Boomers Own Half of U.S. Wealth. So Why Are We Seeing More Homeless Boomers? | WSJ
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- čas přidán 6. 06. 2024
- Baby boomers have the highest median net worth by generation, holding about half of U.S. wealth-with much of it tied in real estate. And while many of these older boomers aren’t moving out of their homes, younger boomers reaching retirement are increasingly facing homelessness.
WSJ breaks down this trend and explains its impact on the housing market and the U.S. economy.
Chapters:
0:00 The baby boomer trend
0:32 Boomers aging in place
2:14 Boomers facing homelessness
4:34 Why there are these two extremes
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#Boomers #RealEstate #WSJ
Wall Street has spent billions buying homes. A crackdown is looming: on.wsj.com/3WF63ht
I hope so. Young people have to share apartments as it is.
And your link has a paywall. Boo.
The major problem is NIMBY. Existing homeowners restrict construction of new housing.
The “crack down” is lip service to the masses.
First, Wall Street bought up a relatively tiny amount of rental homes.
Second, Wall Street is already looking to unload their rental portfolio in search of better profits.
The “crackdown” is chasing an outdated investment play that will unwind with zero action by Congress. But, the poor will think that Congress actually did something.
Doubt it considering our politicians are all bought
For boomers and senior citizens, the current market and economy are unnecessarily harder. I'm used to simply purchasing and holding assets, which doesn't seem applicable to the current volatile market, and inflation is catching up with my portfolio. My biggest concern is whether I'll survive after retirement.
Something they dont talk about is how over 25% of new home were actually bought by investors, not people looking to live there. Even if boomers sell all the houses or more home become available, the problem wont go away, as wealthy investors will still buy up those supply of houses. This will keep the houses prices up.
Just buy and invest in Gold or other reliable stock , the government has failed us and we cant keep living like this.
Yes, gold is a great investment and a good bet against the devaluating dollar, been holding some for awhile now, I’m grateful my adviser’s moment by moment changes in the market are lightening quick, cos who know how much losses I would’ve had by now.
How can i reach this adviser?
Amber Dawn Brummit is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.
Wealth inequality doesn't disappear just because you're old.
It's not as much inequality as 80% of boomers are homeowners, not to mention a significant majority of winch have paid off their mortgage.
In some cases it just begins to be inequal in your favor
@@fireemblemaddict128 In very few cases. The country is rich. By and large, the people aren't.
I agree. There's older folks on fixed retirement. And there's others who have investments.
The reason why some of them are homeless is because housing costs outpaced their retirement check.
@@eksbocks9438 because many people developed and accelerated much faster. Everything went ahead, including prices, and they left behind.
Simple. The people who are winning are winning big, and the people who are losing are losing big.
Sometimes, they are the same people, just at different times, though. Very few people "win" all the time, and not everybody "loses" all the time. There is quite a lot of variance.
@@Jimraynor45 well this is about homeless boomers, right? I'd argue that the number of them who did very well in their youth, but are broke now, is an extremely small percentage. Most of the ones doing bad now were okay at best even in the 60s and 70s. They're probably the people who are voting for Trump hoping he's bring back 60-70k a year factory jobs.
Bottom line.
yup - and it has near zero to do with "who is a Boomer"...
@@seanwilliams7655as it was told, usually one life changing event, such as serious illness or loss of spouse, put them into destitute position.
Something they dont talk about is how over 25% of new home were actually bought by investors, not people looking to live there. Even if boomers sell all the houses or more home become available, the problem wont go away, as wealthy investors will still buy up those supply of houses. This will keep the houses prices up.
THIS IS THE ONE COMMENT HERE THAT IS ABSOLUTELY TRUE and the MAIN reason that housing is in a crisis.
Yet to criticize this is met with stiff opposition from conservatives. Why? Because that's free market capitalism. Would you want the government deciding if you can buy real estate? Do you want freedom taken away? Just like a lot of working poor conservatives oppose minimum wage increases....its anti American communism.... they live by "better broke than woke."
In my opinion this is what is going to be the solution.
To me it seems obvious that over investing in housing will lead to an over supply.
Salt lake city went from can't find an apartment to every apartment complex offering thousands in move in incentives in just a year.
Housing investing just bottles up supply until it all explodes just like in 2008.
Housing should not be turned into an investment. We are becoming a country that puts profit before people.
Maybe start increasing the tax rate on second homes and investment residences.
Also these young folks do not get it that many boomers waited to be older before they could buy a house. That is when their parents died and they got some money for downpayment. Same way the gen x is next on line when boomers are now in that age. In the next twenty years there will not be many boomers around.
"Homeless because of a medical emergency" America.. 🤦♂️🤦♂️🤦♂️
Shout out to the boomers running our major HMOs, pharma, and medical industry lobbies!!
It's just an excuse. No hospital is going to take your last dime if you simply negotiate. And obesity is what is usually an unaffordable issue for people.
Yep these boomers did NOTHING to remediate this situation over their previous decades. Now crocodile tears.
Illegals get 100% free healthcare though.
Like the premise of Breaking Bad, the guy had to make and sell drugs to survive and help his family survive the medical emergency. In almost any other country, it would have ended with the main character getting cancer and the social system kicked in to keep him and his family secure during and after the medical emergency and ended at episode 1.
My landlord is a lawyer. He doesn't own my current rental, he owns the entire building. He factually makes more money from rent than from practicing law. When his son wanted to become "independent" he simply moved, zero cost, to one of the dozens of apartments his father owns. When I first wanted to rent one of his properties, he negotiated tooth and nail every single € like his livelihood depended on it. . . now that we are contractually binned, we sometimes chat and he can't help himself talk about how "dangerous" is to rent because of squatters and how seemingly "overprotective" the law is towards tenants. . .
My man . . . you are a self employed lawyer that sucks well north of half my salary . . . and everybody's salary in this building, each month. Every time I contact you for something broken, your wife picks up the phone from a different continent.
From an American stand point, this checks out. Lawyers are well known here for suing kids with cancer.
Buy, don't rent!
It's funny how you little fellas only discovered opposition to landlordism once you were givin permission to hate the old. Given permission by the financial class which owns you and your country
Your landlord probably needs to have his law degree to navigate landlord rights vs. tenant rights and avoid the thousands of dollar in legal fees every eviction incurs.
hey guy, do better. stop crying. keep your head up. don't be the victim.
I’m a younger boomer who identifies more with generation X, than with older boomers. I exited college at a time when no one was hiring. It’s always been a struggle to keep up with expenses. I’m grateful I’m not homeless, but life is still exhausting.
I'm a cusp Xer/Millennial and I graduated from college in Dec. 2008, a couple months after my paychecks started to bounce from the home remodeler I worked for.
(For that stellar timing , I had worked my way thru school over 6 years, attending year-round, mostly paying cash - and BTW still needed privately held loans.)
Also identify more with X here, I often know more tech than many 20 and 30 somethings. Boomers should be divided into two groups as we’re on average very different 1940’s to 1960’s.
And I agree, life is hard work. I do not foresee stopping working.
I was born in 1957 which was the record number of births in the US. My husband was born in 1956 which was the second highest number of births in the US. It was VERY difficult competing against ALL those people for jobs, housing and college. Unlike today where they are begging for workers by enticing them with all these benefits, we literally took any crummy job they had. It was very difficult
Begging for workers? That’s a laugh.
@@americanbookdragon climb out from under your 1980s rock. With the exception of 2019 and 2020, the unemployment rate in this country for the last ten years has been the lowest we have seen in decades. The unemployment rate is bordering on too low. If you can’t find a job in this economy, there is something very, very seriously wrong. You will never find a better time to find a job
Blackrock will buy all the houses a boomer leaves
There's ALSO never any mention of how many homes are indentured to Reverse Mortgages and will automatically revert to bank ownership if the heirs can't pay off the mortgage.
