Boomergeddon

[Frankie the Fink]

Originally Posted by Mick

But the real question is, what has changed? My Grandfather said for decades that he would be taken out of his home (that he upgraded to in 1967) on a gurney. In 2014, when he was 103 years old, the local funeral home did just that.

The idea that boomers "holding on to their homes" is somehow hurting younger generations is idiotic. Of course I am holding onto my home, because it is paid for, and I have to live somewhere. If I leave this home, I'm going to some other home where I will pay cash for that. WTF else are my wife and I supposed to do now that we are both retired? We can't qualify for a new mortgage because neither of us have an outside income.

Are we supposed to give up our home, and live on the street, because some "millennials" or "genZ" folks are having trouble buying their first house? I say that is bullshit, as our first mortgage was 8.75%, still less than average today, and our house cost about 4x our combined income at the time. Yeah, it was hard to make it work.

Sorry, but I'm not sorry for young folks struggling to buy their first house. It has always been hard.

No, I didn't mean to imply any of that. My $1.5 million dollar dream home is paid for; if I croak in my Lazy-Boy watching a rerun of John Wayne in "Hondo" some night while nursing a smooth whiskey, I'll consider it a life well-lived..

[Yadkin]

Originally Posted by GTOguy

?????I guess you were too young to be in the market in the late '70's-mid '80's. The mortgage rates here were at about 13-14%. Gas hit $1 per gallon for the first time. Tough times come and go. We had Carter in office at the beginning of that mess.

I bought my first house in the mid 80's for just over $100k with Carter interest rates, just below 12 as I recall, plus PMI. Three years ago my daughter bought a house for $350k and very low interest rates, low 3's. She told me what her month payment was, complaining. I told her my first house payment was almost the same, but 35 years ago I was making about half of what she does.

[Vandelay Industries]

Originally Posted by LATB

There is no reason why anyone can not own a home.
Problem is, many think they are deserving of a 10 thousand sq ft custom in a gated community or a waterfront McMansion.
And they want it NOW!

My 1st Florida home was a crappy little 900 sq ft 2br 2ba cottage. Paid 65K and sold it for 85K. Took the profit and equity and moved up to a 3br 2ba 2car brick that I built myself...

30 years and 100 properties later, I can build whatever I want.
It takes work and risk. Something many are not willing to do.

You just don't understand. Once a person has a PhD in Psychic Veganism plus a Master's in LGBTQ Puppeteering, they deserve some nice digs to kick back in after a long day of slinging lattes at Starbucks.

You bigot.

[Vandelay Industries]

Originally Posted by Aerovette

The house I live in will be the house I'll die in, most likely.

Horrific wiring accident?

[A/E]

Yeah, but those homes have . . . .

Earthtone Shag Carpeting from 45 years ago ~

A Freon Leaking Avocado Fridge that Matches the Avocado Drapes ~

Formica Counter Tops ~

Nothing of the sort when it comes to " Open Concept "

Shlocky After Market Installed - Toilet Side Assist Bars ~

Smells Like the Old Boomer's Used Diapers, Moth Balls, and Vick's Vapo Rub ~

These 9 Million Homes aint all that Desirable ~

Plus, the Post Boomer Gen spends all their money on Video Gaming Equipment and are perfectly content in their Parent's Basements ~ They don't the " Homeowner " Experience at all . . .

The 9 Million Homes will just be filled by Squatters from all of our new " Migrants "


So ~ this is some sort of ~ _____GEDDON alright . . . .

[Frankie the Fink]

Sounds like my first place except coppertone appliances (remember those) the dirty diapers were my infant daughters and you'll have to tell me what mothballs smell like (how did you get their little legs apart for a sniff?).

[Yesfam]

We live in a small neighborhood of single family homes. Most of the homes are owned by older couples although it is not a 55+ community. All of the streets are cul-de-sacs so we get no through traffic. With a few exceptions most of the homes are very well kept, including lawn and garden maintenance. The few homes which are noticeably ragged are, without exception, owned by members of the younger generation. There are some younger folks who do regularly cut the lawn as well as trim and weed. The others seem to take zero pride of ownership in the appearance of their dwellings.
The home we sold 5 years ago to a younger couple I drive by every day. My wife and I took great pride in trimming the ornamental shrubbery, weeding, mulching etc. I don't think the new owners have done anything since they bought it except cut the grass. It's disheartening to see how nature is taking over the areas we worked to keep nice during our ownership. It's theirs, they can do what they like but it makes me sad to see what it has come to since we sold it.

