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So how do you come up with early/mid 40's? I'm not a baby boomer and I'm in my early 40's.
As I clarified earlier, I was referring to YEARS, not age. As in early/mid 1940s. I know it wasn't explicitly clear, but my next sentence did have the "19" in it.
There is one area of agreement however. No matter what, the Gen X is wrong. It was those late 60's babies that pushed up the housing prices in the early 80's...because that's what happens. People graduate from high school in smaller numbers and start pushing the demand curve around. Especially slackers that won't work and have no ambitions....they get the money.
Sorry, this whole post is GenX sarcasm. Just chill. But do know, we didn't start the fire. It was always burning, just the world's been turning.
Yeah somewhere between learning cursive and long division, I totally had time in the 1980's to mess with the real estate market.
A lot of Boomers are NOT downsizing at all. They talk about it, but then decide they want at least three bedrooms and three bathrooms for the grandkids etc etc, or maybe an entire separate carriage house for them yadayada, and don't forget the dedicated media room blahblah, or the "activity room" hoopityhoopity.
The other factor is property tax liability. In California, where I live, Prop 13 (passed in 1978) gives homeowners who have lived in a place for a long time the incentive NOT to move due to property tax reassessments (if you stay in one place for a long time, your prop tax isn't going to increase much and may be at a ridiculously low level).
As for your link, I want to know who is skewing the average to 32. I'm 34 and on my second home. I bought at 25....
Young professionals. 25-year-old professionals-to-be are typically still in graduate school. Then they (or we, I was one in the 1980s) want to live in the city until the very last possible minute, which usually means renting.
And New York and California, which as you point out are harder to buy in, make up 20% of U.S. population and a larger percentage of professionals.
Young professionals. 25-year-old professionals-to-be are typically still in graduate school. Then they (or we, I was one in the 1980s) want to live in the city until the very last possible minute, which usually means renting.
And New York and California, which as you point out are harder to buy in, make up 20% of U.S. population and a larger percentage of professionals.
A bit of a pompous answer.
Perhaps you meant corporate professionals. Because I know plenty of professionals who purchased homes around the age of 25. Even some who were in grad school. But, admittedly, they were mostly teachers and nurses and not living in cities, so I suppose they don't count under your definition of professionals.
I am a Baby Boomer, my house is 3035 sq ft I have no intention of downsizing. I love my house and I am comfortable here. My husband was paralyzed a few years ago we put in a chair lift. Now he can walk again and is doing fine, the chair lift is there if we need it later. But our Master Bedroom is on Main floor. Upstairs is a den, exercise room, extra bedroom for a guest, my hubby loves to look at the lake views from the 2nd floor.
Location: Finally the house is done and we are in Port St. Lucie!
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Baby boomer here as is my husband.
We just built our first house together and it is our forever home. We rented for many years in different states until we found the place where we will live out our lives.
It's over 2,000 sq ft, single level. Room for kids and grands to visit as they all live in different parts of the country.
No plans to downsize. I'm 56 and hubby is 60. The house will more than likely get sold after our deaths....or they may keep it as a vacation place. That will be up to them after we are gone.
Baby Boomers can't downsize because Millennials are still living there.
Boomers can't downsize because it costs as much to buy a 2 bedroom Condo as it does to live in a 3000 sf home.
I would LOVE to downsize but a couple things hold me back as of yet ~
1. I'm 56 and still working and currently live 7 minutes from my office; can't beat that.
2. I still have a barky West Highland White Terrier that has never NOT had a fenced yard
3. For any Condo or apartment that I would want - it's still more than my house payment. Of course, I have to factor in costs of current landscaping, grass mowing, home improvements, etc.
I'm ready! I don't need this much house. Hopefully in a few more years.
Boomers when group-ified by statisticians have always blazed their own trails. Expectarions that they will suddenly start following pre-set paths will probably prove to be wrong.
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Especially slackers that won't work and have no ambitions....they get the money.