OR STEAL
its what the boomers would have wanted
If the heirs sell them ……
It’s whatever the heirs choose to do with them
If I was a boomer and had bought a house, why would I move out of my house just because I am getting old? Isn't that the American dream..?
Because the young lazy kids want your house without earning it. Much easier to call you "greedy" or something.
The point of the video was that they still own the 3-5 bedroom house they raised their family in, and due to rates and pricing they aren't selling those homes. I don't blame them for that, but it does have the effect of further limiting inventory. If rates were low, and I were in that position, I'd much rather own a smaller home.
@@dgfreshx You realise that when they were young, the US population was around 150-180 million people. Its now at 340 million people. Perhaps start to build NEW housing, instead of waiting for the boomers to sell their homes.
@@dgfreshx When the boomers bought their homes, there were about 150-180 million people in the US. Today the US population is 340 million. Why not build new homes (proportionally to the rising population), instead of waiting for the boomers to sell. If that is too expensive, its not the boomers fault.
@@dgfreshx I've been trying to reply to you, but somehow YT keeps deleting it / my reply won't show up...
So not all boomers are booming the same.
In other words it's all about classjust as it's always been
I am Gen X and BOOMING!!!
@@Kevin-mk6jono you aren't
@@chrishart8548 did you have to work today? U doing more than me bud...
Some just boom louder than others
Stop pitting generations against each other.
it's the favorite game of Doomers
This whole video is analysis of data. Examining facts is hardly pitting generations against each other.
@@lucindabreeding "Facts" are often cherry-picked and rarely neutral. From the article: "This trend of older home owners hanging on to their houses is exacerbating the shortage [of homes for millennials] and contributing to rising home prices." Really? Slamming boomers (or millennials) with pejorative language ("hanging on," "exacerbate") focuses public opinion on generational differences that don't help us learn what's really contributing to the housing shortages (tax policy, general inflation, weak anti-poverty and safety net policy, etc.). (Hint: the meaningful answer isn't to get older boomers to sell their homes and truly downsize (into what?)).
@@pls5201 I didn't read it as shaming at all. I read it as cause-effect. When a typical trend - older Americans downsizing in their retirement, and young families purchasing larger homes or their first homes - changes and suppresses supply, then prices rise. Just because there is a cause, does it mean there has to be a commensurate blame, and I read no blaming language in the article.
Frankly, I think you might be a little overly sensitive. I didn't read the reporting as blaming anyone. Just explaining the shifting trends and how a suppressed supply can actually amplify demand and therefore heat up prices.
To me, this is like reading a story about the lack of chips available for automotive manufacturing during the pandemic and claiming that it is a hit piece on chip manufacturers.
@@lucindabreeding Not. But never mind. I don't expect you to get it.
Working your whole life, paying off your home and living in it is ''selfish''.
Billionaires are shameless in their greed.
I know right? As if the next generation will not do the same when rates go down.
It was a deeply weird argument that the housing shortage is caused by... people not leaving their homes???
The very rich people who own assets have taken full advantage of poor people's conditions. Rising prices just because greed. Is it fair that just because the economic situations have favored this generation they can live extravagantly and not care about other people's suffering? It's not that you have done something better its due to factors independent of you.
@@globalfamily8172 So two bads make a good?
Not a word about banks, equity firms, Blackrock, buying up houses after the 2008 cruises as assets. You cannot discuss the housing cruises without discussing this.
Or discussing that largest luxury houses generate more profit than smaller non-luxury. Developers build for profit.
The media rarely discusses it because the media sides with billionaires
This right here should be front and center. Blame banks, private equity firms, and wall street for buying up all the single family homes, causing the supply shock, and highly inflated prices. Start there before blaming other generations.
alaakela,
This happens because we allow it. We don't get involved politically. We don't vote out bad candidates. We happily do whatever we are told. We elect by brand consciousness. We almost never elect independent candidates. We allow big business to rule over us. We don't make ourselves into a mortal threat to private entities that seize power and threaten our rights. In short, we have forgotten what it means to be Americans.
@alaakela What are 'cruises'? Vacations?
@@AMERICANPATRIOT1945 In my opinion, this is both political and economic. We allow corporations to buy up property (so "property" pretending to be a "person" is buying up other, real property) and reduce the inventory of housing. Basic economics shows that restricted supply with fixed demand will drive up prices.
Politics comes into play when we zone away economically-competitive options. Prohibit multi-family dwellings! Prohibit residences over retail shops! Prohibit single-room-occupancy (yes, the poor DO need to live somewhere safe and warm)! Revamp zoning to promote lower-cost housing and that will relieve some of the pressure.
Also, younger cohorts have to realize that they might have to "start small" and work their way up.
Baby boomers are retiring or on the verge to, so how do we deal with such recession-influenced market conditions? Typically my $250k worth of holdings go up 8% then lose 20% right after and the cycle continues, I’m confused and truly sick of the system
Inflation gives the illusion of growth. Investors should exercise caution with their exposure and exercise caution these period. See a market strategist with experience if you are unable to manage these market conditions
@@AntagonisticAsian Insurance (annuity) salesman?
Hard assets look good. Natural resources
@@gagnepaingillygreg zanetti
De-risk your portfolios, shore up your core holdings, and take some profits while balancing your portfolio allocations. I’d also suggest you go with a managed portfolio, but even those don’t perform so well, so it’s best you reach out to a proper fiduciary to guide you, that’s what works for my spouse and I. We've made over 80% capital growth minus dividends.
I really do not mind older people holding on to their homes. That is absolutely their right and preference. What I do not like is when they really go out of their way to prevent other people from having homes. Many of these homeowners will block, delay, and limit any housing development near to them especially if its affordable.
On one hand, they block the city from growing its boundary. And on the other hand, they block all densification efforts by private developers in 80% of the city area. But they love to tear down poor neighborhoods for highways and parking lots.
Aw yes and then they have the audacity to complain about the homeless "eyesores" and their awful tent cities and cardboard signs.
Right, largely Boomer NIMBYs love to vote down housing developments and public transit projects to save their massive home equity and the “character” of their car-centric migrant-free neighborhood.
One problem with high density housing is that you need the proper infrastructure in place first, or there will be more traffic like California has across big cities. Or just make cities more walkable, but I don't see that happening too soon
@@beccababe2391 California actually has a fairly extensive train network and growing. If you’ve ever road it, you notice that many of the stations land you in the middle of parking lots. They have just recently passed laws to allow more density near these stations. Over time, we’ll see the effects of that deregulation.
My city allowed new luxury apartments north of my track but didn’t allow new homes to be built. I guess the city makes more money from apartment complexes. Of course all these rental units has made traffic impossible.
As a millennial I admit I was a bit taken aback when they said boomers are aging in place like they are committing some kind of crime or something. And I get it. I'm frustrated because I'm working two jobs and yet I live in a one bedroom apartment with my husband and my toddler. No one is more frustrated with the housing crisis than us but at the same time if I was a boomer I would hold onto my house too. Like what are you asking them to do exactly? Just like everyone else they have no where else to go (without severely financially downgrading that is) because everything is either full or severely over priced to the max.
Just amazing they trying to blame all of he ills on the old folks who built everything. All the problems stem from not having good jobs.
Where are you and your husband? How you ever asked or thought of asking a rich person how to buy a house today?
Hang in there BrighElk - You have a good attitude and things will work out. Everyone starts out poor (pretty much) and you will look back on these days as simple and happy.
Yes. We’re asking them to move out of their single family homes that fit them and four kids and downgrade to a cape that fits 2 adults. Then use the profit to invest in funds that pay for their healthcare and other expenses.
It’s literally what their parents did.
They are doing the same thing as banks and using single family homes as an investment vehicle which inflated the price out of reach of way more families than any other time in history.
