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There are still some original 1960 Homeowners in my parents old neighborhood... not many.
I bought a home from the original owner that bought new in 1922... she had lived in the home over 60 years... and then bought a home from a couple that bought in a new home in 1957... still have original neighbors and it is nice still be called the kid...
It does happen.
Among my friends it was all about buying what we could afford... improving and then starting over...
My school teacher friends made 5 moves to get to their forever dump in a great neighborhood... that is what they call it and it was very dilapidated cottage built in the 1920's with million dollar homes all around... (when they bought in 2007)
I could not afford a house here. I bought this coop (apartment) knowing:
-I would not be here forever.
-My mortgage+maintenance would be less than a rental.
-That it languished on the market forever so I was getting a good price.
-That I would make a profit when I sold because I would not let it look like a dump while I lived in it.
I think depending on where one lives, affordability is a huge factor. Back when my parents bought their house, they did so on one income and that was just a mediocre income. Today my husband and I both work, both make more/save more than my parents ever did/could and we couldn't even touch a house here.
That being said, I think there is more than one reason. I think people are more mobile and will uproot themselves for work if need be. I think with the size of homes being built these days, people get to a point in time where their home is too large for them, so people are more likely to buy what suits them at the moment. And I think that's okay.
I hope that this will be my forever home, unless I have to move into assisted living someday. The woman across the street from me has been in her home since 1946. My former next door neighbor, another widow, lived in her house from 1953 until she died at age 89 (about 6 years ago.). Another lady 2 blocks over moved into her Sears kit home in 1925 when she was a bride and never left until she passed away at the age of 107! I don't know if we're keeping our old houses alive or if it's the other way around - either way it works for me.
My thought on this or something I am wondering about, Does anyone think this has anything to do with employment opportunities? In the past someone could live in an area and work their entire career in the same area. The need to move may have not existed. Also in the past when you wanted a larger or more enticing home, you built on or made changes that would benefit the home and improve your lifestyle. Has that all changed? Has it become much easier to move to a nicer home? Are the incentives to build your first home into the showplace you want ended? My parents did infact live in a 1,100 square foot home in 1965. By the mid 70's they had added on 700 square feet. They did not move until a few years after my dad retired. The home became what they thought would have been there forever home. My dad could not take the damp fog anymore and they had decided to move to a dryer climate area.
It might be a factor for people who are still working. For retirees, no. But in some cases, where their grown children relocate for job changes is a factor.
I bought a house last year with the idea that it would be my "forever home". I am 68, so forever isn't as long for me as it might be for a 30 year old. I plan to at least *try* aging in place and see how that goes.
Resale is less of a concern for me than it used to be, but it is still a concern; after all, what if the neighborhood gets really bad to the point that it becomes dangerous for me to live here? I don't expect that, but I could envision that as a remote possibility. In that case I might have to move, whether I want to or not.
I have spent about $35K on upgrades and repairs since I bought this forever home last year, so right now it is perfect for me and well suited to an elderly occupant (me, hopefully). If I sell, I might as well have tossed that money out the window since a different owner might have different preferences.
When I bought my condo, which is only one storey and has no steps outside, just a sidewalk leading from the parking lot, I thought, "Good, I can get old and decrepit here."
So this COULD be my forever home, but someday, I might be able to leave my state, which would be a financial benefit due to the high property tax and the fact that they tax my pension. We'll see. But is is nice to know I can get old and decrepit here if I want to.
It might be a factor for people who are still working. For retirees, no. But in some cases, where their grown children relocate for job changes is a factor.
That reminds me,
The home I live in, the original owners bought it new in 1962. They had four sons. One of the sons ended up getting a job in Florida some where. Him and his wife bought a home that was a lot cheaper than here. One of the other brothers ended up visiting and the brother that lived in Florida convinces his brother to move there. Within a few years all four brothers are living in Florida all near each other. The parents decide that they want to be near the kids and find that they can build a new home in Florida for less than the cost of the home they owned in California. They build a house and sell the home, leaving after 38 years in the same home.
I remember that 38 year mark because my parents left the area after 38 years. For them it was the opposite, most of the kids followed them to the Phoenix area.
We just bought what we hope will be our forever home a few months ago. Not planning to move until I'm carried out of here in a body bag.
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