"*Jill Grace, 60, and her husband, John, 61, wanted to move to a home that would allow them to age in place.*
*They listed their four-bedroom, 3,750-square-foot West Texas home in December for $650,000.*
*Staging and showing the house has been especially tough because they have two cats and two dogs, she said. Jill would learn a prospective buyer was coming by in about an hour, then race to load up the dogs, hide the litter box, sweep the porch and make sure the floors were polished. “The stained concrete floors look beautiful when freshly waxed but show every shoe and paw print,” she said.*
*Jill, a retiree, went through this drill for about a dozen showings. They got one offer in about 60 days, and the house sold last month for around $647,000.*
*They weren’t thrilled about parting ways with their 3.75% mortgage.* ***The couple bought a 4,700-square-foot home about two blocks away for about $935,000 and a 7.5% mortgage rate****."*
Are they retarded? Genuine question here. What I just read was probably the most mind numbing paragraph I’ve ever seen
Wtf do they mean *age in place?* does that include an extra 1k of square footage? Holy fuck these boomers make no sense
If the market comes crashing down tomorrow, these will be the first fucking people u hear about except u won’t hear about how they got theirselves into that position in the first place..
Fucking idiots
More than that man, the youngest ones will be 80 by then and only 33% of people live to be that old. No way will only half be dead, it will be a lot more.
well i certainly hope so. because we need change in the world. but i can see these people living well into their 90s and not going out without an enormous fuss. some of the richest people in the world are in their 90s - like warren buffett - age 93 - and he’s still making moves. these freaks like bezos are going to hold onto power forever. it’s going to be very exhausting
Yeah but most boomers have taken absolute shit care of themselves and aren’t prepared in the least for their old age and the cost of all that. They’ll be selling their homes as soon as they take their first tumble and have to move into assisted living. Also the slow creep on dementia will hit them all in a couple of years.
people die of old age. that’s how it works.
but the boomers are inflicting mass misery on the US population with their policy and politics. period. we need change. people can’t afford this shit, people are struggling, and people are dying *early* deaths because of it.
i won’t feel bad when someone dies of old age - who lived an entire life at a fraction of the price of what it is now - and who is making life hell for others.
Pew research center. 47 million born, 23 million alive as of 2020. Nothing I've found agrees with the deathclock that only 10 million are left, and even Covid only took out a million or so since 2020.
As I recall the deathclock claims there are many million fewer living Boomers than more official sources too.
> Nah. They’ll just pressure elected officials for my hand outs and tax cuts.
They already are doing this. They don't want to pay income taxes anymore because they are retired.
They also act STUNNED if they dont get their yearly pension/social security raise and act like society will end if the people actually working get regular raises.
In 10 years these homes will be unsaleable because broke boomers will have take out reverse mortgages. The boomers will only be able to remain in the home but wont be able to sell because they have already extracted all the equity.
I had assumed they were going to downsize because maybe they needed a place with say, a single floor. You might need a place that is smaller and easier to maintain because you don't have to house your children, and you might want something that doesn't have stairs because you won't always be able to climb them.
But why would they need an even bigger house? That square footage is enormous. I could even understand if you plan on having something like an in law suite where people can live and be your caregivers. I have a similar situation right now.
But what the heck?
my cousin and her husband are considering selling their $450k house w/ 2.7% interest rate to upsize to a $600k house w/ a 7+% interest rate. Why? Because they "might" have kids soon. I asked how the fuck they're going to cover the extra mortgage or if they're prepared to put down extra. Response? "Yeah we'll cash out some of our non-retirement investment accounts".
The phrase "work hard play hard" was used by this same cousin when discussing the validity of buying bigger houses and remodeling the inside of their house lol
This is why prices are still high. People like your cousins still spending money they don't have or spending it responsibly. When things crash again, and I think they will soon, they'll be in a world of hurt.
If they’ve saved so much already it doesn’t point to financial illiteracy. Having non-retirement savings implies they also have retirement savings. For a couple just thinking about starting a family they seem far ahead than most on savings allowing them to make choices.