Big single family homes are for … families.
Really the ask is to put their children before themselves as is the duty of all parents. They’re constantly choosing themselves. They are free to do this. We are free to despise them for it.
@@melkorbane its not "literally" what their parents did. most people used to be born and then died in the same home. many are housing adult children permanently. housing someone who despises you is dangerous, especially if they stand to inherit something. isn't it. people who despise others are a menace to civilization.
Housing has gradually become a problem that is rooted in it becoming a speculative investment rather than a long term equity holding. A tax system that recognized the difference at all levels from local to national would go a long way to fixing this. Wall street big business should not be involved in holding houses for purely speculation purposes.
And what percentage of single family homes are owned by firms?
@@LebronCCP About 3%... and I don't think they're changing the zoning from residential so, technically, it's still part of the housing supply as a rental.
Thank you!
Please don’t put all the blame on Boomers. Corporations are buying more than their fair share of houses in every state.
What generation would you put at the helm of the majority of these corporations?
@@seanvandermolen7287And what generation will it be in 20 years?? Millennials or genx. You really think wealthy boomers are different then wealthy people of any age?? Come on? Seriously. You're working way too hard at your generational warfare narrative
and guess the stockholders structure of those Corporations 😂😂
Christina, your mistake is that you are separating corporations from people. People are actually running those corporations and what age do you think most of them are?
A lot of them are foreign corporations
I'm a young boomer. The difference between myself and my older siblings is stark. Glad someone is shedding light on this issue as the common narrative is that all boomers have it so-called easy.
Boomers have it easier not easy. It was never easy
Totally agree with you! Born 1960!
@@DreamingDarlin Weird isn't it? Can't tell you how many derisive comments I heard from them regarding how much better they were doing.
Many Boomers could afford to buy houses because they worked 2-3 joba at times; sometimes dirty nasty exhausting jobs that were entry level so it could lead them on to bigger & better things.. I find my younger friends are offended if you suggest they get entry level or a job that works weekends, etc., especially if they have a Degree. Leisure time & spending on luxury items & vacations seems more important than having reliable income & savings. I admit that many of the Boomer generation did not buy into the "college degree will get you more money" scheme....so maybe that's were they could buy a house when youngers were paying off loans. I'm on the Boomer/Gen X border so I feel fortunate that I got the older generation work ethic and used it at a time housing prices & inflation were still reasonable when I bought my first home at the age of 24. I'm also better off than some of my older Boomer siblings....as you say.
@@DreamingDarlin Me too and we are from Generation Jones. People born between 1955-1964.
Boomers keeping their homes has nothing to do with the plight of homelessness. Got nothing to do with housing prices either. That’s just picking out one demographic of home owners and seemingly blaming them for not dying off fast enough. Why would owning a home at age 68 contribute to these problems more than owning a home at age 35?
I think it's the amount of homes owned by boomers which 35 age group isn't able to buy because the contractors aren't building smaller more affordable housing. We used to start out small and as our income grew our homes grew either by buying bigger or building on a room. I'm a boomer who is thinking about living in an RV because my SS isn't enough to buy anything in today's market. I can barely find an apartment that I can afford anywhere. Something has to be done for sure because housing is only going up in cost while our incomes aren't keeping up with the pace. We are going to have to start living like Mexicans with several generations and branches of the same family living under the same roof. just so we can get by. Americans aren't used to that
Nothing. It's just hilarious to see them suffering from the policies they voted for.
No safety net for homeless? Gee, I wonder why.
@@naeonixion they didn't vote for those policies, they voted for the people who voted for those policies. And when they didn't like the policies they tried different people the next time they voted
@@sandyallen1523ISSUE THREE: is the developers/investors that have been buying additional single family homes for VBO's and other types of rental units because they can make money and acru another asset(s) and more wealth. Older boomers who have worked hard, raised and educated their children and saved hard should not be penalized for what those builders and investors are doing. I've seen programs where younger "investors" have claimed that its the boomers fault because they "will not give up their homes." I mean really why should a 1950 born boomer who paid their own way through college, raised and educated their own children, worked sacrificed, and saved be penalized for keeping their own homes? They worked for it - its their home.
@@donnaallgaier-lamberti3933 I agree 💯
So, now they are blaming older people who dont want a new mortgage or to live out their life in the house they paid for?
How do these blatant lies work?
This comment wins the intelligence test in this comment section. Chinese backed investment companies buying up all of our homes in cash is the problem. NOT boomers. And WSJ leadership knows this
@@aprilreese4547 And hedge funds and real estate investment companies here in the USA are buying up homes too. This is a big part of what has caused prices to soar. They rent the houses out. In tourist areas, these homes become Air B&Bs too. Even the smallest ones are rented out to tourists.
This is a video about homeless boomers and not housing shortages for millennials. What does older boomer who choose to age in place have to do with boomers who are homeless?
Generally they just hate boomers - homeless or not. They have been fed this distraction to save the actual big investors.
It’s old people living in their homes, instead of being homeless or dying. It’s not Wall Street lobbing Congress for the removal of protection policies in favor of globalization that has destroyed American salaries, hollowed out the middle class and made many people poor while Wall Street got rich. America last. Tax the poor, 85k new irs agents, and if your yearly Venmo is more than $600 we reserve the right to audit you.
How dumb it sounds @1:17 to say older people living in their own homes is exacerbating the supply. Sooo bad. 😢😂😂😂😂😂
Phrased poorly but usually they move but just like young ppl are boxed out of buying a home. The boomers are boxed into the house they already own
BUILD MORE SMALL HOMES, REDUCE REGULATORY CONSTRAINTS ON NEW BUILDS
Affordable apartments are usually blocked by NIMBY's
Build more small homes, reduce regulatory constraints on new builds👍
Go ahead, no one is stopping you.
Imagine aspiring to live in a hovel when your peasant ancestors lived in three story handcrafted homes...
Quick, import millions of people used to living in mud huts, they won't resist the impoverishment of America.
@@jimmg8994lmao change policy, no one is stopping you except for the HOA city council, county board, state and federal agencies.
Huh? If someone owns their house that's their property. They don't need to sell or downsize. Why is this a "problem".
I will never sell. 😎
Billionaires are the problem that like to point their finger at everyone else.
Tell boomers to downsize: "Society can't infringe on property rights!"
Neighbor wants to develop affordable housing: "Society comes before property rights!"
Old people are wise enough to realize what a screw rent is. They're staying in their homes as long as they can. More entry level homes heed to be built for sale, not lease.
How can they question why we aren’t moving. We have 2.5% mortgages (or house is paid off) for crying out loud - can’t get rent in an assisted living for a monthly payment that low!🤑
@@davisholman8149 Exactly. We pay about $550/month to the county to live here. It's called "property tax." Where else do I find a payment like that to live in a single-family home in a decent neighborhood?
@@joesterling4299 You can’t - stay put as long as you can. Cheaper to hire some adult care/cooking/ house upkeep if you get to that point.
Not just that, but we need to put in a law to protect those homes from being bought up by private equity such as Blackrock and being rented out
this women is spreading so much propaganda saying older people are creating problems especially in california is propaganda Illegals take up more housing costs etc and SSI goes to them also.the real story is not being told
i'm 30 and I purchased 5 years ago. I understand why they won't leave. With my interest rate, i'm staying for life.
@@phoenix71232So that’s the predicament… these homes made for a family of five sometimes have only one or two people. They obviously have the right to stay, but this greatly distorts the market.
It is called envy and entitlement. These young folks want to rob the old from their properties because their grandparents did not own a home passed on to them free.
Can’t believe the so called ‘experts’ haven’t figured that out.
@@eilaollinheimo4573 boomers are the most entitled generation we have ever had 🤣
@@eilaollinheimo4573 You were given access to wealth and opportunity unparalleled in history and used it to destroy the economy, social structure, and political structure of the nation you were blessed with. The entitled young folks you hate are the ones you created by neglecting everything that was given to you.
