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Home ownership is not the boon to older Americans that it once was

30 点作者 MilnerRoute大约 1 年前

11 条评论

reacharavindh大约 1 年前
How can one not understand that their house increasing in value means the house they want to buy also (proportional) increases in value?! Are those older Americans represented in the article thinking that their house will increase in value to 700K while the apartments they wanted will stay at 100K for 20 years?
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MilnerRoute大约 1 年前
Here&#x27;s a URL for the story that doesn&#x27;t require you to create an account to read it.<p><a href="https:&#x2F;&#x2F;www.fidelity.com&#x2F;insights&#x2F;retirement&#x2F;own-home-retirement" rel="nofollow">https:&#x2F;&#x2F;www.fidelity.com&#x2F;insights&#x2F;retirement&#x2F;own-home-retire...</a><p>That&#x27;s actually the URL I&#x27;d submitted. One of the moderators changed it to the New York Times site (which hides the article unless&#x2F;until you create an account).
dave333大约 1 年前
Senior mobile home parks are often overlooked. People move into them out of financial necessity and then find out they like living there. Low maintenance, low cost, a bit more independent than renting a condo, can park close to haul in groceries, as much community as you need or want or not, common facilities like a clubhouse and pool without any maintenance. Some parks, residents own the land and control space rents, or the city controls space rents (e.g. San Jose &lt;= 3%&#x2F;year increase), the rest the space rent is about what you would pay in property taxes on a SFH. A very few parks the park owners gouge the tenants on space rents.
Afforess大约 1 年前
Gift link: <a href="https:&#x2F;&#x2F;www.nytimes.com&#x2F;2024&#x2F;04&#x2F;20&#x2F;health&#x2F;seniors-home-equity-mortgages.html?unlocked_article_code=1.rU0.e6kU.mPuwvFBwYywu&amp;smid=url-share" rel="nofollow">https:&#x2F;&#x2F;www.nytimes.com&#x2F;2024&#x2F;04&#x2F;20&#x2F;health&#x2F;seniors-home-equit...</a>
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miked85大约 1 年前
The rising price of a house you own means very little if everything is going up - plus throw in inflation, interest rate, and taxes. If you move now, you are going to pay more unless you significantly downsize.
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01100011大约 1 年前
Scott Galloway&#x27;s TED talk seems relevant here.<p>A couple things I like to mention:<p>I rent. Right now my house cash makes $2,600 after taxes by putting it in T-Bills. This effectively drops my rent to $1,300&#x2F;mo vs buying and spending $3k&#x2F;mo for mortgage, taxes, insurance, HOAs and maintenance. I&#x27;m happy to rent for now, especially as it seems houses have little room to appreciate further.<p>I think gen Z abandons SFH for lifestyle reasons. Kids are having less children and don&#x27;t want the maintenance and responsibility of a SFH.
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nytesky大约 1 年前
I thought the prior generations all downsized to lower cost areas when they sold their home. Before it was FL and AZ, but now it’s maybe Ohio and New Mexico? Or are those low cost places really have no homes available? With the stair elevators and other modern retrofits I think most homes can be made accessible.
k310大约 1 年前
Related:<p>A 71-year-old Californian explains why she&#x27;s one of many boomers reluctant to sell their large homes and downsize — and it has nothing to do with money<p>Eliza Relman Mar 24, 2024<p><a href="https:&#x2F;&#x2F;www.businessinsider.com&#x2F;71-year-old-boomer-cant-find-condo-downsize-oakland-california-2024-3" rel="nofollow">https:&#x2F;&#x2F;www.businessinsider.com&#x2F;71-year-old-boomer-cant-find...</a><p>The gist:<p><pre><code> Frieden and her husband are prioritizing accessibility, so they&#x27;ve looked mostly at larger condominium buildings with elevators. But they&#x27;d also like a small outdoor space, like a balcony, enough wall space for their art, and a home office and spare bedroom for visitors. But there are very few bigger units available, Frieden said. Most of the condos are small one- or two-bedrooms without any outdoor space and with modern, open-plan layouts that appeal more to younger people&#x27;s tastes and lifestyles. &quot;They feel and seem like they&#x27;re built for young people,&quot; Frieden said of the condo buildings. &quot;They even market, &#x27;the greatest thing about our complex is the gym and the shared courtyard, shared rooftop environment, the bike racks&#x27; — all of these things that might not be first on the mind of a senior.&quot;</code></pre>
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jeffbee大约 1 年前
TL;DR: Boomers want to eat, keep cake. If only it was easier to abscond with their unearned profits from living in an exclusionary subdivision for their entire lives.
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complaintdept大约 1 年前
Paywalled, so I can&#x27;t read the article, but a funny problem of Boomers owning expensive properties today is that a lot of them can&#x27;t afford to sell because of capital gains on homes they may have bought 40-50 years ago for &lt;$100,000. If they don&#x27;t have much wealth besides their home (many homeowners) they won&#x27;t have enough to move into a new place in their area because everyone else&#x27;s home has shot up in value as well, and taxes just ate up a hefty portion of the sale from their previous home. So they make do with what they have, property values go up, and a lot of people are unable to buy homes because it doesn&#x27;t make sense to sell.<p>I&#x27;d be interested in seeing, say, a five-year moratorium on capital gains from real estate to see if it helps cool the market.
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thegrim33大约 1 年前
So, to summarize this article, it&#x27;s a short piece about one specific couple. There&#x27;s not a single piece of data about other people that might be in a similar situation, there&#x27;s not a single piece of relevant data about the housing market, in fact, there&#x27;s not a single solitary bit of input from the author. The entire story is 6 paragraphs that quote one person saying they&#x27;re having trouble downsizing out of their home.<p>This somehow translates to a title with a broad sweeping statement about all older Americans? And how home ownership is a problem for older Americans? How is this journalism? How is this published in the New York Times? Did the author even fact check anything this couple told them? Did they research into their situation at all? Who knows.<p>Is there more to the article that I can&#x27;t see because I&#x27;m not subscribed, and it&#x27;s not making it evident? I just don&#x27;t understand what this is.
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