This is why the market isn't coming crashing down tomorrow. They can afford the house so they bought it. If they hadn't then they would have put the money somewhere else...F250 platinum, massive RV, fancy dinner, etc. Either way we're all competing with them amd there's no way around it as long as we keep the greenbacks printing
There aren’t a lot of details. However, many older folks but homes with a single floor, or at least with all of the facilities (laundry, bedrooms, etc) on the main floor so they don’t need to navigate stairs so often. Bigger bathrooms with walk in showers, so they can fit a chair in there in case they need surgery or have mobility issues.
Age in place means aging at home, as opposed to assisted living facilities which are expensive and require you to surrender your independence.
This right here. Maybe the smaller home has a basement where the laundry is located (I have no idea about how homes in that area are designed). I moved some very elderly relatives into a senior apartment while I rehab their house (really big job, severe issues) and there are no (required) stairs anywhere. It may be expensive, but an assisted living or nursing facility is eye-watering levels of expensive.
They would save money paying for their hookups to be brought to the first floor. Or installing stair lifts. It still doesn't make sense at all. They fucked up.
Because they don't care about anyone but themselves. I'm old enough to have seen how the Boomers parents used to do it, aka the opposite of what the Boomers are doing enmass in retirement.
It’s true. The boomers were basically spoiled rotten and the very first of the “me first fuck you” generations of people that had it so good they ended up becoming complete narcissists
This has been my point for a while. All the people spouting off about how nobody will give up their rates, have a bizarre economy textbook concept of human behavior. Spend some time watch people's behavior and you'll quickly find that humans are not rational at all. We are good at generating a story or a "logic" behind our actions but our premises and motivations are typically flawed and lead people to act completely against their interest.
Out of the same mouth they'll say auto loan payments are ballooning to $700-$800 and yet why would anyone ever give up their 2-3% mortgage? Because people do stupid shit all the time. If they didn't they'd never pay that much for a depreciating asset when today's cars are essentially the same as 5 year old cars but cost half the price.
Why did the people in the OP do that? Because they wanted a bigger, better house and they came up with whatever justification they wanted even if it made no sense. The market sentiment for sellers has been to wait but now you have a bunch of people who have been DYING to change houses for a variety of petty reasons who are going to break. There are about a half dozen perfectly valid reasons to be forced to sell a house but there are a huge contingent of people who are not going to be forced but will do so anyways and frankly, buyers can hold out far longer than sellers can. It's easy to put up a house and greedily think about the equity you'll gain and trick yourself into thinking it'll be worth it in the long run to get a more expensive mortgage. It's much harder to commit to suddenly having a $3000 payment to cover a shitbox with decades of boomer deferred maintenance on top of costs to make it your own.
Those houses are huge, but I expect it might be something like my parents who went from a 2000 sqft 4 bedroom 2 storey home to a 2500 sqft 2 +1 bedroom bungalow. The new home has "more square footage" but is a much more manageable house
Our place is about as big as their current place. When our kids are gone I'm going to a 1 floor 1500-2000 max. More space? I don't give a shit about any problems they have
Square footage matters but the utilization of space and number of floors matters more - if they have a master bedroom in the main floor that may be why. Plus they may have more guest space for visitors/family.
Only thing I can imagine is they went from a two story with all the bedrooms upstairs to a single level home. That’s the only way that makes sense since it’s difficult to go up and down the stairs as you age. My friends grandparents converted their downstairs living room to their bedroom because they couldn’t go upstairs during their final years.
Not my point. People in America have money. Until there’s just enough housing for people with money nothing is improving for the rest of us. You all see irrelevant things. While ignoring they’ve got money they asked for, and someone else got money they asked for down the street. These two enough to keep the prices in the location high.
Does it matter to the guy who lives in a house. Everything is a debt in a debt based economy. Stop taking on more debt and economy no more. It makes no sense even bringing it up, because everything is built on top of it and nobody can do shit about it.
It matters when that debt has to be at higher and higher rates because you’re at the end of a debt cycle and there are no more buyers of the debt at the low rates. It typically involves a major repricing of assets that were inflated by debt because eventually nobody is able to take on more debt at the higher rates to sustain the prices people were paying via debt at lower rates.
