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Didn't rates get up around 18 percent in 1980 and 1981? I remember thinking 13 percent wasn't so bad, too. My landlord sold the house I was renting in 1983, and the big selling point was the buyer could assume the loan -- at 8 percent.
The problem with banking on a downsizing trend to get into your first home is that the majority of the millennials will enter their prime age for household formation in the next ten years. Note the large drop in singles from under-35 to their prime years of 35-to-54.
I also read that Baby Boomers are planning to age in place.
It doesn't make sense to me. My mom used to talk about downsizing a lot, but now she is planning to stay where she is. She loves her house, and she loves the view.
But her house is way too big for 2 elderly people. The house is probably about 3,000 square feet, with 3 baths and an awful lot of windows (some that are very high off the ground). The yard is about 3/4 acre; with several trees, several high-maintenance gardens and a huge lawn. That's a lot to take care of ! They can't take care of it by herself anymore, and has resorted to paying other people to clean and work on the yard.
But the bigger issue is maneuverability. She lives in a split-level house, so they need to use steps just to get into the house. The house is on a hill with an uneven yard, so walking around the house to the back is not that easy. My sister is talking about building a wooden pathway around the house to make it easier for her to walk to the back of the house (of course my sister and her husband would get paid to build it). She's already had foot and leg surgeries in the last couple years, and was hospitalized for about a week on another leg-related issue.
It's a nice house, but I think she should sell it and move into a ranch. They're both in their 70s, and are already having multiple health problems. I'm sure she can find a ranch house with a view just as nice as what she has, and maybe even better.
A few years ago she was all gung-ho on moving into a much smaller townhouse, where she wouldn't have to worry about maintenance issues. Now she's decided she wants to stay in her current home forever. I wonder why she changed her mind on that, and if that's influencing other boomers?
depends on location .an aarp survey showed 400,000 baby boomers and millennials planned on leaving long island because they can't afford to retire here .
however the trend has been the baby boomer kids have tended to buy their parents homes and stay
depends on location .an aarp survey showed 400,000 baby boomers and millennials planned on leaving long island because they can't afford to retire here .
however the trend has been the baby boomer kids have tended to buy their parents homes and stay
I feel like all of these "Baby Boomer Statistics" never take in to account that there is almost two decades of years encompassing BBers.
We are just turning 54 and haven't even bought our OWN forever home yet. Our grown kids have their own homes in cities all over. They have no desire to move where we end up and buy our home. They will stay/go where their careeers take them.
I'm not tracking your arithmetic, maybe because you're using similar numbers to designate ages and decades. The first post-war year was 1946. That would make the oldest Boomer age 71. Most people don't buy before age 25 and in recent times, buying has been deferred. But if we add 25 to 1946, the OLDEST Boomer would have bought around 1971 or later, not in the 1960s. Mid-Boomers were buying in the 1980s and later, and late-Boomers might not have bought until the late 1980s or 1990s.
According to this source, the average age at the time of first home purchase is 32.
I'm a Boomer, and my very young parents (married at 18) bought their first house in the early 60s. There seems to be an oddly common tendency to prematurely age Boomers.
Right - I've noticed that myself (bolded part).
I bought my first house at age 32, in 1994. I'm a Boomer by the way. I'm only 55 now and my Boomer husband and I probably have one more "upsizing" before we decide to "downsize" and even then, the "downsize" will probably be around 2000 square feet. We're hardly teetering around on canes or walkers - in fact, we're thinking of going ziplining in the Appalachians again next year.
A few years ago she was all gung-ho on moving into a much smaller townhouse, where she wouldn't have to worry about maintenance issues. Now she's decided she wants to stay in her current home forever. I wonder why she changed her mind on that, and if that's influencing other boomers?
My guess: she just waited too long.
Most of us who are younger have a hard time grasping just how difficult it is (both physically and psychologically) for people in their mid-70s and up to move. And that was probably the case with your parents as well. When they were young enough to make such a move without too much difficulty, they thought "oh, I'll do that sometime later." Now that that "sometime" is here, they find the whole idea overwhelming.
My advice (which is worth what you paid for it): plan on moving to your "forever home" to age in place before you reach your mid-70s. Make the move while you still have your physical health and plenty of mental flexibility, lest you be trapped later in an unsuitable place.
I agree with the article in that as a millennial I care far less about owning a huge home than my parents did. A few hundred more square feet would be nice.
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