narwhalBaby boomers are becoming homeless at a rate ‘not seen since the Great Depression’
On an unrelated note, suddenly, boomers care about affordable housing for no apparent reason.
I still everyone thinks that boomer`s houses magically built themself and cost nothing. No interest was payed for the loan and the time there where built money rained from the sky.
If you think that, I know you’re unfamiliar with the economy and real estate.
They bought them, yes. In fact, they had higher interest rates! My dad’s first mortgage in the 80s was at 17%…but the loan was less than 2 years of his salary which made his payments pretty easy. Now I’m expecting to have to pay 5-6x my salary for a similar home.
And to get ahead of some rebuttals: adjusted for inflation, I am making more than he did at the time so it’s not that. And the homes I’m looking at are in less desirable neighborhoods than I grew up in so it’s not that either.
Furthermore, his parents’ generation wasn’t hoarding real estate for Airbnb rentals.
Also, there has been a drop in new housing construction since 2008.
There was a massive multigenerational push to build new housing, with government agencies either facilitating new construction with infrastructure or helping to fund its construction.
CharlesReedDo you mean new housing as in individual stand alone houses, or does that also include multi unit apartment buildings?
I only ask because in the old area I used to live in it seemed like they were building new apartments left and right. Meanwhile as far as houses go I would be inclined to agree, as I haven't really noticed any new construction going on. But that's just in the area I live now. It'd be interesting to see nationwide numbers.
I only ask because in the old area I used to live in it seemed like they were building new apartments left and right. Meanwhile as far as houses go I would be inclined to agree, as I haven't really noticed any new construction going on. But that's just in the area I live now. It'd be interesting to see nationwide numbers.
Any new housing unit. There has been an increase in multifamily housing, but nowhere near enough to cover for the total drop.
Ah, I gotcha. Thanks for the answer!