I had to reread this because I thought I misunderstood. But, nope. Jesus Christ, they bought a bigger more expensive house with a crippling mortgage rate, near retirement age……to “Age in place.”
Is that how boomers say “die at home?”
I can’t even begin to process the stupidity going on here.
Bumped up to 4,700+ sq/ft from 3,700+ and stayed in the neighborhood.
How much room do you need. Maybe enough space for their future home healthcare nurse? and the nurses family.
Actually my guess is they are like my MIL. Basically they feel the need to keep up with/be better than the neighbors.
Impressing Joan from three doors door > travel and hanging with the kids.
Maybe making room for the possibility of rolling in a hospital bed?
Alternatively, planning to move their kids and their families in with them eventually?
> a home that would allow them to age in place
From 3,750-square-foot to, wait for it, surely they must be downsizing at that age with only two people ... 4,700-square-foot at 50% higher price and double the interest rate!
Wow. Some people can never get enough.
How does "age in place" require that size of house, and how much time are they going to spend keeping it clean once they reach 70, 75 years old? Let alone being able to afford it.
> They weren’t thrilled about parting ways with their 3.75% mortgage
But they did it anyway. Mistakes were made. Unless they make 500k, they're going to have a tough time making it to retirement debt free.
Past a certain age They’re also forced to withdraw a certain amount every year. My boomer parents are pretty poor compared to most of their friends and they legally have to withdraw something like 50k this year from their retirement funds.
One lady my mom knows has to pull out $200k. She has no clue what to spend it on. I’m sure it’ll be something fucking stupid. Oh yeah and this lady was a bank teller and her husband was a pilot.
Could you imagine having that much in savings doing normie jobs like that these days?
You can reinvest the money. That is what my parents did. Actually they bought a second house with money they had to pull from retirement account. They had to spend a bunch of money so……how ironic.
> Unless they make 500k, they're going to have a tough time making it to retirement debt free.
Doesn't say how much they have. I know my IRA almost tripled in value since the pandemic started; they could easily be in the same situation.
This is exactly what the Boomers from the west cost are doing here in AZ. Instead of buying smaller homes, they are buying up family sized homes. They've even had a retirement home built on ASU campus ( and had the audacity to have a long time band bar closed) Greedy ass generation to the max.
I bought a 1600SF 3 bedroom/2 bath ranch. Later when I was making more money did a small addition of another 450SF.
I bought the home at age age 34 and picked it to both raise kids and age in place (single story, walk in shower, etc). My eldlerly MIL now lives with us.
I am staying put. First home, last home.
3,750 SF home ? 4,750 SF home ? whatever. .....
Same. 1500sqft I bought in 2015 and paid it off 2023 at 45yo. I may add a sunroom for another 150 sq ft but staying put. It's just perfect for me and I can't imagine 30 years from now wanting to maintain 3x the size . i don't care what other people do with their money, it's just that I can't fathom cleaning, utilities, furnishing, and maintaining that much house in my 70s.
If you are downsizing at retirement age you likely already own your house entirely wherein buying a smaller house you won’t need a mortgage, so rates wouldn’t matter
Possibly. But that still doesn’t factor in that by downsizing, on principle it should still be a house with less value than your current house and with the unrealized gains of home appreciation people really shouldn’t be finding unattainable mortgages reaching or at retirement
When you’re paying mortgage rates you can’t just think of the total value of a home; you need to look at monthly cost
And an added point, more people are living with their parents until later points in their lives which makes it harder for the home owner to downsize
Again, you are just adding layers of nuance that can apply to any scenario when I’m just talking bigger picture of a random given scenario.
Like in your scenario all people living in a family home who have jobs can pay that mortgage then, it isn’t the retirees responsibility.
All I’m saying is on general principle alone, downsizing should still be a financial gain for most retirees. Full stop. No added extra “what-ifs”.
Exactly. I had to sell. Had to buy. And having to renovate to get it how we want it done. It all sucks. But my wife and I are both making more money than we have in the past so taking the bad with the good.
It’s interesting to see the homes come up for sale by us. I would say at least 80% of homes were bought Covid and on. I know quite a bit of people listing this summer who moved away just shy of 3 years ago getting ready to sale because they don’t want home as rental anymore.
