Housing Bubble 2: Return of the Ugly

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SeattleRain@lemmy.world

Baby Boomer Housing Market 2024: More Than Half of Older Owners Never Plan to Sell (listwithclever.com)

submitted 8 months ago by SeattleRain@lemmy.world to c/housing_bubble_2@lemmy.world

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[–] PlasticExistence@lemmy.world 35 points 8 months ago* (last edited 8 months ago) (4 children)

Baby Boomer Housing Market Statistics

More than half of boomers who currently own a home (54%) never plan to sell it and hope to live in it for the rest of their lives.
90% of boomer homeowners have concerns about homeownership as they age, with maintenance/upkeep issues and rising costs the most common.
Nearly two-thirds of boomers who own homes (65%) expect to profit more than $100,000 when selling their home, while 40% expect to clear $200,000 or more.
More than three-quarters of boomer homeowners (76%) say owning a home is the primary reason they’re financially secure.
Almost half of current boomer homeowners (46%) would consider themselves failures if they didn’t own a home.
Fewer than half of boomers (47%) required a double income to purchase their home.
Half of boomers who have owned a home (50%) bought their first one for $75,000 or less, while almost two-thirds (64%) paid less than $100,000.
42% of boomers believe younger generations had an easier time than they did buying a home in their 20s.
Only 6% of boomer homeowners say their biggest challenge when buying their first place was that homes were too expensive.
When factoring in inflation, just half of boomers (50%) believe they would still be able to afford a home today.
Among boomers who have never owned a home, two-thirds (66%) say they regret never achieving that milestone.
- Nearly two-thirds of this group (63%) say they simply couldn’t afford to buy a home.
About half of boomers who once owned a home but don’t now (47%) wouldn’t*recommend homeownership to younger generations, but barely a quarter of current boomer homeowners (27%) feel this way.
Boomers view themselves as the generation least responsible for the affordable housing crisis, a view held by 41% of respondents.
69% of boomers feel the government should do more to help first-time home buyers afford a house.
About two-thirds of respondents (65%) believe America would be a better place to live if more people prioritized homeownership.
87% of boomers think buying a home was part of the American dream when they were younger, but only 73% think it still is.
57% of boomers believe younger generations could afford homes if they tried harder, and 64% believe younger generations could be homeowners if they were more responsible.

So incredibly, infuriatingly out of touch.

[–] Lost_My_Mind@lemmy.world 16 points 8 months ago (1 children)

57% of boomers believe younger generations could afford homes if they tried harder, and 64% believe younger generations could be homeowners if they were more responsible.

I'm 41, I have 36k saved up, and just got denied for a 90k home loan because I have no credit.

At this rate I'll be 85, and just buying the house straight with cash, no bank loan needed, and then die at 86.

[–] KazuyaDarklight@lemmy.world 7 points 8 months ago (1 children)

Your life may be different, but my experience is you get a credit card and then use it like it's debit. Don't get tempted, always pay off 100% etc. This builds easy credit. Also occasionally accepting those 0% for 3-6 month loans for furniture and the like but then pay it all off in the first month or two. This allows you to play the game and get the points they want you to have without falling into the traps.

[–] DeadWorldWalking@lemmy.world 9 points 8 months ago

How about we end our horrible social credit score system?

The Credit Score was created in 1979 as an elaborate way to keep denying loans based on race after it became illegal.

I've tried 3 times to get a credit card, all stolen and caused a nightmare with my bank that hurt my credit more.

And that's not even adding in the scummy practices with overdraft fees and how banks make you trigger them.

For some reason they make having a credit card the most dangerous financial decision you can make, while also fircing you to use then for the privlage of buying shit you can afford.

[–] fan0m@lemmy.world 9 points 8 months ago (1 children)

I hate boomers

[–] PlasticExistence@lemmy.world 9 points 8 months ago* (last edited 8 months ago)

I feel this. The only thing that is keeping me slightly centered is the knowledge that all humans are garbage given the right circumstances.

Like how often did we read how progressive Gen Z is supposed to be, yet so very many of them voted for a man who is an active threat to democracy. They didn’t do this because they’re full of hate. They did this because they’re desperate and scared for the future, and the Democrats don’t represent better solutions - since Ronald Reagan, Democrats have only slowed the bleeding of the Middle Class at best. What reason does Gen Z have to think that a man who wants to destroy our system isn’t a better choice than more of the same?

The Boomers certainly had it historically easy, and they haven’t been good stewards of our country on the whole, but they too are a product of their environment.

[–] shnizmuffin@lemmy.inbutts.lol 7 points 8 months ago

69% of boomers feel the government should do more to help first-time home buyers afford a house.

Well, they don't seem to vote in that direction, so I'm going to put them in a home against their will. Since they ruined everything so thoroughly, it'll be a substandard, understaffed, slumlord home.

I can't wait for my parents to have to live in the world they made.

[–] harrys_balzac@lemmy.dbzer0.com -2 points 8 months ago

When I read stuff like this, I start cheering on H5N1 and Mpox.