Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
This "boomer" isn't downsizing. I'm upsizing (within reason). All those years, I had to live where I didn't want to live just for my job. Now I can live anywhere. And I'm home all day, every day. So I'm buying what I've always wanted, where I want to. So sick of these realtors asking "aren't you downsizing?" My answer: No. Why would I? I got the bucks. Why leave it to my lazy relatives? After all, when I'm dead, I'm dead. Period. End of my "experience."
There are many people in your position, including me. (Not sure whether I'm upsizing or staying the same.)
Also, if you buy a larger house, the money isn't gone! When you or your heirs sell the house, you'll get the money back, probably with some capital appreciation, so your lazy relatives don't have to worry (unless we have a very long economic depression, which seems unlikely).
LOL in the last month I've heard the same thing from a few different people. I never would have guessed, but maybe upsizing is more common than I would have guessed for retirees.
one of the problems we found with relocating is this :
while a 2 bedroom 2 bath apartment is fine for us here in nyc because all the kids are local , if we move away ,they all stay over with the grand kids .
when we thought about retiring somewhere cheaper and we bought a 2nd home we needed a 3000 sq ft house to hold all of us .
so downsizing was not an option . we had to up size .
unless you are making everyone pay for a motel it is something to think about .
one of the problems we found with relocating is this :
while a 2 bedroom 2 bath apartment is fine for us here in nyc because all the kids are local , if we move away ,they all stay over with the grand kids .
when we thought about retiring somewhere cheaper and we bought a 2nd home we needed a 3000 sq ft house to hold all of us .
so downsizing was not an option . we had to up size .
unless you are making everyone pay for a motel it is something to think about .
Good point. Now that we've moved back to a tourist town we're discovering we'll have a lot more guests than we would have guessed. Retirement's going to be busy!
There seems to be an oddly common tendency to prematurely age Boomers.
All I know is both my parents were BB and I believe MIL barely missed the cut off, and I consider them all pretty old people, retired empty nesters who could downsize. They all fit that profile. However, PP are right. They seem to not be. Still, while many--even most-- BB decline to ever downsize, because it's the generation of excess numbers, there should still be more that do than previous generations. Ex: if 30% of retired empty nesters downsize, that number will be greater than previous generations as there's more BB. Whether or not it'll be enough to impact the market in the northeast, I don't know. (Assuming down sizing implies moving to a condo in Fla or what ever.) That's what this discussion is meant to cover.
Last edited by Abby Schmitters; 10-01-2017 at 09:01 PM..
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, as a single person the first time around. All of my friends were homeowners well before 30. I have three co-works who have bought their first homes within the last 2-3 months. They are all between 24 and 26. My sister was only 21 when she bought her house. (And they are all Millenials who are allegedly anti-home ownership.)
Actually, I know who is skewing the average. People living in California and NYC where you can't even afford to rent your own apartment at 32. And, unfortunately, a large portion of the population lives there.
I'd like them to release data taking out ridiculously overpriced markets. I'm fairly certain that average would be closer to the 26-28 range.
I'm not sure why we should be ousted from the statistics. We count. 32 sounds spot on for the average age of first time home ownership.
As long time Realtors know, homes get larger about every 20 years. 1/4 of them today are 3,000 to 4,000 sq. ft. By 2025 homes will get larger yet.
All retirees do not downsize. My wife is 88 shortly, and I am 86 in a week. Our home is a 4 level (no basement, with a long footprint, 3,700 sq. ft. We love it, and our children and grand children can come and be with us, without having to go find a motel, if one is even available in the summer. We have 3 stair ways to the different areas of the home. We can no longer climb stairs, so we installed chair lifts, so all we have to do is is walk up, sit down in the comfortable chair, and pressing a switch on the armrest ride to the other floor. No climbing or going down between floors. Today it is easy to adapt any home to be manageable for the elderly. We have a woman come in 3 days a week to take care of the house keeping it clean and in good condition. We supply a tractor with mower to keep 1 acre of landscaped mowed and cared for. In the winter we put a snow blade on the tractor, and it is used to plow the 500 foot of lane back to our house, and the parking area out to the barn. A leaf blower clears the snow off of the walkways, rear veranda and the two small balcony areas. Much faster and easier than shoveling and is so easy to do, our housekeeper can do it in 10 minutes, if I don't feel like doing it that day. Grab bars in tubs and showers, and other safety features for the elderly. Those that can afford to stay and are not going to leave the area where they live, normally don't downsize. The best part is, in our areas the homes did not crash in price when much of the country did, and our house at the present time is increasing in value about $50,000 a year (as a retired broker from 1972 till I finally retired I know how to know and judge present value). In fact we have a standing offer by a qualified buyer to sell at current appraised value at any time less the 6% commission an agent would charge.
The home has no mortgage, and the total cost of keeping it including hired help, is less than the rent on a basic 2 bedroom apartment. And the benefits is, that $ 50,000 appreciation per year, and is expected to remain high, as there is a huge shortage of houses, especially bigger and unique homes. Not many go on the market, and the desirable ones are snapped right up when they do.
If a lot downsize, it will just make homes available for the younger people, as you only have to look at the population increase in this country, to realize why there is a housing shortage and high prices caused by this shortage in lots of areas of he country. Construction industry cannot keep up with the demand in those areas.
What I can't wrap my head around is all this talk about appreciating equity followed immediate by "nope no reason to ever sell, I'll just remodel this place to accommodate me as I age" in the same breath...
FYI--Most sources, including the U.S. Census Bureau indicate Baby Boomers were born post WWII between 1946-1964. The oldest are now in entering their 70's. The youngest mid-50's.
This is my understanding of the age of BB too. Also, in my interpretation of the condition of down sizing, if done, it usually kicks in around mid-70s when the effects of aging set in, it becomes harder to maintain a large house and yard, you've been retired for a few years and money gets tighter, etc. None of these are in effect between mid-50s to beginning of 70's. I think there may be an exodus (whether or not it's a "mass" exodus remains to be seen) in the next 10 years.
I would expect less people buying property, and the price keep dropping. On top of that, properties are likely to be in bad condition which require renovation, and there goes another tens of thousands dollar.
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.
This is why millennials think boomers are greedy. It's very hard to buy our first home to raise a family in because of low inventory. Without children, we've so far lived quite contently in 420-700 SF apartments. I don't expect you to leave on our account, but just thought I'd explain where the contempt between generations comes from. Carry on.
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.
Quote:
Originally Posted by rhbj03
Baby Boomers can't downsize because Millennials are still living there.
Whose to blame for the fact that so many millennials have arrested development?
A) Baby boomers who raised their kids with clipped wings? Because they were divorcees who relied on their kids for emotional support or any other reason an unhealthy attachment developed?
B) Unlivable wages coupled with sky high cost of living?
C) Lack of inventory?
Or are you just going to pretend like millennials don't want a life of their own?
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
