this post was submitted on 17 Jan 2024
397 points (82.1% liked)

News

23367 readers
2664 users here now

Welcome to the News community!

Rules:

1. Be civil


Attack the argument, not the person. No racism/sexism/bigotry. Good faith argumentation only. This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban. Do not respond to rule-breaking content; report it and move on.


2. All posts should contain a source (url) that is as reliable and unbiased as possible and must only contain one link.


Obvious right or left wing sources will be removed at the mods discretion. We have an actively updated blocklist, which you can see here: https://lemmy.world/post/2246130 if you feel like any website is missing, contact the mods. Supporting links can be added in comments or posted seperately but not to the post body.


3. No bots, spam or self-promotion.


Only approved bots, which follow the guidelines for bots set by the instance, are allowed.


4. Post titles should be the same as the article used as source.


Posts which titles don’t match the source won’t be removed, but the autoMod will notify you, and if your title misrepresents the original article, the post will be deleted. If the site changed their headline, the bot might still contact you, just ignore it, we won’t delete your post.


5. Only recent news is allowed.


Posts must be news from the most recent 30 days.


6. All posts must be news articles.


No opinion pieces, Listicles, editorials or celebrity gossip is allowed. All posts will be judged on a case-by-case basis.


7. No duplicate posts.


If a source you used was already posted by someone else, the autoMod will leave a message. Please remove your post if the autoMod is correct. If the post that matches your post is very old, we refer you to rule 5.


8. Misinformation is prohibited.


Misinformation / propaganda is strictly prohibited. Any comment or post containing or linking to misinformation will be removed. If you feel that your post has been removed in error, credible sources must be provided.


9. No link shorteners.


The auto mod will contact you if a link shortener is detected, please delete your post if they are right.


10. Don't copy entire article in your post body


For copyright reasons, you are not allowed to copy an entire article into your post body. This is an instance wide rule, that is strictly enforced in this community.

founded 1 year ago
MODERATORS
 

Buying a family-sized home with three or more bedrooms used to be manageable for young people with children. But with home prices climbing faster than wages, mortgage rates still close to 23-year highs and a shortage of homes nationwide, many Millennials with kids can’t afford it. And Gen Z adults with kids? Even harder.

Meanwhile, Baby Boomers are staying in their larger homes for longer, preferring to age in place and stay active in a neighborhood that’s familiar to them. And even if they sold, where would they go? There is a shortage of smaller homes in those neighborhoods.

As a result, empty-nest Baby Boomers own 28% of large homes — and Milliennials with kids own just 14%, according to a Redfin analysis released Tuesday. Gen Z families own just 0.3% of homes with three bedrooms or more.

you are viewing a single comment's thread
view the rest of the comments
[–] Birdie 14 points 10 months ago (4 children)

And where is it suggested boomers should live? My MIL has a paid-for home, but is now in assisted living. It costs 6K a month, which is eating through her savings at a shocking rate, even though we're paying a portion of her AL rent.

If she had the ability to stay home, you better believe she would, because she can't afford to part with her home.

[–] [email protected] 10 points 10 months ago (3 children)

I don't mean to sound insensitive, but I'm genuinely curious: your MIL is in expensive assisted living yet still owns a home she's no longer living in? Wouldn't the move here be to sell the home now with housing prices so high, and use the profits from it to fund the assisted living expenses?

[–] Birdie 4 points 10 months ago (1 children)

Not insensitive at all. It isn't worth a lot as far as selling goes, but it does generate good income as a rental.

I actually agree with you, but I'm the DIL, and my husband and MIL agreed on renting.

[–] [email protected] 2 points 10 months ago (1 children)

I mean, in this case it's what works for her then, but it's literally the exact sort of thing the article is dealing with.

Worse in this case because she's owning the home, not living in it, and using it to generate passive income, specifically preventing what might have been a younger generation of homeowners from making that investment and instead forcing them into the very rental market she's profiting from.

And I'm not saying she's a bad person or a bad landlord or anything, just that this is an example supporting the piece, not an exception to it.

[–] Birdie 0 points 10 months ago* (last edited 10 months ago)

I actually agree with you much more than I disagree.

It's part of a family trust, meant to be passed on. Think 150 year old home that hasn't been renovated since the 60s.

It is near a university and has several bedrooms, so it's generating enough income to help pay her rent. It is literally worth more as a rental than a sell. And one day my poor kids will have to deal with this millstone around their necks.

If my MIL did sell, it would probably be torn down and replaced with an apt complex/student housing.

load more comments (1 replies)
load more comments (1 replies)