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire without any investment. Retirement becomes truly fulfilling when you possess two essential elements: financial resources and a meaningful purpose in life. Make prudent investment choices to secure good returns and ensure a comfortable retirement. .
You have said well but you know you have listed out the problem then what do you think the solution will be. Everyone has a plan but how to manage your plan with your resources means a lot.
Imagine being born in the time of the most prosperity and least competition and still ending up homeless
They were told to follow their passion.
Yup. They were lazy and spent their money away as soon as they earned it. Now millennials who have incompetent Boomer parents are being guilt trip all the time to care and pay for them.
My parents bought new cars all the time, go to Starbucks for coffee, and never saved money. I had to pay for my college and they even screwed my scholarship from remarrying, etc. i got into way more debt than I was supposed to.
They now think they should get to live in my house or I should at least give them money so they can buy a home.
That generation is just selfish in general. Poor or not.
@@justwatchingrandomlyEveryone is selfish, pointing fingers and such
Not surprising that the WSJ totally missed that corporations are purchasing entry level homes which breaks the market cycle of the past years.
Wait just a minute! It’s your right to keep a home you’ve sacrificed to buy and live in it til you die AND will it how you wish. This program feels like vulturism.
The housing crisis IS NOT A “BABY BOOMER” PROBLEM!
Ok boomer.
you said til you die already. no take backs.
@@nicks-fix I actually don't care if it's okay with you. I literally drew the house on paper, made a cardboard model of it, drew a blueprint, and my husband and I and my brother laid the sill boards, the joists, the subfloor, the framing, installed the insulation, the attic vents, the siding, the windows, the doors, the cabinets, the countertops, the wood floors, painted over 60 gallons of paint inside and out, and have maintained it for 25 years. Painted the kitchen cabinets last summer. My husband will be replacing the entire deck in a few weeks. It's our house, truly ours, and we don't owe it to anybody. We don't see a place we'd rather live than here.
@@LoriClaire-yp9mt oh cool. So before codes, permits, lumber and labor costs were 100x?
@@nicks-fix Built to code. All permits -- we had to drive to the county seat to get them, had to drive an hour the other direction for the electric permit, every lumber delivery was about $20,000, and the labor was *us*.
My 95 year old folks still live in their house. How dare they???
Good for them. I plan on staying in the first home I bought 35 years ago which is a ranch style house.
Ikr. Like what are they supposed to do?
@@melissabeswick9430 sarcasm
@@jameswester333 The youits (Joe Pesci My Cousin Vinny) of today have very little idea what sarcasm or humor is. This is why Chris Rock and many other comedians don't do College shows anymore.
They are not Boomers, they are of the Silent Generation. But no matter what name they are given, they have the right to live where they choose, especially in the home they worked for.
Let me see if I got all the points from the video:
1) Boomer’s fault there is a shortage of houses since they are electing to stay in the house they bought years ago.
2) people that bought houses in the 70’s-80’s, when interest rates were DOUBLE DIGITS, are bad people for refinancing their homes when interest rates fell. And are bad people for not selling their homes now so younger families could move into them.
3) people that checked out of society and got “hooked on cocaine and crack” in the 80’s and 90’s, didn’t buy houses, because they were on skid row taking drugs. Those guys are now in their 50’s and older, and they are homeless. But, since the boomers don’t want to sell their current (debt-free) house and buy a smaller house for more money, they are bad because they didn’t get strung out on drugs. They went to college or trade school, held down jobs, started families and paid the mortgages for 30 YEARS.
I get your point. Those Boomers are bad.😢
I like your response. I really do. This video did not make a lot of sense to me because the baby boomer generation is not the reason why the current housing problems are what they are. Corporate greed is the reason for the current housing problems. Companies should not be allowed to purchase residential real estate. The purchase of residential real estate should be only for individuals or families.
@@tamarahines6975 , yep. When covid hit and the subsequent, “stay at home orders” were issued, people (non-essential people) started working from home. Then, they got the bright idea to work from the home of their choice. Many, many people moved. The vulture investment companies like Black ROck and Vanguard saw an opportunity and seized it. They bought up housing by the block! Prices skyrocketed. Then add inflation from printing money to hand out to everyone. These inflated prices we see today are not coming down anytime soon.
Yep. I think you got it.
If you're a boomer and you are wealthy, you're part of the problem because you've voted for wealth transfers from the young to the old for the last 30 years.
Agreed. The problem has always been with corporations buying up all the houses and lobbying for regulations that make it hard to build new ones. We have an expanding population, we need to build more houses!
Crazy that everyone knows the solution is to build more but we aren’t doing it
Elite do not want society to be fixed. They want to make it more difficult to have power over everyone.
Regulation and NIMBY's
And that's the boomers fault. These tree hugging, acid tripping Woodstock hippies became Yuppies, and stifled new construction as soon as they climbed up the ladder.
@@major__kong There is a YT video from 8 months ago here in Tennessee "State says we CAN'T live here...a STOP to our homestead tiny cabin." Essentially, state rules says if THEY put it up fine, but Clayton Homes got TN to pass legislation only their type of offsite home construction is safe. Amish built this and delivered - and he could have just put a door on to technically finalize construction - but he didn't so for his own safety the state is here to tell him you can't trust the Amish, only corporate companies are safe for you to live in. They have found a work around and seem to be ok - but THEY STILL DID THE RESEARCH BEFORE and the info was hidden in convoluted footnotes. Since when did we start upholding and defending the case law repository of the US from all enemies foreign and domestic?
They don't want to because the politicians get more money when prices are high.
Can we talk about all the landlords/ realtors/private equity groups colluding with Real Page and driving market prices to unrealistic prices?
yes more awareness about real page needs to happen
Thank you for bringing up the cartels
Blackrock
@@curcumin417 yup blackrock is one of the largest players doing this
The housing market has been turned into an income generator for private equity. Millennial buyers are competing with investors so why try to blame older people for staying put? Assisted living would drain their assets into the pockets of private equity and the family would inherit nothing.
Spot on. I've looked at alternatives. Everything else is either more expensive or a step down in quality of living. And that's before factoring in the cost and stress of uprooting and moving. Why would anyone do that? Age is not the issue.
@@joesterling4299Agree 💯
For many baby boomers the equity in the homes is their retirement plan. They have no savings to live out on, just government money and the equity in their house. Is it any wonder why they opposed to new construction that would in turn lower their houses value.
Because they stifled new construction for their property values. I will agree they are in the pickle with us - pretty obvious where it started though. Just another outcome from another one of their short sighted, selfish, idiotic minds. WORSE - GENERATION - EVER. Dr Thomas Sowell said something along the lines, "every generation up till boomer left at least SOMETHING to their kids - boomers have not only squandered everything generations before built, but now are expecting their kids with nothing to be their retirement plan."
My wife and I bought our first home just one year out of college in 1987. It was a 3/1 with a pool in Orlando for $87,500. The interest rate was 10.63%. We were able to handle the payment with a high interest rate because houses at the time were so much cheaper.
In the 60's and 70's new homes cost about 20k median or twice the median income of 10k at the time. Then they passed a particular law in 1965 and signed a certain agreement in 1971. And everything changed.
I'm a later boomer looking for a house. I think a lot of older boomers would have downsized when the marker was better...somewhere in the same town. I see investors picking up every affordable house available to flip, hold onto or rent. The lower end real estate has become the place of investors not home owners, part of this is driven by the real estate industry and developers building stupid expensive houses to make more profit. If all the low end are rentals and you can't afford a stupidly monstrous house, you are stuck renting or homeless. Like many, I think of moving overseas where I can afford to live. Just my opinion.
