Re:Baby boomers are snatching houses out of the hands of mil...
by gruez on Saturday October 16, 2021 @06:04PM
(#28891990)
The article is trying really hard to push an inter-generational conflict narrative, but it's missing a very important detail: are boomers adding/subtracting from the housing supply, on net? They are "more active in the housing market" and are responsible for more of the housing purchases, but that itself isn't really an indication of anything. If they're just upsizing/downsizing, then they're not "snatching houses" from the overall housing supply. If anything, boomers selling houses in urban centers for suburban/rural houses (I suspect boomers aren't dying to get a house in SF for the nightlife) should be a good thing for millennials. The linked zillow report hints at this, because they also mention boomers using their equity for all-cash offers. If they were buying a second house, that would indeed be bad, but I doubt this is the case. I don't think banks would give a $500k mortgage to 60 year olds.
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Re:Baby boomers are snatching houses out of the hands of mil...
by fxtentacle on Saturday October 16, 2021 @06:41PM
(#28892224)
In my neighborhood, old people are investing their savings into houses and then rent them out. The hope is that they'll be able to live off the rent during their retirement. And since covid, people are more afraid of upcoming inflation, so housing prices grew even stronger in 2020 than in 2019.
Re:Baby boomers are snatching houses out of the hands of mil...
by tcmart14 on Saturday October 16, 2021 @10:10PM
(#28893380)
You gotta shift the attention from those investment firms snatching up homes before they are built and rent seeking.
Re:Baby boomers are snatching houses out of the hands of mil...
by _lz4k on Saturday October 16, 2021 @06:41PM
(#28892223)
Even if they are buying second houses, I highly doubt that boomers are having anywhere near as large an impact on housing markets in relation to large corporations and financial institutions that are buying more and more residential properties. These larger organizations are pinning the blame on boomers via PR, when there is really no comparison in who has more invested.
https://www.usnews.com/news/business/articles/2021-09-09/com...
Re:Baby boomers are snatching houses out of the hands of mil...
by fxtentacle on Saturday October 16, 2021 @06:44PM
(#28892249)
Great point. "nationally, investors bought more homes than they sold in the first half of this year"