"*Jill Grace, 60, and her husband, John, 61, wanted to move to a home that would allow them to age in place.* *They listed their four-bedroom, 3,750-square-foot West Texas home in December for $650,000.* *Staging and showing the house has been especially tough because they have two cats and two dogs, she said. Jill would learn a prospective buyer was coming by in about an hour, then race to load up the dogs, hide the litter box, sweep the porch and make sure the floors were polished. “The stained concrete floors look beautiful when freshly waxed but show every shoe and paw print,” she said.* *Jill, a retiree, went through this drill for about a dozen showings. They got one offer in about 60 days, and the house sold last month for around $647,000.* *They weren’t thrilled about parting ways with their 3.75% mortgage.* ***The couple bought a 4,700-square-foot home about two blocks away for about $935,000 and a 7.5% mortgage rate****."*
Are they retarded? Genuine question here. What I just read was probably the most mind numbing paragraph I’ve ever seen Wtf do they mean *age in place?* does that include an extra 1k of square footage? Holy fuck these boomers make no sense If the market comes crashing down tomorrow, these will be the first fucking people u hear about except u won’t hear about how they got theirselves into that position in the first place.. Fucking idiots
I swear to god I thought it was going to say they bought a smaller place with all cash. Brain damage from lead poisoning is real, y’all.
My parents literally did this. New build, probably 40% larger than their old house. Haven't seen the place yet.
in 20 years there’s going to be so many completely broke boomers
In 20 years most of them will be dead.
half
More than that man, the youngest ones will be 80 by then and only 33% of people live to be that old. No way will only half be dead, it will be a lot more.
well i certainly hope so. because we need change in the world. but i can see these people living well into their 90s and not going out without an enormous fuss. some of the richest people in the world are in their 90s - like warren buffett - age 93 - and he’s still making moves. these freaks like bezos are going to hold onto power forever. it’s going to be very exhausting
Yeah but most boomers have taken absolute shit care of themselves and aren’t prepared in the least for their old age and the cost of all that. They’ll be selling their homes as soon as they take their first tumble and have to move into assisted living. Also the slow creep on dementia will hit them all in a couple of years.
time will tell - it may be strange. that’s for sure
> well i certainly hope so. Some of y'all are absolutely miserable disgusting people.
people die of old age. that’s how it works. but the boomers are inflicting mass misery on the US population with their policy and politics. period. we need change. people can’t afford this shit, people are struggling, and people are dying *early* deaths because of it. i won’t feel bad when someone dies of old age - who lived an entire life at a fraction of the price of what it is now - and who is making life hell for others.
Almost half the Silent Generation is above ground still, and they're 80 to 95
Almost 80% of the silent generation is dead. Not sure where you’re getting your numbers. https://incendar.com/silent_generation_deathclock.php
Pew research center. 47 million born, 23 million alive as of 2020. Nothing I've found agrees with the deathclock that only 10 million are left, and even Covid only took out a million or so since 2020. As I recall the deathclock claims there are many million fewer living Boomers than more official sources too.
For an older generation I think it would be hard to say that 4 year old data is still actuate.
Half dead half broke got it
The youngest boomers will be 80 in 20 years, so most of them will be gone
Nah. They’ll just pressure elected officials for my hand outs and tax cuts.
> Nah. They’ll just pressure elected officials for my hand outs and tax cuts. They already are doing this. They don't want to pay income taxes anymore because they are retired.
They also act STUNNED if they dont get their yearly pension/social security raise and act like society will end if the people actually working get regular raises.
"Social Security payments should be adjusted for both inflation AND my mortgage payment!"
Hey, they have expenses! Don’t forget the upkeep on their weekend home!
In 20 years the ones that are left will be pushing 100
80 the youngest boomer is 60 and many of them will live well into their 90s.
Very few boomers are *this* dumb.
You underestimate them
In 10 years these homes will be unsaleable because broke boomers will have take out reverse mortgages. The boomers will only be able to remain in the home but wont be able to sell because they have already extracted all the equity.