Financial planning is like navigation. If you know where you are and where you want to go, navigation isn't such a great problem. It's when you don't know the two points that it's difficult
People dont understand that the prices of things are never going back down. This inflation is deeper than we think. Those buying groceries are well aware that the real inflation is much over 10%. The increments dont match our income, yet certain investors still earn over $365,000 in stocks and assets. Wish I could accomplish that.
Some persons think inves'tin is all about buying stocks; I think going into the stock market without a good experience is a big risk, that's why I'm lucky to have seen someone like mr Brian.
Brian demonstrates an excellent understanding of market trends, making well informed decisions that leads to consistent profit
I'm surprised that you just mentioned and recommend Mr Brian Nelson. I met him at a conference in 2018 and we have been working together ever since.
Sounds interesting. I was planning to invest some few £ in some coins, stack them up and leave them for a few years, but seeing this changed my mindset. Thank you very much
Housing cannot be both an investment asset and a human right at the same time.
"Housing" may be a human right, but home ownership is not. Don't confuse the two.
@@lfkatzke If you're not living in the house you own, you should sell it so there isn't a shortage...especially if you're a corporation who doesn't actually need it.
@@BS-detector Who are you to say who should own what and what they should do with their own property? Keep in mind that some people own structures that other people can live in who couldn't afford - otherwise - to have housing of that quality. I agree that "vulture" capitalists shouldn't own masses of homes. However, there's a need for rentals and no individual can afford to buy and maintain a 100 unit apartment complex.
You also erroneously believe that all humans are wonderful, altruistic beings who "deserve" things they don't work for. Yes, there should be a safety net, but exploiting that safety net should not be a career.
As one of the youngest boomers, I’ve often felt no connection to the typical boomer generalizations. Distinguishing between older & younger boomers is long overdue.
Same here. Older boomers actually usurped best jobs as well. You could not get promoted because your boss was only 10 years older and there no openings available for tail of baby boomers.
@@vg7985 for sure this affected like 30 years of younger people from the older boomers.
As a younger boomer I disagree with this sentiment and not what I see from my view point.
@brotherted9212 I agree with you. I was born in the last year of Boomers (1964) and my brother was born just a fews years before that (1961).
I think there are too many sweeping generalizations that do not apply to us younger Boomers.
Youngest BBers also came inot the job market in the early 80s where unemployment was high. We struggled then
I'm not a boomer and there are a lot of things we can blame on them, but this isn't really on them. The housing shortage is currently more on private equity buying up not only homes but mobile homes and mobile home parks. We need to put legislation in place to prevent out-of-state companies from buying up more than a certain percentage of homes in any state. We also need national legislation to force private equity firms with more than a certain amount of real estate to reserve a percentage of those homes/apartments for low- to mid-income buyers and renters.
The equity firms are dumping their SFH's because they aren't profitable and are now buying "built to rent" communities. Much more efficient to own a group of homes in a consolidated area with the same appliances, HVAC, etc., and have a maintenance team on site. Those firms are dumping their SFH's on buyers and laughing all the way to the bank. They *look* like SFH's but they are, in fact, PUD's.
You're too generous. I say make it illegal for corporations to own homes. There are some things that should never be commodified: food, housing, healthcare...those should be hands off to Wall Street. Some might disagree, but just look at the consequences we're facing now.
@@BS-detector 100% fair
ya but private equity is not people. what people are behind private equity? mainly boomers. boomer executies, boomer owners, boomer stakeholders.
67. Not 65 anymore! 67. Media needs to get a grip on this FACT.
Increase the number of housing permits! Stop gatekeeping the supply!
It’s uncomfortable having so much housing so tight together, think there should be rules.
@@LebronCCP Rules that prevent density so we have more sprawl. And there will be a shortage of supply and the old Baby Boomers houses will be worth millions of dollars.
Those are the unfair rules and Baby Boomers wrote them.
@@LebronCCP You are CCP, see housing in china. It's all apartments.
Go ahead and build them, no one is stopping you
They will just import more people to keep the prices high. Eventually you have to plant your feet and fight for your homelands.
Um, if they own their home free and clear, then they have a right to stay in their homes. I don't understand why this is framed as such a 'problem'? People used to buy homes to live in for the rest of their lives. The term 'forever homes' was coined later by younger generations, who either grew tired of their first homes or didn't plan ahead and now need more room. Why do I continually see this framed as a problem? It's their business if they want to keep their homes. If a senior wants to downsize that's a problem ONLY, as the housing market is criminally expensive now. Don't vilify Boomers because they had forethought and business sense.
It's a problem for billionaires who can't steal, I mean, pay cash for it.
This caption sounds like Divide & Conquer. This explains why random young people are expressing hostility towards me.Your messages are telling young people that older people Are the Enemy! TOTALLY Not True! Stops making us a target. Please
They have to make someone the target... except the real culprits... the billionaire oligarchy.
My boomer mother has lived in the same house since 1976. 1.5 acres 6 bedroom house paid off. She is going to give it to her Gen X kids (me) who will not sell it. I will own 2 homes by then. So though you can bank on a possible silver tsunami (there will be a bump) I am not sure it will be as big as intended. I feel like billionaires are trying to buy up all property so that in a few decades, you won't be able to own real land but only rent so they have complete control on that aspect of the economy. Crazy? Look at Blackrock.
We're only hearing all this slander against baby boomers because the billionaires want young people to resent anyone other than the people taking everything for themselves
Why would you prefer to pay real estate taxes on both homes? I would imagine taxes on 6 bdr home would not cheap...
@@vladseva2327 Depends where you live. Taxes are pretty small in the city I live. I don't live in California.
Your right , they don't make land anymore close to everything , and the earths problems are in a nutshell to many people for the land , I'm trusting mine to the kids so it never goes on the market and a side affect of that is some rich whatever won't get their hands on it stays in the family , an yeps a boomer worked like a dog that loves you
@hollyloomer7667 just out of curiosity which state do you live in?
Meanwhile office buildings are half empty
They can be converted but doing so is absurdly expensive as they need to conform to an entirely different building code - plus the plumbing and wiring for an office block is completely different to a block of apartments - just think about the pipework for toilets etc. Plus you have the absurd American zoning laws to contend with that possibly forbid a change of use. I watched a video where a company redeveloped offices as a mixed use development (shops on the ground floor, offices on the floor above, and apartments on the upper floors) and the developers said it cost about twice as much as just ripping the old building down and building a new apartment block.
They wouldn't have done it if the city hadn't insisted - the city wanted to encourage more inhabitants to the area as they were not only losing office workers when offices closed but the restaurants and businesses that depended on the office workers.
There are plenty of videos out there that describe the challenges of converting office buildings into residential units. It is extremely complicated and can be quite expensive (and who pays for that?). Plumbing, electrical, heating/cooling, windows/natural light, even the entrances/exits/elevators may all need to be redesigned for this new use.
@@user-fm6ns5nb4j I saw a video of an abandoned mall converted into housing for the elderly. The second floor were apartments, the first floor were stores that sold essentials so the seniors didn't have to travel far for things.
But I've only seen one mall done this way. I reckon the renovation cost would be wild. But I love the idea of renovating the malls, and breathing new life into those spaces.
Meanwhile churches are completely empty except between the hours of 8-12 a.m. on Sunday morning.
@@jondspen Not paying any taxes yet either.
