warning where I work if they are in a good mood and the person that said it was moderately valuable to the company.

Otherwise however long it takes the HR people to get their spit together.

a reply to: The2Billies

If no one wants to move there this won't impact the market where people actually want to move to much. It would only 'crash' those markets if people start looking at these Boomer homes to move to.

a reply to: OccamsRazor04

If 25% of the nations home go on the market in the same basic time period it may greatly affect the housing market and prices If there is a glut of homes, prices go down.

a reply to: lakenheath24
In Britain (crowded country) there's a housing shortage, and the more likely grievance is the opposite; that older people are owner-occupying larger houses than they need, so that younger people don't have anywhere to go.

originally posted by: The2Billies
a reply to: OccamsRazor04

If 25% of the nations home go on the market in the same basic time period it may greatly affect the housing market and prices If there is a glut of homes, prices go down.

Only if people want to move into those areas. If there is no demand for those homes then it won't impact where the actual demand is much.

a reply to: lakenheath24

This won't end. There are too many investors both foreign and domestic that are going to be buying houses and keep driving the price up.

It would take another 2007 crisis in order for housing prices to go down.

A correction to be sure, but the 2008 housing crash didnt affect those areas and I doubt another one would either.

It only affected mid to poor folks. I lost 90k on my house.

I know whatcha mean though...i did a post years back on how normal people.cant live in Aspen anymore and have to commute long distances or live in garages.


a reply to: The2Billies