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not only the mortgages , put soaring inflation and horrible stock and bond markets for a decade made saving and growing money near impossible for regular folks .
the grass always looks greener for some other generation but it never really was . every 20-30 years either us or the world does something so stupid or bad that it just shocks the economy like nothing else . been this way since the 1800's .
Every generation thinks they invented tribulation, sex, and beer, and thinks the last generation did all three wrong.
believe me ,when i graduated back in the 1970's i was dumped right in to vietnam, the worst unemployment since the great depression , soaring inflation ate us a live plus social unrest and rioting .
that was an incredibly bad start to grown up life .
my dad had to fight world war ii and deal with those issues returning .
1. Not at the time they bought. Most of them did have easier circumstances in general (better inventory, etc, not even getting personal)
2. It's great that you have a transferable job. Some people work in banking, finance, or other specialized industries so that relocating to a lower COL area isn't feasible. You're probably right though that part of my frustration is feeling stuck because my husband won't (can't) move out of this area. If it were just me, I'd already be gone
3. I do hear you complaining, just a little though
Do you know what the interest rates were in the 80s? I suggest you look it up. They didn't have it easy.
I don't have a transferable job. I changed careers because family was important to me and since Michigan is one of the best paying states for teachers (when comparing cost of living to salary), the market has always been extremely competitive with thousands of applicants per position. So I changed careers. Ironically, to the corporate setting. I work in the financial industry. And there are plenty of 'cheaper' centers in the banking world- Charlotte, Atlanta- and that is just the east coast.
I'm only complaining about listening to you complain about your 'hardships' when I see nothing you couldn't resolve if you really wanted to. And, I fail to see how you have it harder than anyone else.
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.
Why should empty nesters downsize? If their home is paid for, that makes very little sense. Moving is VERY expensive. All of their belongings have a home and fit right where they are.
Many people pick up hobbies as their children grow up and move out. Once grandchild come along, they tend to have even more hobbies. Hobbies that take up space such as scrapbooking, knitting, rug hooking, model building, woodworking, gardening, music, piano playing, rving, etc.
If they downsize, what do they do when their children want to visit? Many parents don't want their kids in hotels. They want them at the house. Same with grandchildren. Growing up, I spent almost every weekend at a grandparent or great grandparent's house. I had a great time spending all that time with my grandparents. They're all gone and I miss them dearly. I have cousins who have never met them because they're so much younger. I feel bad for them because they missed out.
My great grandmother has been gone for 25 years and I still tear up whenever I'm home and I drive by her house. She was an amazing woman.....amazing doesn't even begin to describe her. She LOVED having her nieces, nephews, grandchildren, great grandchildren, etc spend a few days. Most of us are scattered all over the country.
My grandfather converted the basement into a village. He built an entire town. He built tables with streets, lights, trees, parks, houses, the whole 9 yards. He loved those village houses you can buy at Christmas time. He had a lot of free time when he was forced into early retirement due to health reasons. His village was absolutely amazing! Each child, grandchild, sibling, and parent had a house with their name on the house or mailbox. His town literally took up the basement. It was a sight to see! Sadly, after he passed away my grandmother gave it to a church.
Why is it assumed that all baby boomers want to move to a condo or move to Florida? I live in the Northeast and I can count on one hand the number of people I know who have moved to Florida. None of them live in a condo! All but one wants to move back home to their family, but now they're out of money.
One thing Abby is missing out on is that these aren't just houses. They're homes. Homes families were raised in. Home where memories - good and bad were made. Many people will never give all of that up. And why should they?
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.
You youngens could all move to areas that have larger apartments or houses for rent. Nah, instead blame others. Keep your contempt. Older generations - including mine and I'm not a boomer - don't give a flying fig about your contempt. We've worked hard and earned our place in this world. It's now time for the next generation to work hard and EARN things in life. No one is going to hand you anything. Be thankful you haven't had to live through the Great Depression, World War I, or World War II. You have no idea how easy you have it! I can't imagine anyone of the current generation washing laundry by hand or pumping water from a well. This all involves work! Oh my word. The horrors!
How is it entitled to expect a house when we've worked, sacrificed and saved? I think you need to look up the definition of "entitled". We don't necessarily"deserve" a house more, but we would like to have a family and that's hard in 700 SF. These selfish BBs don't need that space, when they were our age they got what they needed, we as millennials made due with less when we needed less, so it's not as though our expectations are out of line or unreasonable. It's all part of what has made it a challenging generation to be a part of. Not that you care... that's my point.
As for your laughable suggestions-- that just confirms you're not in the real world. Adults with jobs can't just "move to a cheaper area." That would make them adults without jobs. NYC area is particularly specialized. Most jobs here aren't elsewhere. As for waiting, I'm told housing prices will continue to soar. That's likely what I'll do, and then it'll just be all the more apparent that millennials accomplished way more goals with far greater adversity than BBs.