The gig work economy started with Reagan. Offshoring, and the US national and trade deficit driven global economy as well. All those good jobs that the silent generation and older boomers had started drying up with Reagan. With productive labor intensive jobs offshored to places like China and the profits of that overseas production coming back into the U.S. as Wall Street investment and real estate investment, the cost of living and the cost of doing business accelerated. Homes were no longer for living in. They were for speculation. America was full of hot money looking for a return. This is why the U.S. has been privatizing its social and physical infrastructure for the last 50 years. The owners of all those offshore profits want a place to put their money that will give them a larger return than a bank savings account. This is why everything in America that is expensive to begin with, like housing, healthcare, and education, ...is expensive. In other countries, healthcare is free, housing affordable, and education free. That would be impossible in the U.S. because the investors would have to look elsewhere to put their money, and there just aren't enough productive activities that the human race can do to satisfy their need for profits. So they prevent us from making healthcare free, housing free or affordable, and education free so that they can charge us for it. They own the insurance companies, so if we miss payments, the insurance companies will take our homes away, cars, all our belongings. They will throw us out on the street, where being homeless is illegal. The police will harass us and beat us, and we there we will be - homeless and dying in the richest country that has ever existed on earth. God bless America!
Crazy to think about a country that gives its most marginalized people NOWHERE to live. If you aren't on the hamster wheel doing your part, and don't have resources, you get criminalized. At least other countries give them shantytowns and let them exist rather than treat them like dust; pushed around and discarded. Feels like money is the only compass.
This is THE END of first-time home ownership and the slow death of the middle class in a generation.
77 bids over 4 years for our first home as native Tennesseans ALL OUTBID by cash investors. Wonder why we Millenials & Gen Z are doom spending? Why we aren't having kids, getting married? We CAN'T afford a home, car, kids, retirement... Child care costs 1/3 of the average income PER CHILD. At 35 y/o kids and a first home passed us by. Don't be surprised that these younger generations want to see it all burn.
This economy isn't for us. It never has been. We've been checked out, not by choice.
Remember, you inherit all their money and the house.
@@TheBoobanSays who? None of that is guaranteed. Some people don't even have a will written out so the state will end up inheriting whatever is supposed to go to the rightful family members.
@@FERAL_MECHANICAL_NOMATIC some parents manage better than others, but it’s really their own fault by then.
working as intended. started way back by Reagan and his corpo buddies. death of the middle class was always the plan.
@@TheBooban It's their "fault" that insurance companies don't want to give up their money and that the entire medical system is run by corporates that want to fleece patients down to their last dime?
the problem is INVESTERS! trying to blame boomers is ridiculous. disgraceful! disgusting! pathetic!
Most investors are people with 401ks
@@Zulonix and…? that changes nothing
the vast majority of which are... boomers.
Many of us want to downsize, but the smaller houses cost more than the house we are in. So we live in the space we need. Too a lot of us are in-between houses for our kids, like my husband and I whose youngest girl and her husband have moved in to finish college after finishing their contract with the military. So for now our big home has become two family home until they find a place they feel like they can afford.
Welcome to b/s government regulations - either choking off mass cheap housing construction, or regulation on new home construction where the cost is there regardless, home size doesn't really affect base cost to meet the new code "for your own safety".
Keep the 'family home' and family home. Let them buy it from you and let them pay the siblings, if any. Work it out.
This is so incredibly sad for our elders and for our own futures. Things aren’t looking good right now. It’s affecting my mental health
"Housing experts" often lie. When prices start to dramatically drop they will extremely drop as investors will pull out.
Don’t blame Boomers for housing shortages. New housing construction has not kept up with the increase in population. You cannot blame retirees for keeping their property. My dad kept his properties and me and my sister inherited them when he passed. We will keep the property and not sell, and my daughter will inherit what I give her. It’s probably the only way some folks will be able to afford housing and property in the future because things have gotten so astronomically high due to inflation. It’s call generational wealth. When you inherit property and land from your parents, keep it.
Its not that boomers want to keep their houses. It is just that boomers want their land prices to keep high, building a high rise nearby will reduce the price of nearby housing as it will take away demand. Except there is some minority individuals that just shoot down any proposal to change zoning laws. We can build more houses, just that no one can build it
I blame 2008 banksters and 2020 Blackrock.
you can kiss that good bye because the system is designed to siphon money away from you. you will have some health issue, some lawsuit, something that will require you to leverage whatever assets you own, and you will lose them in the long run. this system is designed to increasingly concentrate wealth at the top, and require you to spend to live.
My boss is retiring this summer he has 5 houses and is buying a 6th this week. He complains daily about having to pay $200 for health Insurance. Yet me as a millennial pay way more than that for health insurance make it make sense?
Somehow it’s the Boomer’s fault for the billionaire class getting into the speculative market in housing: from vrbo/abb to rentals to the concept of home ownership as transient as your Apple music purchases, it’s an incredible blindspot.
Even in rural areas homes are out of reach.
Be in no doubt the billionaires will have the baby boomers kids strangling their own grandparents
It's truly sick what they're doing
Boomers have and for now continue to dominate politics that enabled the corporate raiding of our society, hoping that “trickle down” would somehow make a wave of wealth they could surf into the sunset.
Bad FED policy over the last 30 years and Congress printing and spending money that has no value devaluing the Dollar driving up the costs of everything. Wages are always behind inflation. The FED created the "Great Recession" which led to REITs buying up the huge number of foreclosures starting in 2007.
Everyone has had a hand in wrecking the housing market. Noone is willing to accept what has to happen next to correct it.
The "sharing economy" is definitely a double-edged sword.
Short Term rentals drive up real estate prices for everyone but, ironically, the income from renting vacation homes on Airbnb & VRBO is the only reason some of us can afford to retire.
I think no one ever talks about the size of population overall. We went from 130M at the start of ww2 to 340M ish now. That is a massive amount of people on land that hasn't tripled in size. It plays a role and especially in cities.
What can you do when your entire economic system is based on a capitalistic pyramid scheme?
@@brendangalios1961 You can prosper unlike if you live in socialist country where you will suffer.
US has better quality land and more fertile than India or China
It can easily support current population and more
Neither of these are solutions. There has to be something greater. But what?
The housing supply has not nearly kept up with population growth and now we see the consequences. Population growth is very good but when your government doesn’t prepare for it it has terrible effects like this.
Institutional ownership of housing is the problem not broke boomers needing to stay put out of lack of financial options.
Right. Will anyone fix that? All it takes is the stroke of a pen in Congress and the White House. No, I seriously doubt it will ever happen. Lobbyists will continue buying Congressmen.
BlackRock and firms like it as well as forgien buyers. Is the reason housing and rental is out of control. In Canada and the USA.
Housing should not be used as investments to make money.
Housing is for homes.
@@MuffHam Invitation homes, BlackRock and Indy Mac bought up foreclosed homes displacing 5 million homes owners to cash in the government backed funds made to keep people in their homes. Unregulated illegal foreclosures should have been stopped...thanks Steve Munichan..the foreclosure king bought Indy Mac and the government paid him back the money he spent on it. Feds were, unknowingly, paying tax dollars to cover losses on homes, so equity banks were buying homes to foreclose at a loss, so the government would pay them.
Then on top of all this, in 2009, no new homes were being made, so this is the reason there is such a crunch now..a lack of homes in North America. The transfer of wealth to the top 10 percent has to slow down...if people want professionals, to provide them services, close to the house they own.
@@MuffHam no investing in housing is not much different from investing in bonds ,maybe you need to work more
There's more than one cause of the problem. Nimbies / "trickle down" "pull up the ladder behind me" mentality are definitely part of the problem with their ridiculous draconian fake "zoning" and many "invest" in the "system" hellbent on destroying the young hardworking generations
So, Boomers own all the monies and are also the homeless problem... this whole vid seems like an exercise in "Let's Blame the Boomers"...
A correction to your statement on CA property taxes: most senior CA homeowners can transfer their lower property tax rates if they mover within the same county, or to a county that shares reciprocal rights. This has allowed many in the Bay Area to downsize while staying in the Bay Area.
Typical American disregard for seniors
Oh America the beautiful
What is there to respect about many seniors?
Big deal they went to work - we all do.
What exact value do they have to the economy? They’re used up workers just draining resources.
