cassettiBaby 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.
StarServalFor them. Everyone else needs to use their bootstraps.
Bingo!
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.
Tell me more about how you want every to know that you know nothing about the changes to monetary policy, socio-economic issues, or regulatory change that has happened since the mid-70’s.
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!
doublejay1999Hey wasn’t Airbnb started by millennials?
Hey wasn’t Ford started by Henry Ford? It’s an equally relevant question.
Are you a boomer going for some sort of gotcha here or something? Karl Marx could have started Airbnb and it wouldn’t change the situation we’re in now so…what does it matter?
The point obviously is that the relentless attacks on “boomers” conveniently and consistently leaves out that Gen X and Millennials are the landlording generations, who have grown up with cheap money.
Buy to let didn’t really take off until interests rates fell in the late 90s
But this doesnt fit the narrative, and would leave you looking like fools tricked into fighting a generational war, instead of the criticising government policy like the savvy individuals I’m sure you all are. 👍
DeceptichumMillennials barely own homes, we have much lower home ownership rates and that’s only dropping more with each subsequent generation.
But you’re the one inserting a generational war here, not me.
I was explaining the difference between buying a home in the 80s and buying one now and why boomers DID have it easier in that regard because you made a dumb joke about young people thinking boomers got free houses. Then in response you pulled out some unrelated millennial bullshit…? I didn’t even say BOOMERS held the rentals…I said prior generations weren’t hoarding real estate.
Neither of your replies have addressed the comments you replied to. You just kinda made up an enemy to argue with.
I didn’t make any jokes about free houses.
Read better, fool.
agent_flounderWho cares? It could’ve been started by anyone but the point remains: airbnb has had a negative influence on housing affordability.
HubertManneif he bought his first home in the 80's then your dad is a really young boomer to. or waited awhile for some reason. anyway there is a different with each generation over the 20 year span. not that it makes much of a difference when things are great. just older boomers had it a bit better even. The basic pattern is the younger the worse you have it if you where born in the 70's or later. I really can't fanthom why people are still having kids.
Okay boomer
Money does rain from the sky if you properly tax the rich.
Sabata11792Why would the rich do that to themselves?
They won’t, which is why we need to free them from their burden and do it for them.
elouboubObvious troll is obvious
People also fail to factor in the difference in ameneties between boomers’ 2 bedroom, single floor, no-garage house vs what people demand today
I’m actively searching for a house to buy - smaller than the one that what I grew up in - and while you’re right about people wanting more space, it does not matter. Homes are disproportionally more expensive than they were in the 80s
The house I grew up in is now worth 1.4 million dollars.
I was going to include house much they sold it for a few years ago but I didn’t think it was a fair comparison because they added a second floor
It’s the thing I use to hammer home the idea that our lives are dramatically worse than our parents. I could not dream of paying that mortgage but my mom could pay it as a single mother of two because they bought it in the 80s for 300k and engineer salaries allowed them to pay it.
Is it demand or is it a question of builders wanting to maximize profits by building larger homes vs small starter homes?
realestate.usnews.com/…/what-is-a-starter-home
Data from the Census Bureau shows that 40% of homes constructed in 1980 were considered entry-level homes. In 2019, only 7% of homes were entry-level, according to a 2021 report from Freddie Mac, and almost every state is building fewer starter homes.
“Because of the cost of labor and supplies, builders are mainly focused on building more expensive homes, since it no longer makes sense for them to build more affordable homes,” Carlton says.
You didn’t hear ? Things are only hard now.
Nobody with a brain believes that straw man.
The topic is complex and nuanced but it isn’t hard to see that, say, single family homes are harder to afford now versus in the past by several measures.
Here are some examples articles…
anytimeestimate.com/…/housing-prices-vs-inflation…
Though the title of the following sounds like it disproves me until you get to the part about wages not keeping up.
supermoney.com/inflation-adjusted-home-prices/
Now compare the rise in the median price of a home to the median income of Americans.
if you adjust for inflation, the median income of Americans has only increased by 33%. The median housing prices, however, have increased by 60%. It’s even worse when you look at the income of younger adults. For instance, the median income of people between 25 and 34 only increased by $30 in 44 years (1974 to 2017). It’s no wonder homeownership rates among Millennials are lower than for previous generations.
