OK Boomer, Who’s Going to Buy Your 21 Million Homes?

[trader99]

Good question.

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https://www.wsj.com/articles/ok-boomer-whos-going-to-buy-your-21-million-homes-11574485201

Baby boomers are getting ready to sell one quarter of America’s homes over the next two decades. The problem is many of these properties are in places where younger people no longer want to live.

 

[nooby_mcnoob]

Saw this article elsewhere, the answer is they don't need to sell. They will either reverse mortgage and the bank will take possession at the end, or they will rent out and downsize. They are generally sitting on 100-200% gains, there is no overwhelming need to sell.

Couple of well-to-do fucks passed away in my neighborhood recently, the children decided rather than selling, they'd rent it out. Some poor schmuck now has to pay $5K/month in rent to some children who didn't do anything to earn the home.

Which reminds me, my area is becoming primarily renters now. Time to get out. Good thing I bought my house 20 years ago eh.

 

[Cuddles]

Saw this article elsewhere, the answer is they don't need to sell. They will either reverse mortgage and the bank will take possession at the end, or they will rent out and downsize. They are generally sitting on 100-200% gains, there is no overwhelming need to sell.

Couple of well-to-do fucks passed away in my neighborhood recently, the children decided rather than selling, they'd rent it out. Some poor schmuck now has to pay $5K/month in rent to some children who didn't do anything to earn the home.

Which reminds me, my area is becoming primarily renters now. Time to get out. Good thing I bought my house 20 years ago eh.

You missed the part of "nobody wanting to live there". I've driven through the midwest. It's heroin ridden ghost town after heroin ridden ghost town.

Basically everyone young wants to live in a sardine can in Cali or NYC type locations. I'll take a cabin w/a lake front though.

 

[nooby_mcnoob]

You missed the part of "nobody wanting to live there". I've driven through the midwest. It's heroin ridden ghost town after heroin ridden ghost town.

Basically everyone young wants to live in a sardine can in Cali or NYC type locations. I'll take a cabin w/a lake front though.

Same. Do you think you'll get a good deal? I had to pay about $400/sq foot to get a log cabin that no one wanted to buy because it was way out there, too big and was on the market for like 2 years.

 

[Cuddles]

Same. Do you think you'll get a good deal? I had to pay about $400/sq foot to get a log cabin that no one wanted to buy because it was way out there, too big and was on the market for like 2 years.

Probably not....I'll likely end in Colorado in the interim, or Canada depending how 2020 goes. I hear good things about Idaho, and have considered Nevada and Utah somewhat.

 

[nooby_mcnoob]

Probably not....I'll likely end in Colorado in the interim, or Canada depending how 2020 goes. I hear good things about Idaho, and have considered Nevada and Utah somewhat.

PA is my jam. Not too expensive, rough enough land that it can't be easily overdeveloped.

Also like W. Virginia but too expensive IMO.

 

[Bum]

Probably not....I'll likely end in Colorado in the interim, or Canada depending how 2020 goes. I hear good things about Idaho, and have considered Nevada and Utah somewhat.

Lived in Colorado for 12 years. Hope to get back there someday.
All states you listed are pretty good IMO. Utah is beautiful in spots. Young generation can have Cali & NY, though I've never been to either. Traffic, buildings, people........all too crowded IMO but I grew up on a farm so prefer open space with lower population.

 

[eurusdzn]

Boomers will pass the silver spoons and war bonds to their perpetual indebteness spawn.
Possibly , also, a generations debt will be absolved by the 2024 Warren/Sanders ticket.
This will make the melonheads the luckiest generation in history, until a crash occurs on some
future Tuesday.

 

[gaussian]

Saw this article elsewhere, the answer is they don't need to sell. They will either reverse mortgage and the bank will take possession at the end, or they will rent out and downsize. They are generally sitting on 100-200% gains, there is no overwhelming need to sell.

Most of the homes will be tied up in reverse mortgages because boomers are the most fiscally irresponsible generation of our time.

This should read "banks will repossess 21 million homes in 30 years". Clickbait title designed to get millennials excited for something that will never come.

Which reminds me, my area is becoming primarily renters now.

Everywhere is becoming a renters paradise. Rents aren't locked behind 30 year mortgages, can be raised at will (usually the second you catch wind someone caught a raise at work), and generate perpetual income. Pair that with deep Chinese investment in west coast real estate, falling home building numbers, and you've got a delicious recipe for permanent serfdom.

Turning your home into a rental should be a painful and expensive process. It brings down home values, ruins neighborhoods, and creates significant inequality in the form of perpetual rent relationships. Imagine reaching your retirement and not owning a home - how anxiety inducing.

 

[nooby_mcnoob]

Most of the homes will be tied up in reverse mortgages because boomers are the most fiscally irresponsible generation of our time.

This should read "banks will repossess 21 million homes in 30 years". Clickbait title designed to get millennials excited for something that will never come.



Everywhere is becoming a renters paradise. Rents aren't locked behind 30 year mortgages, can be raised at will (usually the second you catch wind someone caught a raise at work), and generate perpetual income. Pair that with deep Chinese investment in west coast real estate, and you've got a delicious recipe for permanent serfdom.

You got it. My ex-wife even wanted to charge our daughter rent. I told her to fuck off that I'd take her to court for child support.