I've said this in other videos: 50% of older adults in America live on under $30,000 a year. Many live on meager Social Security payments and must choose between food and prescriptions. We've talked to people struggling to pay their utility bills and property taxes. What makes this worse is many cannot find employment at their age. The social safety net needs to be expanded for our elders. They are struggling in a big way.
My gosh how do you live on 30K?? 🤯
50% of older Americans sounds like A LOT.
May I ask what source this number is from?
American seniors already have a relatively generous safety net, compared to children and young adults. It’s more productive to support the youth because that return on investment multiplies over the rest of their taxpaying lives, and those increased earnings mean increased tax revenue to fund for senior benefits.
I wish I had the opportunities most "poor" boomers had. My take - many, not all, had life too easy.
Safety net for elders who are supposed to be the most wisdom filled people on the planet but don't have enough wisdom to care for themselves let alone share said wisdom with others after over half a CENTURY of real world living? What have they learned besides a lot of nothing?
What do they have besides the ability to collect birthdays like everyone else?
As the good book, aka the Bible, says we reap what we sow. Choose well, weed the garden and your reward will be large. Fail to do and misery will come home to roost, take up residence and purchase a condo precisely where you don't want it.
Sowing and reaping is mentioned how many times in the Bible? It is one of the most common phrases used? Ask why God decided it should be so?
@@Meerkat17 a Senate committee released a report here: www.sanders.senate.gov/wp-content/uploads/Secure-Retirement-for-All-Report-02.28.2024.pdf
@@Meerkat17 www.sanders.senate.gov/wp-content/uploads/Secure-Retirement-for-All-Report-02.28.2024.pdf
If family homes had remained generational, and people didn't move thousands of miles away, many problems would be solved. Perhaps embracing remote work could allow multi-generational homes to make a comeback.
Multi-generational homes suck! I have been trapped living with my parents and it has negatively impacted my ability to have relationships and a fulfilling life.
Interest rates are higher. This is the main reason people stay in their current home. We can't afford to move the new house, the payment is too high. How do you miss this in your academic research. 🤔
Bingo! No more 2.5% interest rates. We aren’t stupid - my kids will inherit my cheap mortgage - unless they decide to use some of my cash to pay it off - or I may decide to do it just to simplify things. Too many of us have dirt cheap mortgage rates - may not see the 2.5% ones again for decades.
@@davisholman8149Those nice low interest rates disappeared during the Biden economy. Careful whom you vote for.
@@user-vx7vi3vq1c To be fair, presidential candidates in recent years are all kind of a nut job no matter which party they're with.
Seniors weren’t exactly selling out before interest rates took off. It’s not a Democrat issue, it’s one of corporate libertarianism narrowing your choice to either stay home, or spend your equity and life savings on terminal living services.
@@Percutien It was Biden who shut down energy production in the US. Before that, the US was a primary exporter of energy. With energy costs rising, EVERYTHING else goes up. And he's been systematically attacking energy production since then.
It's truly disgusting how the financial class seek to divide families like this
It is not the financial class, it is the federal reserve printing too much money. Rich people have always been rich throughout time. Problem is even the rich know how comically rich they are and want the fed to stop printing too.
Lefites keep voting for more illegal immigration and abortion. while neocons want more wars and fewer American workers. it's a toxic mix that cause this mess over the last 30 years.
Class issues are not discussed in America because the people see themselves as temporarily embarrassed millionaires. They don't realize that to be on the same level as 1%, or 33 million people, you need annual household income exceeding $500k. They're deluded.
I'm 36 and homeless in an old Toyota Sienna minivan despite working and not addicted to drugs.
They are blaming old people for saying in their homes because it financially makes sense for old people to do so. These are the same people that will lay off 3000 people with no notice because this is cut throat capitalism baby, what did you expect?
I appreciate this video, but I keep finding myself having to pause the video to read the charts, that don't stay on screen for long enough. It's also difficult to read the charts when they are overlaid with an interview subject that is not talking specifically about what is on the chart.
I hit pause a lot ...
It's a fluff piece to get the younger generations angry at boomers instead of Wall Street. This is a result of the 2008 housing crash....if Blackrock were forced to sell their inventory at cost, there WOULD be a tsunami of houses on the market. The Gov't should've bailed out the public, not the banksters in 2008.
It is propaganda, it's supposed to be consumed not analyzed
4:56
I noticed the steady increase in price after 2013.
And then it sharply went up in 2020.
My aunt in the San Jose area needs to sell her house since she's having mobility issues but doesn't want to go into senior living and can't find any affordable condos. The condos cost the same as her house. Her house is dated, built in the early 70s and hasn't been updated since the early 90s. One realtor thought odds were someone would buy her home and tear it down to build something larger and more modern.
One huge thing you left out in the aging-in-place discussion on not downsizing, is that starter homes are outright illegal in a lot of places now due to zoning. My parents' town of ~5000 is actually having a bit of an insurance crisis because most of the houses were built on 1/3-acre-lots which would be illegal to rebuild after a disaster.
Most boomer wealth is real estate so I guess the homeless ones rented.
Yup. They prioritized spending their money buying new cars or shopping..
That isn’t true. I was never taught about money management growing up and never realized that renting was throwing money out the window until late in life. At 65 I still hope to buy my own home but it may be too late.
This generation bankrupted themselve with EVs, that deprecited like laptop computers. They passed regulations to destroy cheap energy, and transportation, causing record inflation. Now that they've ruined their future, they're jealously looking at others, claiming them "over housed". If your regulations make you so poor, you start coveting what others worked so hard to get, what good has it done you?
Yeah. Looks like others are trying to play the blame game.
So it's almost like our economic system was never meant to work or be beneficial to citizens in the first place
Welcome to our brutal American-style capitalism! Nothing wrong with capitalism in and of itself, but it all depends on the laws and rules that dictate how any capitalist society plays out. And ours 🤷🏼♂️
It worked until the GOP decided to go to war in the late 90's early 00's. Ever since Fox News was born the times of GOV adjusting the rules we all play by to make it fair stopped.
That’s just an excuse for your failure
@@toe-ray-she If only we actually had capitalism anymore...today we have shareholderism and consolidationism.
6:25 Congress is reluctant to pass $3B bill to help elderly homeless US citizens, but swift to send $60B to aid foreign wars. What's going on here.
Depopulation. 😟
They should do what it takes to ensure that real estate is not something to profit out of, it is a basic need.
They could do this using tax structures and by keeping Wall Street out of real estate.
If property developers can't profit from real estate, what's the incentive to produce more housing?
Local government permitting constrains supply. This is what ultimately constrains housing supply while simultaneously getting Wall Street interested in housing. If housing could be developed as the market demanded it, holding a portfolio of single family homes would not be attractive to Wall Street.
@@holycrapchris'But but but the government can build homes ' 😂😂
@@holycrapchris SINGLE family home shouldn't be classified as a rentable residence. Condos, apartments, duplexes ETC are fine. But no one should be purchasing a standard single-family home just as a means to repurpose it as a wealth stream. That effectively locks out a family from purchasing it and paying for it at a decent market rate. Instead, the same property will be rented for an insanely inflated amount to "turn a profit" instead of it being owned and paid on at a lower rate.
If you buy full sized single-family homes just to rent them out, you are part of the problem.
@@holycrapchris You switched your point, developers are not Wall Street. Developers build housing for sale which increases housing supply. Wall Street buys existing homes, limits housing supply and drive up prices.
Retired boomer here in my mid-60s. Live in whats considered a desirable community in the North Shore on Long Island. Have been in my home for over 30 years. All but one of my neighbors have been in their homes for the same time or longer. No one is moving as it is difficult to replicate what we have in place here. Only house that has sold in last two years is directly across the street from me where the owner died after living there 54 years. Took my years to move in here and figure I will pass away here.