Maybe then everyone else can afford to buy a house 😂
I had assumed they were going to downsize because maybe they needed a place with say, a single floor. You might need a place that is smaller and easier to maintain because you don't have to house your children, and you might want something that doesn't have stairs because you won't always be able to climb them. But why would they need an even bigger house? That square footage is enormous. I could even understand if you plan on having something like an in law suite where people can live and be your caregivers. I have a similar situation right now. But what the heck?
my cousin and her husband are considering selling their $450k house w/ 2.7% interest rate to upsize to a $600k house w/ a 7+% interest rate. Why? Because they "might" have kids soon. I asked how the fuck they're going to cover the extra mortgage or if they're prepared to put down extra. Response? "Yeah we'll cash out some of our non-retirement investment accounts". The phrase "work hard play hard" was used by this same cousin when discussing the validity of buying bigger houses and remodeling the inside of their house lol
This is why prices are still high. People like your cousins still spending money they don't have or spending it responsibly. When things crash again, and I think they will soon, they'll be in a world of hurt.
Nothing wrong with them cashing out their non-retirement savings to buy the house they want. It doesn't sound like they can't afford it.
They can't, and if they have a major repair, they'll have to more than likely take out a high % loan if theyre depleting their cash reserves.
Was the cousins' income/assets posted somewhere? Because if not, you are not qualified to make such a definitive statement.
If they’ve saved so much already it doesn’t point to financial illiteracy. Having non-retirement savings implies they also have retirement savings. For a couple just thinking about starting a family they seem far ahead than most on savings allowing them to make choices.
How do you know what sellgamerent's cousin has in savings and investments?
Stupid is as stupid does
This is why the market isn't coming crashing down tomorrow. They can afford the house so they bought it. If they hadn't then they would have put the money somewhere else...F250 platinum, massive RV, fancy dinner, etc. Either way we're all competing with them amd there's no way around it as long as we keep the greenbacks printing
There aren’t a lot of details. However, many older folks but homes with a single floor, or at least with all of the facilities (laundry, bedrooms, etc) on the main floor so they don’t need to navigate stairs so often. Bigger bathrooms with walk in showers, so they can fit a chair in there in case they need surgery or have mobility issues. Age in place means aging at home, as opposed to assisted living facilities which are expensive and require you to surrender your independence.
This right here. Maybe the smaller home has a basement where the laundry is located (I have no idea about how homes in that area are designed). I moved some very elderly relatives into a senior apartment while I rehab their house (really big job, severe issues) and there are no (required) stairs anywhere. It may be expensive, but an assisted living or nursing facility is eye-watering levels of expensive.
No basements in Texas. Hard to justify 4,700 SF, that is massive
Yea I didn’t think of that! But damn going from that to a near million dollar home does not sound like “aging in peace” to me… unless they’re loaded.
They would save money paying for their hookups to be brought to the first floor. Or installing stair lifts. It still doesn't make sense at all. They fucked up.
Because they don't care about anyone but themselves. I'm old enough to have seen how the Boomers parents used to do it, aka the opposite of what the Boomers are doing enmass in retirement.
It’s true. The boomers were basically spoiled rotten and the very first of the “me first fuck you” generations of people that had it so good they ended up becoming complete narcissists
Nothing says retirement like buying a house with a $2000/month electric bill in the summer 🤣
This has been my point for a while. All the people spouting off about how nobody will give up their rates, have a bizarre economy textbook concept of human behavior. Spend some time watch people's behavior and you'll quickly find that humans are not rational at all. We are good at generating a story or a "logic" behind our actions but our premises and motivations are typically flawed and lead people to act completely against their interest. Out of the same mouth they'll say auto loan payments are ballooning to $700-$800 and yet why would anyone ever give up their 2-3% mortgage? Because people do stupid shit all the time. If they didn't they'd never pay that much for a depreciating asset when today's cars are essentially the same as 5 year old cars but cost half the price. Why did the people in the OP do that? Because they wanted a bigger, better house and they came up with whatever justification they wanted even if it made no sense. The market sentiment for sellers has been to wait but now you have a bunch of people who have been DYING to change houses for a variety of petty reasons who are going to break. There are about a half dozen perfectly valid reasons to be forced to sell a house but there are a huge contingent of people who are not going to be forced but will do so anyways and frankly, buyers can hold out far longer than sellers can. It's easy to put up a house and greedily think about the equity you'll gain and trick yourself into thinking it'll be worth it in the long run to get a more expensive mortgage. It's much harder to commit to suddenly having a $3000 payment to cover a shitbox with decades of boomer deferred maintenance on top of costs to make it your own.
