Attention

All comments are subject to approval by Moderators. Any off-topic comments will be rejected. Thanks for your cooperation!

Wednesday, August 09, 2017

Boomers Who Won't Sell Are Dominating the Housing Market

Jake Yanoviak is hunting for houses. On a weekday afternoon in North Philadelphia, the 23-year-old painter cruises along on his bike, its black paint obscured under stickers from breweries and rock bands. He turns onto a side street, where he spots a few elderly neighbors, standing on adjoining porches. He parks, leans on one handlebar and makes his pitch.

“Anybody on the block considering selling?” Yanoviak asks gently. “I’m not a developer, I’m not interested in renting to students. I’m just a kid trying to buy a house, fix it up and live in it.”

“We’re not going no place,” replies a 70-something woman, relaxing in fuzzy white pig slippers in the row house where she’s lived twice as long as Yanoviak has been alive. “All these houses are taken.”

Like much of his generation, Yanoviak is desperate to get a piece of an increasingly scarce commodity: prime American real estate. Millennials are finding themselves out in the cold because building has slowed, and longer-living baby boomers are staying put, setting up a simmering conflict between the two biggest generations in U.S. history.

More here

16 comments:

Anonymous said...

What a bunch of hogwash. There are 18 million vacant homes in the US. Sorry none of them are on the ONE street you want to live on.

Anonymous said...

Vacant house in undesirable areas like Salisbury.

Anonymous said...

12:43 right on

Anonymous said...

1:05 PM They are in every community. Even in the rich sections.

Anonymous said...

The "painter" can build and pay for a house just like I did.

Anonymous said...

12:43 I think 1:05 said it best. Why would boomers want to sell the homes the economy back in the day allowed them to buy with a 9-5?

Anonymous said...

Oh the boomers will sell eventually, for %1000 more than they paid with no renovations!!

Smile said...

My wife and I paid for our house through hard work. It's ours and will be passed on to our kids. Then they can sell it. Let the "painter" get his own home!

Anonymous said...

Before the 2007 recession, many older people could downsize to a smaller, more affordable (cheaper) house when the kids left home and then sell their current home for a profit.

Now, the same age category of people are staying put because they can't get a reasonable profit out of their existing property and they don't want to downsize because there is a good chance that their 30+ yr old children will be coming back home to live with them - if they ever left.

Anonymous said...

Riding his bike around town asking who's selling - SNOWFLAKES want it ALL and immediately!

Son, buy a house boat - then you can take it anywhere you want!

Anonymous said...

House price are higher than 2007 levels in many places around the country, here not so much.

1:29 There are no vacant homes in our community in FL. 80' wide lot with a teardown on it sells <30 days for over a million dollars.

Anonymous said...

I can tell you that my Mom lives alone in the 3 bedroom house my family grew up in but with a one bedroom rental going for 800+ per month why would she sell a paid off house with prices so low right now?

Anonymous said...

There are no vacant homes in FL because these criminal bankers bought them all up so that if they got locked up the property can not be touched.

Anonymous said...

"There are no vacant homes in FL because these criminal bankers bought them all up so that if they got locked up the property can not be touched."

Almost, but not quite, true. In Florida only your primary residence is immune from attachment. Investment property can be attached, seized or sold.

Anonymous said...

The market is booming

Anonymous said...

Give the guy credit for thinking outside the box. He will succeed in life.