The U.S population: Here is 3 Billion 🥱🥱
When Isreal and Ukraine need money: Here is 60 Billion. Let me know if u need more 😁
In 2023 the US provided $3.8 billion in military aid to Israel and $12.1 billion to Ukraine. Also in 2023 the US spent $522 billion on economic security programs, which is aid given to households facing economic hardship (excluding social security and health insurance benefits). Add in another $100 billion at least in social security and Medicare payments for elderly people in poverty. Then add in $862 billion in state and local government spending on public welfare (in 2021), which include Medicaid spending which isn't included in the economic security programs mentioned above.
So recently the US has spent nearly $100 on US citizens facing economic hardship for every $1 spent supporting Israel and Ukraine.
@@kyleolson9636Brutal statistics, people need to see this.
@@kyleolson9636 Don't forget that the government has been giving the gas and oil industry (now) billions every year for a decade+ - even when they are making all time record profits. Yeah what's going to Ukraine is something like .01% of our GDP.
It still should be $0 for Ukraine and Israel.
@@kyleolson9636 NO money to Israel or Ukraine US foster children need it . One comment on Israel - USS Liberty & Gaza . If Ukraine can't defend itself it should have surrendered on day one .
Where I live in Monument Colorado (a great place to live) the amount of new homes and apartments being constructed is astronomically. Adjacent to Colorado Springs and next the U.S. Air Force Academy. The town is within commuting distance to Denver, now due to a recent freeway expansion. Surprisingly, even with giant numbers of new residential dwellings, the prices are still relatively high.
This is infuriating. Homelessness shouldn't even be a thing.
Most of the houses I see being built are bigger than the houses I was raised in and also bigger than the house I raised a family in. It’s definitely not necessary to have a McMansion to raise your 1 or 2 children in, but it does look nicer on social media
Sounds like an ad for socialist grab of real estate from the elderly.
Do you even know what a socialist is ? It is not socialists that are buying up houses to rent. Anything but.
I have a few friends that are struggling in their 60's, One factor that is common they all have been divorced.
Maybe we should put our homeless in shelters instead of the rest of the world crossing in illegally?
knowing that just makes me want to keep sending more US taxpayer dollars to Israel. We could call it the Israel-first gen-X retirement plan. once Gen-Xers hit retirement age in Israel they can move there and thank right wing Boomers for their investment to prevent homelessness
@@user-bq7ei7hj4bBoomers will all be gone by that time
I'm 36 and homeless in an old Toyota Sienna minivan despite working and not addicted to drugs. I can't do shelters.
If you knew what migrant crossers were holed up in, you’d understand why the homeless would rather stay out on the streets where at least they’re free.
let them work so THEY can build housing, for themselves and everyone else, cheaply.
I’m tired of generations being labeled. And then they’re hypocritical. The younger generations are really quick to label boomers as bad but then they don’t want to hear it if something negative is said about them. Every generation has issues that they had to deal with. And every person has a unique experience. Quit blaming everybody else for your problems.
Older folks started putting out BS like “millennials don’t want long term employment” and “millennials are irresponsible squatters” and coming down hard on that generation’s apparent economic and “moral” failing in the early-2010s when the labor market was locked up and no one would hire or train younger people into stable jobs, or give them the same generous pensions and retirement benefits afforded to boomers.
You didn’t see the criticism from young people about the “me generation” (as George Carlin put it), until they were treated like villains by the very people selling them on dreams and then depriving them of opportunities. Hypocritical labeling, for sure.
Used to say a whole generation of ladder pullers. I guess it’s just half a generation of ladder pullers.
Interesting video 👍
Blaming boomer for keeping property they bought is a ridiculous spin for this article.
There was a time when American Capitalism was about everyone making a reasonable profit on their labors. But for the past 50 years the goal of American Capitalism has been to maximize profit for the owners of capital (plant, stocks, bonds, etc.). That was the end of created economic wealth "trickling down" to workers. 50 years of it and you have today's ever growing economic hardship among the population in general.
10,000 baby boomers retire every day. Eventually 10,000 baby boomers will check out every day, and housing inventory is going to go up, up, up.
Plenty of cheap housing in Detroit, but...
Hold on, Rufus. A lot of the heirs will decide to keep the house as a rental. You may not see thousands of homes go on the market because they are too valuable as an investment for those who inherit with the 2.5% loans in place.
Good because I'm 36 and homeless in an old Toyota Sienna minivan despite working and not addicted to drugs.
@@davisholman8149If they inherit and turn it into a rental their wealth will increase.
@phoenix71232 LOL yes I did and I doubt it's accuracy.
This makes zero sense. My boomer parents died recently, and it’s been a freaking nightmare trying to sell the two perfectly good houses they owned - both the big, two story, 4 bedroom one and the small one they had just bought to move into months before they died.
Do you live in West Virginia? I read that it's one of the few states with a shrinking population.
The only thing more frightening than being homeless AGAIN is being homeless now that I am disabled. I've never been able to purchase a house so I've always rented. My meager SSDI can't compete with my rent going up every year like it does... plus food prices and everything else. It's a really challenging time for a whole lot of people just barely scraping by.
🙏🙏🙏
Ouch that burn to younger boomers 😂
I’ve always thought it silly to lump an entire generation as having the same experience. Same can be said about Millennials. Older ones had an opportunity to buy into the housing market after the GFC, allowing them to take advantage of lower prices and low rates. Younger Millennials are having a completely different experience.
Born in '61, I've always likened it to being at the back end of a plague of locusts.
@@cautiousoptimist1926Stop complaining. Everyone gets their chance.
@@user-vx7vi3vq1cNo, they don't. This is not a meritocracy, and opportunities are not spread about equally.
@@cautiousoptimist1926 ohh nooo 😩
Let's also remember that a lot of housing stock owned by Boomers is not the most desirable.
My parents bought their only house in 1964 and sold it in 2007. The house was built in 1952.
It was a 1500 sq ft ranch. But, it had a one car garage. It didn't have a family room (although the basement was finished). The master bedroom had an attached 1/2 bath.
Houses today, even more modest houses, generally have a 2-car garage, a family room on the first floor, and a full bath connected to the master bedroom.
And, my parents never wired the house for cable or internet. My father still used dial-up to connect to the Internet.
The house sat on the market for quite some time, until a couple with children bought it, making it clear that it was a tear-down.
So, as the Boomers do sell houses due to death, declining health, and other reasons, a large portion of that housing stock won't have 21st Century ammenities.
I was homeless 20yrs ago in my 20s after both my parents died back to back. My boomer relatives refused to help saying I should have planned better & needed a life lesson so I lived in my car. Planned to be alone at 21!? Some of those boomers now need help. They should have planned better. I'm still bitter. If one specific relative asks for help I will give it no questions asked, everyone else can learn a life lesson.
The banks, the politicians that inflate the dollar, and the corporations buying up homes are the problem, not boomers. I am a Millennial saying this.
Aging in place is a GOOD thing. Suggesting otherwise is pathetic.
Using zoning laws to make sure that there is no density is a BAD thing. Suggesting otherwise is pathetic.
That’s a good point. I was pointing more towards inventory in general. Demand is stronger than ever with the addition of institutional buyers and sustained investors. Interest rates aren’t an issue for cash buyers. I’ve seen that being a bigger issue for single family buyers lately. 👍
I remember reverse amortization retirement still being sold like 20 years ago when I interned for a financial advisor, are those coming due in conjunction with longer lifespans?
My parents (boomers) back in 1991 bought a home for $40k. I grew up lower end middle class. They could barely afford the Mortgage payment. Both of my parents worked I was a typical Gen X kids. So, even back then times were hard. Each Generation has their struggles. Back then it was low wages. Today it's called Bidenomics. I honestly don't know a time when it wasn't hard on each generation. They just didn't have social media to complain for the whole world to see.