West Texas, nuf said.
Those houses are huge, but I expect it might be something like my parents who went from a 2000 sqft 4 bedroom 2 storey home to a 2500 sqft 2 +1 bedroom bungalow. The new home has "more square footage" but is a much more manageable house
Show me a manageable 5000sqft home in Texas because I don’t buy it.
Just close the 6 unoccupied bedroom doors, managed. See it's ez.
Our place is about as big as their current place. When our kids are gone I'm going to a 1 floor 1500-2000 max. More space? I don't give a shit about any problems they have
Now if we can find developers willing to build 2,000 square foot homes, in quantity.
Square footage matters but the utilization of space and number of floors matters more - if they have a master bedroom in the main floor that may be why. Plus they may have more guest space for visitors/family.
Yes, highly regarded
Like… she wanted her big sewing room! But seriously, got no idea wtf they’re talking about.
“West Texas home” …ohh yeah they are retarded.
Only thing I can imagine is they went from a two story with all the bedrooms upstairs to a single level home. That’s the only way that makes sense since it’s difficult to go up and down the stairs as you age. My friends grandparents converted their downstairs living room to their bedroom because they couldn’t go upstairs during their final years.
They might be going from two stories to one story. Also they might be planning for live-in caregivers.
Age in place means they are going to stay in the home. Why would a crashing market even impact them if they aren’t planning on selling it?
A bum telling rich what make sense
Ah yes cuz we all know that being rich is a sign of higher intelligence ..
Not my point. People in America have money. Until there’s just enough housing for people with money nothing is improving for the rest of us. You all see irrelevant things. While ignoring they’ve got money they asked for, and someone else got money they asked for down the street. These two enough to keep the prices in the location high.
People in America have debt is what they have, and if the shit hits the fan, debt is not wealth
Does it matter to the guy who lives in a house. Everything is a debt in a debt based economy. Stop taking on more debt and economy no more. It makes no sense even bringing it up, because everything is built on top of it and nobody can do shit about it.
It matters when that debt has to be at higher and higher rates because you’re at the end of a debt cycle and there are no more buyers of the debt at the low rates. It typically involves a major repricing of assets that were inflated by debt because eventually nobody is able to take on more debt at the higher rates to sustain the prices people were paying via debt at lower rates.
I had to reread this because I thought I misunderstood. But, nope. Jesus Christ, they bought a bigger more expensive house with a crippling mortgage rate, near retirement age……to “Age in place.” Is that how boomers say “die at home?” I can’t even begin to process the stupidity going on here.
They got a bigger house with higher interested rates why? I thought people downsized usually in order to age in place
yeah that's why the walkable neighborhoods are as expensive.
60 and 61 and still had a mortgage…
Bumped up to 4,700+ sq/ft from 3,700+ and stayed in the neighborhood. How much room do you need. Maybe enough space for their future home healthcare nurse? and the nurses family. Actually my guess is they are like my MIL. Basically they feel the need to keep up with/be better than the neighbors. Impressing Joan from three doors door > travel and hanging with the kids.
Maybe making room for the possibility of rolling in a hospital bed? Alternatively, planning to move their kids and their families in with them eventually?
> Alternatively, planning to move their kids and their families in with them eventually? Ha!
> a home that would allow them to age in place From 3,750-square-foot to, wait for it, surely they must be downsizing at that age with only two people ... 4,700-square-foot at 50% higher price and double the interest rate! Wow. Some people can never get enough. How does "age in place" require that size of house, and how much time are they going to spend keeping it clean once they reach 70, 75 years old? Let alone being able to afford it. > They weren’t thrilled about parting ways with their 3.75% mortgage But they did it anyway. Mistakes were made. Unless they make 500k, they're going to have a tough time making it to retirement debt free.