Particularly in the last few years things have gotten worse.
Suddenly boomers believe in a massive increase to social security taxes to pay for them.
I look forward to watching them die off.
That’s a hell of a lot of hate to admit to online.
Brawler YukonI’m not saying dude’s right (not saying he’s wrong, either, mind), but Boomers have been trying to choke out everyone outside of their cohort (and a significant chunk of those in their cohort, for that matter) for decades. The sooner they’re out of the way, the sooner the rest of us can start picking up the pieces they’ve left us.
These people haven’t just hated me my entire life for being an atheist, pro LGBT, non racist, but they’ve actively done everything possible to destroy the world for everyone in it. Zero sympathy from me.
Ageist comments are weirdly popular on lemmy. Why is ageism encouraged when sexism and racism are not?
amniotic druidBecause old people are insufferable to leech off of society while continually making things worse, even in their old age.
Disclaimer: These are obviously over generalizations and don’t match all individuals.
Because it’s not the age people are against, it’s the generation. The boomer generation had some of the most prosperous years in American history and wasted them. The general idea is you’re supposed to make the world a better place for the people that come next, and they did the opposite. They cut social systems, defunded education, let public transportation die, outsourced everything, and lined their pockets with investments in oil that are killing the planet.
I won’t blame someone for being old, but I will judge them by what they did and supported during their life. And as a whole, the boomers have a lot to answer for.
There is a huge subset of boomers that fought and voted for the betterment of society that were completely fucked by the system. Maybe a LITTLE bit of consolation and empathy for them?
It’s clearly not all boomers we get it.
Huge? Not greater than 50% then.
Noticed this myself, come here less and less since it’s just as toxic as reddit ever was. Think I might be done with it since it’s just ragebait crap.
teftThey should cut back on avocado toast and get rid of cable.
Lemmygradwontallowme [he/him, comrade/them]Nah, they should’ve sold their houses to Aquaman, and move…
They should get rid of that land line, you know they still have one
PseudoSpockWhy can I almost never see the hidden replies?
Don’t worry, as the saying goes “pull yourself up by the dick”, and maybe they can become expats and gain wealth and sex on Southeast and East Asia…
Instructions unclear, tried unsuccessfully multiple times and now I just feel like God hates me.
You just gotta pull yourself back up harder, my friend, remember the bootstraps and remember you d***, that’s the important part…
Have they tried trickle down economics or maybe pulling themselves up by their bootstraps??
Enlarged prostate and arthritis are making that difficult
It’s a good thing they have an easy to use heath care system to rely on!!
I blame the removal of pensions and replacement with inadequate 401k plans.
Social security was never meant to be a retirement plan.
Maybe it should be. Decoupling retirement and Wall Street would probably let us take a more honest look at the costs and benefits of for profit corporations in our society.
We need regulations (laws) to make them viable for retirement.
A forced match plus a 10% pay paid for by the employer.
Most people just can’t save enough in a 401k to make it solid retirement program. You’re capped at little under 20k a year. I may mine every year.
I wouldn’t even mind a national pension plan or something similar.
The current system isn’t viable for many reasons.
My mom is retired but she has two pensions and social equity plus some other income. She’s in a rare spot that she’s very comfortable in retirement.
The amounts have changed. For 2023, the current 401K maximum is $22,500, and if you are 50 or older, $30,000.
For 2023, the total contributions you make each year to all of your traditional IRAs and Roth IRAs can’t be more than: $6,500 ($7,500 if you’re age 50 or older), or. If less, your taxable compensation for the year.
I’m not eligible for a Roth and I don’t get a tax deduction for an Ira. I do roll over my 401k into an Ira when I go to a new employer.
The amount change ever year but they really don’t amount to a good retirement.
agreed. retirement and healthcare should not be tied to employment. Want a snazzier retirement. Fine that is 401k/ira material. Retirement plus health insurance should be enough to pay for a retirment home private room where you won't be molested (i.e. - pays enough that folks don't want to lose their job)
401k plans are ripe for abuse by predatory financial advisors… a smile and a wink and your grandpa’s retirement is getting drained.
401k works fine if you actually use it. A big problem is people didn’t contribute, where pensions generally had mandatory contributions. Also letting people borrow on them was a bad idea.