[GTOguy]

Originally Posted by Yadkin

I bought my first house in the mid 80's for just over $100k with Carter interest rates, just below 12 as I recall, plus PMI. Three years ago my daughter bought a house for $350k and very low interest rates, low 3's. She told me what her month payment was, complaining. I told her my first house payment was almost the same, but 35 years ago I was making about half of what she does.

Exactly. My down payment was IIRC $157 too low to skip PMI, and my loan agent kept it secret so he could get more $$. For a 111k house, I paid 30k down and my note was $1143 a month. I was earning between $1800--$2200 per month then. (1990-ish) Lots of ramen noodles and sandwiches for lunch, driving old cars to work. You know, that damned White Privilege.

[Frankie the Fink]

Its passingly strange but in my daughter's ungated St. Pete, FL neighborhood of modest homes built in the mid-60s, you can't find more than 1 or 2 out of a couple hundred that look a bit unkept, not ghetto, just maybe with some old paint or slightly high grass and there are a mix of old, young, married, single, rednecks, professionals and all races.

Come into my gated community of 1.5 million dollar and up homes built early in this century in Winter Garden and you can find dead lawns, knee high grass and moldy driveways...

Hard to reconcile...

[BRUIZER]

Waiting for a generation to die-off to purchase a home.
Sounds like a solid plan.

Do these Boomers not have children ie a trust?

Reality; foreigners and corporations will be happy to purchase your home at a discount. Citizens be damned.

Property taxes, ins, exorbant repair costs and materials etc are more likely to force sales. However, with most mtg's below 5% or homes simply paid-off, THAT is even a stretch.

[theandies]

Originally Posted by WydGlydJim

Pisses me off the worthless POS will get yet another windfall that they haven't earned. We worked our asses off 50-60 hours a week with 10 minute breaks, and these azzhats are going to get our shit for pennies on the dollar working from home 20 hours a week in their pajamas.......

Ya and we'll all be long gone when the commies come over and invade out lazy ass country. Hell, half of these lazy idiots today embrace communism. It's what they want. They want everyone to be equal, equally lazy. Communism is perfect for them.

[GTOguy]

Originally Posted by Frankie the Fink

Its passingly strange but in my daughter's ungated St. Pete, FL neighborhood of modest homes built in the mid-60s, you can't find more than 1 or 2 out of a couple hundred that look a big unkept, not ghetto, just maybe with some old paint or slightly high grass and there are a mix of old, young, married, single, rednecks, professionals and all races.

Come into my gated community of 1.5 million dollar and up homes built early in this century in Winter Garden and you can find dead lawns, knee high grass and moldy driveways...

Hard to reconcile...

Easy to figure: Democrats. Democrats are notorious for taking shitty care of their homes and cars, etc. Not kidding here.

[theandies]

Originally Posted by Yesfam

We live in a small neighborhood of single family homes. Most of the homes are owned by older couples although it is not a 55+ community. All of the streets are cul-de-sacs so we get no through traffic. With a few exceptions most of the homes are very well kept, including lawn and garden maintenance. The few homes which are noticeably ragged are, without exception, owned by members of the younger generation. There are some younger folks who do regularly cut the lawn as well as trim and weed. The others seem to take zero pride of ownership in the appearance of their dwellings.
The home we sold 5 years ago to a younger couple I drive by every day. My wife and I took great pride in trimming the ornamental shrubbery, weeding, mulching etc. I don't think the new owners have done anything since they bought it except cut the grass. It's disheartening to see how nature is taking over the areas we worked to keep nice during our ownership. It's theirs, they can do what they like but it makes me sad to see what it has come to since we sold it.

