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Don't worry the immigrants are big on owning properties. They will take over where the boomers left off. In the future you will be living on a rental that is owned by an immigrant. Which is why RE agents love Chinese buyers. They pay cash and buy up all the expensive properties. So bad that Canada has to pass laws to protect properties from being bought up.
It doesn't matter if millennials hate owning properties and running them. We all play the game of Monopoly, you either land on someone or keep running until you pass GO.
If you don't buy them, someone will always buy them regardless of market conditions.
Don't discount venture capital as well.
In the Twin Cities and suburbs, the sub-$300k market has been busy over the past ten years with firms snapping up SFHs in a hurry to turn into rental properties, pushing many first-time buyers to delay purchase.
Another trend here is empty nesters moving back into the urban core from the suburbs, along with the folks in their 20s, 30s and 40s choosing to stay after having families. Minneapolis' population has trended up for nearly 20 years, up 12% between 2010 and now (and the downtown population is now over 50k, up 60% since 2006).
I think there is some truth to this, as I live in a 20 year old neighborhood that is now seeing the second generation of families move in and through.
I wouldn't say we've had a drastic population loss, but the demographics of the neighborhood have shifted back to what it was 20 years ago, albeit with a lower percentage of young families. I would attribute this to two things - the property costs are probably double what they were when the area was originally built out, and many of the homes are still owned by the original owners, who are now nearing retirement and not ready to move out.
It's interesting to watch this as it happens. It sort of snuck up on us.
RM
Our neighborhood is quiet, lot of trees, walking trails, a neighborhood pool, and 15 minutes to the airport. Call when you plane lands, and we can be out in front by the time you gather your bags. I'm not kidding.
As long-time neighbors move to places with less maintenance, families are moving in. Sometimes it's a couple, but usually there are children before too long.
Usually only a week or two before "under contract" signs, so it seems that for the time being at least, there are plenty of buyers for homes in our neighborhood and price range.
Whether that will diminish over the years, remains to be seen.
I'll be interested in how the "Sun City" type places fare without Boomers. Younger people, even older Xers seem not to be as attracted to that kind of snowbird retirement lifestyle.
I chose not to link her blog directly, since I think it's often in poor taste (but not always) and smacks of sour grapes at the lack of correlation between money and aesthetic architectural taste. It places a judgement of character where there shouldn't be one.
Quote:
Originally Posted by redguard57
I'll be interested in how the "Sun City" type places fare without Boomers. Younger people, even older Xers seem not to be as attracted to that kind of snowbird retirement lifestyle.
That's a similarly complicated discussion. Neither GeneXers or Millennial's will be immune to the ravages of aging, and neither Genexers nor Millennials will be universally immune from financial concerns moving into retirement, and I don't think a desire for better weather in retirement is all that unique either; Florida was envisioned as a snowbird destination over a century ago by Henry Flagler .
I chose not to link her blog directly, since I think it's often in poor taste (but not always) and smacks of sour grapes at the lack of correlation between money and aesthetic architectural taste. It places a judgement of character where there shouldn't be one.
That's a similarly complicated discussion. Neither GeneXers or Millennial's will be immune to the ravages of aging, and neither Genexers nor Millennials will be universally immune from financial concerns moving into retirement, and I don't think a desire for better weather in retirement is all that unique either; Florida was envisioned as a snowbird destination over a century ago by Henry Flagler .
Sour grapes indeed. It's one thing to lampoon the architecture, but to assail homeowners' personal tastes is repugnant...
As for Sun City, we all age and the desire to live in a lifestyle community that caters to active adults and is all-adult will always be there for some people.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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Quote:
Originally Posted by riaelise
Sour grapes indeed. It's one thing to lampoon the architecture, but to assail homeowners' personal tastes is repugnant...
As for Sun City, we all age and the desire to live in a lifestyle community that caters to active adults and is all-adult will always be there for some people.
I always hear about people retiring to Florida or Palm Springs, but I have never known anyone that did that. Maybe it's an east coast thing? Of those friends and neighbors that have retired lately 3 have remained in their paid-off home, 4 have sold and moved to less expensive areas within one-two hours of here, one moved to the Olympic Penninsula, one moved up here in Sammamish from the S.F. Bay area, one moved to the Philippines where his wife is from. Another in California is planning to move to Oregon.
I always hear about people retiring to Florida or Palm Springs, but I have never known anyone that did that. Maybe it's an east coast thing? Of those friends and neighbors that have retired lately 3 have remained in their paid-off home, 4 have sold and moved to less expensive areas within one-two hours of here, one moved to the Olympic Penninsula, one moved up here in Sammamish from the S.F. Bay area, one moved to the Philippines where his wife is from. Another in California is planning to move to Oregon.
Well, most of those areas don't have dangerous weather that can incapacitate a senior. They are all lovely areas, why leave? Moderate weather, scenery, etc. It's hard to leave the West Coast if you don't have to,
My extended family is in the mid-West and several have retired to Florida, and some snow-birded for many years.
The ratio of folks trying to get out of the Mid-West vs the West Coast....well....
I always hear about people retiring to Florida or Palm Springs, but I have never known anyone that did that. Maybe it's an east coast thing? Of those friends and neighbors that have retired lately 3 have remained in their paid-off home, 4 have sold and moved to less expensive areas within one-two hours of here, one moved to the Olympic Penninsula, one moved up here in Sammamish from the S.F. Bay area, one moved to the Philippines where his wife is from. Another in California is planning to move to Oregon.
It's not Florida specifically, it's moving to a winter season less likely to kill an old person generally...and often with an eye toward fairly easy travel for friends and relatives. For people on the east coast, that's likely to be Florida.
But I've lived my stateside life mostly in the Great Plains or midwest, so for me it was Texas. I'd not expect someone who has lived on the west coast to leave the west coast...plenty of moderate weather out there.
I read an article recently that predicted that there will be a huge RE surplus once the large population of boomers become deceased (perhaps about 20 years). The article writer predicted that residential RE will be in a surplus supply for the living generations once this happens. Maybe So Calif real estate will become affordable again? I will try to find the article.
I think we are starting to see the redistribution of people right now. Many jobs are moving online now, no need to be in an office building downtown of a large city. Maybe those young people will leave the big cities and move to those places that boomers will vacate?
Small city living is wonderful, safer, less traffic, etc. The main reason people left was to start a career. But what if you could start your career from the same small town you grew up in?
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