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Boomers are pushing millennials out of the housing market
- wpietri 3y agoOne interesting concern this raises is what this is doing to the housing stock. A well-known problem in cars is that people without much money tend to buy used cars, while those with more buy new. That means that new cars tend to be aimed at richer buyers, which can make them less good for people with less money. E.g., in my youth I knew people who drove giant rusted "land yacht" cars and spent too much on gas. Today you'll see a similar phenomenon with giant old SUVs. In housing, I've seen plenty of apartments that had been carved of of the mansions of yesteryear. A friend who recently bought a house in Austin said that finding something small enough was a struggle. He saw a lot of relatively new construction that was 3k+ sq ft, when he and his family wanted well under 2k so as to minimize upkeep and leave more greenery. I have to wonder how much the relatively wealthy boomers are influencing what gets built, and how that will continue to be a problem long after they're gone.
- patrick451 3y agoI'm single and struggle with this too. I really don't want or need 3k sq ft. I want a single family home and garage/workshop, but really only want about 1200 sq ft. That really limits your options to very old parts of town.
- deleted 3y ago[deleted]
- PyWoody 3y agoYou've described my housing situation exactly, and, for me at least, 1200 sq ft is way too much house. I work from home, too, so a whole portion is dedicated to a non-house work area. If it helps with your search any, I'd say 900-1000 sq ft would be good for a single person. Obviously, it depends on the person and how the space is laid out, though.
- Lammy 3y agoYes, good, blame your parents instead of the system that refuses to allow housing construction or well-paying stable jobs.
- imtringued 3y agoThere are well paying stable jobs, but you don't get to decide where the jobs are, so as a result of globalization companies follow investor money and that money is in NYC or the bay area instead of where the people live so the young move away from their hometown to some big city.
- Analemma_ 3y agoI mean that’s also the Boomers fault. Who are the people voting en masse for NIMBY voting restrictions and showing up to “community meetings” to furiously shout down and bury under lawsuits any attempt at building new housing? Cause it ain’t Millennials.
- imtringued 3y agoI was told that aging demographics will result in lower real estate prices. All that is happening is that rural areas are dying out and the young move to urban areas. There is no free lunch. No, this generation's parents looking for a home don't move to the middle of nowhere, they move to the suburbs of the larger cities. Inheriting a house from your parents also won't be as good of a deal as you are thinking because that home is only worth it if you can't find a job in the city or if it isn't in your dying hometown.
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- egberts1 3y agoawww, what a way to instill murderous thoughts of their retired parents. No meaningful corrective actions, no planning suggested, no concrete policy recommended. Leave it to the millennial to form their own reactionary ... reaction(s).
- entropicgravity 3y agoAren't the boomers supposed to be selling up and moving into condos downtown now?