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I thought for certain this was going to be a prison, but it turns out to be something kind of the same for retired people. The article mentions some demographi

by VLM 12y ago

I thought for certain this was going to be a prison, but it turns out to be something kind of the same for retired people. The article mentions some demographic peculiarities, but the main point they seem to miss, is if every generation is poorer than the last as a national economic policy, and they're not leaving money on the table with this one, then who is going to live there in the future? I surely will not be able to afford it by the time I retire, at present trends. If you build something thats not sustainable on the assumption it'll be sustainable, thats not going to work well.

NoPiece 12y ago
Here is a house there for $157,900, so it is not like they are being exclusive by pricing people out. http://www.thevillages.com/HomeFinder/Results/detail/L15.5107 http://www.thevillages.com/HomeFinder/Results/detail/L15.510... The average person could probably cover the mortgage payment with their social security check.
- VLM 12y ago
  I donno about that. According to http://en.wikipedia.org/wiki/Household_income_in_the_United_States http://en.wikipedia.org/wiki/Household_income_in_the_United_... my family is in the top 10th income percentile. My wife and I make about the same, so I plugged my half that into http://www.ssa.gov/oact/quickcalc/ http://www.ssa.gov/oact/quickcalc/ and ended up with about $1500/month. So 90% of the population will have less than us, or less than me, anyway. Some mortgage calculators for the $157K house estimate $1012/month for that house leaving not too much for food, electricity, repairs, hobbies, "life". Medical care... If a dude in the top 10% income bracket can't really afford to live in the cheapest house in the entire village its getting kind of elite not "average person". (admittedly I'd have other sources of income than SS, which is probably going bankrupt before I retire anyway, and I'd probably have my wife to double the income... unless she got sick (or I got sick) in which case its pretty much financial death penalty declare bankruptcy and start over... Of course I could have a roommate, or several of them, assuming the HOA allows it) My mom is on SS and that house would cost more than her check...
  - NoPiece 12y ago
    The median house price in the US (Jan 2014) was $188k, so it doesn't make sense to say 157k is targeted at the top 10%. The average SS benefit check for a retired worker is 1,298.40. A spouse would add another 652.57. And they'd have medicare, and hopefully some savings for a down payment. http://www.ssa.gov/policy/docs/quickfacts/stat_snapshot/2014-04.html http://www.ssa.gov/policy/docs/quickfacts/stat_snapshot/2014...
    - pessimizer 12y ago
      The median house price is not affordable for the median worker. As you say, though, characterizing someone who can afford the mortgage on a $157K house as in the top 10% is way off. That was the lowest priced house available though, so who knows what proportion of the community those homes constitute.
  - akgerber 12y ago
    Many retirees have a house with a paid-off mortgage that they would sell before moving, so Social Security would just need to support their living expenses. They also have a 401(k) or pension if they took advantage of those programs. Social Security is a (very effective) program designed to prevent senior poverty, not to pay for a high-end lifestyle.
enraged_camel 12y ago
>>If you build something thats not sustainable on the assumption it'll be sustainable, thats not going to work well. I don't think sustainability was a priority for the Boomers. After all, they grew up and lived in an era of unparalleled prosperity, and are now retiring with the wealth they acquired. And since golf is more fun when played with others, you get retirement towns like the one in this article.
x1798DE 12y ago
Where are you getting the idea that every generation is poorer than the last? I personally think that there are certain trends in governance that are not doing us any favors in terms of economic stability and growth, but my most pessimistic assessment would still have each successive generation getting richer, just at a slower rate than would happen with better policies.
brc 12y ago
Every generation poorer than the last? No. Not unless you have major political upheaval (Zimbabwe et al) As a national economic policy? In which nation? North Korea?
reedlaw 12y ago
The name "Village" reminds me of the TV series, The Prisoner. In the series a British secret agent is held prisoner in a tightly-controlled, idealized community also called The Village[1]. 1. https://en.wikipedia.org/wiki/The_Village_%28The_Prisoner%29 https://en.wikipedia.org/wiki/The_Village_%28The_Prisoner%29

by VLM 12y ago

NoPiece 12y ago

Here is a house there for $157,900, so it is not like they are being exclusive by pricing people out. http://www.thevillages.com/HomeFinder/Results/detail/L15.5107 http://www.thevillages.com/HomeFinder/Results/detail/L15.510... The average person could probably cover the mortgage payment with their social security check.

VLM 12y ago
I donno about that. According to http://en.wikipedia.org/wiki/Household_income_in_the_United_States http://en.wikipedia.org/wiki/Household_income_in_the_United_... my family is in the top 10th income percentile. My wife and I make about the same, so I plugged my half that into http://www.ssa.gov/oact/quickcalc/ http://www.ssa.gov/oact/quickcalc/ and ended up with about $1500/month. So 90% of the population will have less than us, or less than me, anyway. Some mortgage calculators for the $157K house estimate $1012/month for that house leaving not too much for food, electricity, repairs, hobbies, "life". Medical care... If a dude in the top 10% income bracket can't really afford to live in the cheapest house in the entire village its getting kind of elite not "average person". (admittedly I'd have other sources of income than SS, which is probably going bankrupt before I retire anyway, and I'd probably have my wife to double the income... unless she got sick (or I got sick) in which case its pretty much financial death penalty declare bankruptcy and start over... Of course I could have a roommate, or several of them, assuming the HOA allows it) My mom is on SS and that house would cost more than her check...
- NoPiece 12y ago
  The median house price in the US (Jan 2014) was $188k, so it doesn't make sense to say 157k is targeted at the top 10%. The average SS benefit check for a retired worker is 1,298.40. A spouse would add another 652.57. And they'd have medicare, and hopefully some savings for a down payment. http://www.ssa.gov/policy/docs/quickfacts/stat_snapshot/2014-04.html http://www.ssa.gov/policy/docs/quickfacts/stat_snapshot/2014...
  - pessimizer 12y ago
    The median house price is not affordable for the median worker. As you say, though, characterizing someone who can afford the mortgage on a $157K house as in the top 10% is way off. That was the lowest priced house available though, so who knows what proportion of the community those homes constitute.
- akgerber 12y ago
  Many retirees have a house with a paid-off mortgage that they would sell before moving, so Social Security would just need to support their living expenses. They also have a 401(k) or pension if they took advantage of those programs. Social Security is a (very effective) program designed to prevent senior poverty, not to pay for a high-end lifestyle.

enraged_camel 12y ago

>>If you build something thats not sustainable on the assumption it'll be sustainable, thats not going to work well. I don't think sustainability was a priority for the Boomers. After all, they grew up and lived in an era of unparalleled prosperity, and are now retiring with the wealth they acquired. And since golf is more fun when played with others, you get retirement towns like the one in this article.

x1798DE 12y ago

Where are you getting the idea that every generation is poorer than the last? I personally think that there are certain trends in governance that are not doing us any favors in terms of economic stability and growth, but my most pessimistic assessment would still have each successive generation getting richer, just at a slower rate than would happen with better policies.

brc 12y ago

Every generation poorer than the last? No. Not unless you have major political upheaval (Zimbabwe et al) As a national economic policy? In which nation? North Korea?

reedlaw 12y ago

The name "Village" reminds me of the TV series, The Prisoner. In the series a British secret agent is held prisoner in a tightly-controlled, idealized community also called The Village[1]. 1. https://en.wikipedia.org/wiki/The_Village_%28The_Prisoner%29 https://en.wikipedia.org/wiki/The_Village_%28The_Prisoner%29