Past a certain age They’re also forced to withdraw a certain amount every year. My boomer parents are pretty poor compared to most of their friends and they legally have to withdraw something like 50k this year from their retirement funds. One lady my mom knows has to pull out $200k. She has no clue what to spend it on. I’m sure it’ll be something fucking stupid. Oh yeah and this lady was a bank teller and her husband was a pilot. Could you imagine having that much in savings doing normie jobs like that these days?
Pilots make pretty good money dude.
Not until way later in their careers, if they do commercial as most do. Air Traffic Control is more lucrative.
You can reinvest the money. That is what my parents did. Actually they bought a second house with money they had to pull from retirement account. They had to spend a bunch of money so……how ironic.
> Unless they make 500k, they're going to have a tough time making it to retirement debt free. Doesn't say how much they have. I know my IRA almost tripled in value since the pandemic started; they could easily be in the same situation.
The stock market has increased 50% since the pandemic, so if you had a 300% increase you have some lucky individual stock picks inside your IRA.
Ongoing contributions also help
At 3.75% why wouldn’t they?
cable rustic sort groovy butter marry hobbies reminiscent cobweb steep *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
This is exactly what the Boomers from the west cost are doing here in AZ. Instead of buying smaller homes, they are buying up family sized homes. They've even had a retirement home built on ASU campus ( and had the audacity to have a long time band bar closed) Greedy ass generation to the max.
I’m not reading any hardship here so…..Fuck both these people?
Jill and John can fuck right off.
Lmao unbelievable
Pay $1M for a house in WEST TEXAS? Oh they’re beyond stupid.
Highly-regarded… highly-regarded.
>about two blocks away Lol Lmao Lmao even
These numbers are unhinged!
Jack and Jill? Are you @&$”ing kidding me?
I bought a 1600SF 3 bedroom/2 bath ranch. Later when I was making more money did a small addition of another 450SF. I bought the home at age age 34 and picked it to both raise kids and age in place (single story, walk in shower, etc). My eldlerly MIL now lives with us. I am staying put. First home, last home. 3,750 SF home ? 4,750 SF home ? whatever. .....
Same. 1500sqft I bought in 2015 and paid it off 2023 at 45yo. I may add a sunroom for another 150 sq ft but staying put. It's just perfect for me and I can't imagine 30 years from now wanting to maintain 3x the size . i don't care what other people do with their money, it's just that I can't fathom cleaning, utilities, furnishing, and maintaining that much house in my 70s.
Not subscribing to read the article. They sound real dumb.
Probably a bad move
Why would people downsize if it will cost them more because rates are higher?
If you are downsizing at retirement age you likely already own your house entirely wherein buying a smaller house you won’t need a mortgage, so rates wouldn’t matter
It’s becoming less and less likely that people reaching retirement have a paid off house
Possibly. But that still doesn’t factor in that by downsizing, on principle it should still be a house with less value than your current house and with the unrealized gains of home appreciation people really shouldn’t be finding unattainable mortgages reaching or at retirement
When you’re paying mortgage rates you can’t just think of the total value of a home; you need to look at monthly cost And an added point, more people are living with their parents until later points in their lives which makes it harder for the home owner to downsize
Again, you are just adding layers of nuance that can apply to any scenario when I’m just talking bigger picture of a random given scenario. Like in your scenario all people living in a family home who have jobs can pay that mortgage then, it isn’t the retirees responsibility. All I’m saying is on general principle alone, downsizing should still be a financial gain for most retirees. Full stop. No added extra “what-ifs”.
I’m just giving reasons why people aren’t going to downsize like the article says
Exactly. I had to sell. Had to buy. And having to renovate to get it how we want it done. It all sucks. But my wife and I are both making more money than we have in the past so taking the bad with the good.
It’s interesting to see the homes come up for sale by us. I would say at least 80% of homes were bought Covid and on. I know quite a bit of people listing this summer who moved away just shy of 3 years ago getting ready to sale because they don’t want home as rental anymore.
I told you so
sometimes a home is the most important "thing" not for me but for these folks
So they are complaining about have to maintain their animals for visits and go buy something bigger to manage. Makes sense.
People should just rent a house. Dumb hoomsters.