You're HILARIOUS! One set of grandparents built a 1100 square foot house and lived there for over 50 years. My grandfather helped build it! This was after 8 years of active duty in the Air Force where the family was FORCED to move every 8 months. They were moved all over the world. That 1100 square foot house suited them and their 3 children just fine. Heck, they even had enough room in the driveway to park the camper.
They were not entitled. They worked incredibly hard for what they had. Let me see you do a stint in the military. You wouldn't survive an hour. Oh and that grandmother survived living in Germany during World War II. He entire family almost didn't make it out alive! Yeah, they sure had life handed to them! Walking along railroad tracks - hoping not to be killed or captured - looking for scraps of coal to heat their home while they were starving - literally! They had many meals that consisted of boiled water with boiled potato peals in it. Yup, they were certainly entitled! Man, you really have no idea how LUCKY and EASY your life is! Most people don't. Most have never lived in a war torn nation....it's literally hell.
Another set of grandparents bought a house that was literally falling apart and had a dirt pile in what became the kitchen. My grandfather and grandmother literally rebuilt that house and lived in it for over 60 years with their 5 children and eventually several grandchildren.
No one gave them a cent for a downpayment. My parents were given a gift to buy a house, yes. However, that gift from their parents was their wedding gift! It also came with SEVERAL strings attached including my grandfather's approval on the house they purchased. My parents also had to save the same amount of money and match what he gave them. Yup, money was just handed to them.
I can't think of a single job that exists in NYC that can't be found somewhere else in the nation. Will the pay be the same? Nope. The cost of living everywhere else is much cheaper. Ok I thought of one! Statue of Liberty tour guide. You could, however, be a tour guide at pretty much any other historical site.
I guess you chose to interpret entitlement from the observation that a 60 year old couple doesn't need 3000 SF whereas a young couple starting a family does.
Who ever said a young couple starting a family need a 3,000 square foot house? Sounds like what you want/demand. Join us all back here on earth and work for what you want. No one owes you a single thing.
I am 27 single no kids, bought a 2900sq ft home 4 bed 2.5 bath for myself. I lived in 1000ft apartments before and said I’d rather have more than not enough.
Older people don’t want to be cramped either. Paid off and stay put is the best answer to me
Why should empty nesters downsize? If their home is paid for, that makes very little sense. Moving is VERY expensive. All of their belongings have a home and fit right where they are.
Many people pick up hobbies as their children grow up and move out. Once grandchild come along, they tend to have even more hobbies. Hobbies that take up space such as scrapbooking, knitting, rug hooking, model building, woodworking, gardening, music, piano playing, rving, etc.
If they downsize, what do they do when their children want to visit? Many parents don't want their kids in hotels. They want them at the house. Same with grandchildren. Growing up, I spent almost every weekend at a grandparent or great grandparent's house. I had a great time spending all that time with my grandparents. They're all gone and I miss them dearly. I have cousins who have never met them because they're so much younger. I feel bad for them because they missed out.
My great grandmother has been gone for 25 years and I still tear up whenever I'm home and I drive by her house. She was an amazing woman.....amazing doesn't even begin to describe her. She LOVED having her nieces, nephews, grandchildren, great grandchildren, etc spend a few days. Most of us are scattered all over the country.
My grandfather converted the basement into a village. He built an entire town. He built tables with streets, lights, trees, parks, houses, the whole 9 yards. He loved those village houses you can buy at Christmas time. He had a lot of free time when he was forced into early retirement due to health reasons. His village was absolutely amazing! Each child, grandchild, sibling, and parent had a house with their name on the house or mailbox. His town literally took up the basement. It was a sight to see! Sadly, after he passed away my grandmother gave it to a church.
Why is it assumed that all baby boomers want to move to a condo or move to Florida? I live in the Northeast and I can count on one hand the number of people I know who have moved to Florida. None of them live in a condo! All but one wants to move back home to their family, but now they're out of money.
One thing Abby is missing out on is that these aren't just houses. They're homes. Homes families were raised in. Home where memories - good and bad were made. Many people will never give all of that up. And why should they?
I agree with you. My mother is 72 and has lived in the same home for 40 years. She said that she wants her dead body to be carried out of her home and I hope she gets her wish. Not all the boomers want to move to a condo or to a warmer climate , heck my mother lives in northern Indiana all her life and is perfectly content. Most have paid for homes , why should or why would they want to move? These are their homes where most of their memories were made.
How does having older people moving from large, expensive houses into smaller, less expensive houses help first-time buyers? Those smaller, more affordable houses are the very ones the first-time buyers can afford!
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Nah, instead blame others. 
Keep your contempt. Older generations - including mine and I'm not a boomer - don't give a flying fig about your contempt. We've worked hard and earned our place in this world. It's now time for the next generation to work hard and EARN things in life. No one is going to hand you anything. Be thankful you haven't had to live through the Great Depression, World War I, or World War II. You have no idea how easy you have it! I can't imagine anyone of the current generation washing laundry by hand or pumping water from a well. This all involves work! Oh my word. The horrors! 