It's all how parents teach their kids (if they teach them at all). I know my two sons, both early 20's have pride in their stuff and pride in my home (yes they still live with us but I'm ok with that, free labor LoL). They cut the grass without me asking when it get too high, clean up in the kitchen after themselves etc. They didn't just start doing this, my wife and I TAUGHT them value and respect for others and things. Most young kids never got that teaching because their parents just wanted to be friends with their kids. I saw it all the time with my kids friends parents. My kids complained about how much of a hardass I was but now thank me for instilling respect and values into their lives. Tough love is the best teacher.

[GixxerBill RIP]

Originally Posted by theandies

Ya and we'll all be long gone when the commies come over and invade out lazy ass country. Hell, half of these lazy idiots today embrace communism. It's what they want. They want everyone to be equal, equally lazy. Communism is perfect for them.

You can already hear the screams of 'that's racist!' when all these stupid ****tards wanting communism have to wait in lines for their weekly food rations

[Frankie the Fink]

Originally Posted by BRUIZER

Waiting for a generation to die-off to purchase a home.
Sounds like a solid plan.

Do these Boomers not have children ie a trust?

Reality; foreigners and corporations will be happy to purchase your home at a discount. Citizens be damned.

Property taxes, ins, exorbant repair costs and materials etc are more likely to force sales. However, with most mtg's below 5% or homes simply paid-off, THAT is even a stretch.

My daughter does amazingly well with her limited finances as a single mother, we occasionally help her out when we see her struggling (which isn't often) but she never asks for a dime.... I'd trust her with my life, life savings and taking care of me if I ever need it.

[Yadkin]

Originally Posted by GTOguy

Exactly. My down payment was IIRC $157 too low to skip PMI, and my loan agent kept it secret so he could get more $$. For a 111k house, I paid 30k down and my note was $1143 a month. I was earning between $1800--$2200 per month then. (1990-ish) Lots of ramen noodles and sandwiches for lunch, driving old cars to work. You know, that damned White Privilege.

Maybe that realtor had ass cancer and passed away.

Our realtor was great. Educated me on the whole PMI thing. I had no chance of getting a 20% down payment. In order to make 5%, I claimed 12 exceptions on my W4 for the first 3/4 of a year until we closed. Then I changed my status to no exceptions, I may have even written a check on December 31, making it all up.

[GTOguy]

Originally Posted by Yadkin

Maybe that realtor had ass cancer and passed away.

Our realtor was great. Educated me on the whole PMI thing. I had no chance of getting a 20% down payment. In order to make 5%, I claimed 12 exceptions on my W4 for the first 3/4 of a year until we closed. Then I changed my status to no exceptions, I may have even written a check on December 31, making it all up.

I hope he did get ass cancer. I was $157 short of the full 20%, and had about 5k left in my bank account. What an asshole. Never had a PMI again. And now don't even have a mortgage. It's kickass to be a BOOMER on Social Security.

[AUTOHOLIC]

I am a boomer and my daughter is Gen. X.
11 years ago when I bought the house I now live in I put the house in her name because I didn’t want the sneaky bastards to change inheritance laws that I might have missed so she would not have to pay. She is a great daughter, stay at home mom with three kids that will be leaving the nest in the next few years. Her husband ( a great guy and dad) makes $600K+ per year and they have their own 3800 sq. ft. home. So I am not worried about dead beat kids owning my home without paying their dues.

[sublime1996525]

There really isn’t such thing as an affordable home in so many places anymore. Interest rates and prices mixed with wages that don’t come close to inflation make it so difficult for anyone looking to buy. I don’t envy any first time homebuyer.

[Frankie the Fink]

Originally Posted by AUTOHOLIC

I am a boomer and my daughter is Gen. X.
11 years ago when I bought the house I now live in ut the house in her name because I didn’t want the sneaky bastards to change inheritance laws that I might have missed so she would not have to pay. She is a great daughter, stay at home mom with three kids that will be leaving the nest in the next few years. Her husband ( a great guy and dad) makes $600K+ per year and they have their own 3800 sq. ft. home. So I am not worried aloribout dead beat kids owning my home without paying their dues.

Several states (like Florida) have "Lady Bird" deeds, that are a better option and you maintain complete control while living and the house passes on to your child outside of probate; something to look into for many.