I've never researched the definition of "mortgage" but I've been told it literally translates into "death grip." Even if that's not what it translates into, it's true.
Move to Maine or Lawton OK...things are quite affordable.
Oh well.
First, this is only really happening in a few cities. Second, there is an absolute explosion of apartment building construction. Anecdotally, in my city area, just about any vacant space is now undergoing apartment complex construction. One nearby apartment complex is advertising rents between $1,200 and $2,300 per month and I’m not sure what that includes (parking, etc.).
At $6,000 a month to live in an assisted living facility, it’s smarter to stay in your paid-off home. And those overgrown kids who are sleeping in their old rooms will have a place to live after mom and dad are gone.
Well, let's just see what Antifa and BLM have to SAY ABOUT THAT!
They're just gonna have to start dragging those wrinkled old while people outta their houses and giving the properties to more deserving folks of color.
we are 65 and been married for 42 years. we love where we live, quiet but within walking distance of food store, hardware store, liquor stores, rec center and gym, park, bike paths, library, book store and half a dozen restaurants and close enough to Denver for symphony and ball games. why move?
if we won the lottery i doubt we would move BUT we would probably renovate the house out of the neighborhood price range but HEY we’re rich who cares.
In many states like Texas older homeowners property taxes are locked in once they hit 65.
If they sell... they would have to not only pay taxes on the appreciation... but they would have to buy somewhere else at the going tax rate and valuation.
Thus, they are just choosing to stay forever.
The best thing for a senior to do is buy the biggest mansion they can afford just prior to turning 65. Then let their family move in with them and have everyone share in the advantage.
I work in land development...ie my livelihood depends on people buying new houses. However, I am deeply suspicious of any article that bemoans either a surplus or shortage of housing, and implies in any way that ‘somebody’ should do ‘something’ to correct it. The market will do its thing, if you let it.
What we see is that the older Northeasterners keep their homes, buy a 2nd home down here in Florida. However, they have no intention of permanently moving south. Ultimately, they sell the Florida home and return home permanently to be around the kids, grandkids, and to have someone who can come and look in on them from time to time.
The people who are moving a lot are 20-45 YOs for employment. You hit 45, you start to stay put pretty much.
Housing shortage is NOT based on the gray hairs not selling but OMG land use controls stopping new development in many states, municipalities. For example, California has made it horribly expensive to even remodel a home, let alone build new.
Why would anyone care what Italy is doing?
This is contrary to the principle of Citizen Serfs, and articles like these are the start of a MSM narrative of the need to require said homeowners to relocate to a FEMA camp and enjoy the government care there, in exchange for their real property, which will be managed so much better by the government bureaucrat.
Don’t know if that’s the norm in the NYC suburbs. When I was a kid my parents bought a new house in Rockland County,nobody really gave property taxes a second thought. Taxes on that house today are around $14k. There’s stories all the time about people who bought houses at reasonable prices, busted their butts to pay off the mortgage,but by the time they can retire they’re faced with a choice, keep working or move. One reason why here in Spring Hill, FL they may as well rename it New New York.
1)Youngsters can’t afford a mortgage with $100k in student loan debt and two leased BMWs in the driveway.
2)Many states have tax benefits for senior citizens. A move after 65 may be very costly tax-wise
3)Why go load up on debt late in life when my present abode is paid for except for taxes and insurance.
Refuse to sell - yep, and since the neighborhood is integrated, the realtors can’t even use the block busting tactics they used in the 60s.
That’s quite a drop in inventory over only 10 years!
But, ain’t any of us getting any younger! Makes sense to stay put. We’ll be living on our farm until they carry us out feet first. ;)
Haha. Yeah. Wishful thinking. If weakness continues to be shown toward the left those properties will be seized in their lifetimes.
If you have a lot of money, the best strategy is not to build a McMansion, but instead build a smaller, quality home that is durable, with very low and easier maintenance, high efficiency, very conservative with water and power, and flexible enough for internal and external redesign.
The idea is to create a home that can function with little money for hundreds of years, in a place not prone to future development, relatively safe from natural disasters, and out of sight, out of mind of government.
A few years after turning 70, my trophy wife for more than a half century, and I, decided that we lived in a great neighborhood and liked our neighbors. We lived in a good town and belonged to a good church. We decided a smaller home or a retirement center was not for us.
We decided that, we would be like a couple of our former neighbors and not leave our home, until we were carried out feet first by the coroner’s office.
Our home is basically one level with a few steps to get in from our carport and with only a few steps in a part of our home we only use for guests or dinner parties.
So we had a ramp put in for us and guests to get into our home from the carport. Had a new roof with heavy duty insulation, two ac/heating units, one for the area we don’t use that much and one for our family room, kitchen, and master bedroom. We keep the mostly unused area at 62 degrees. We have a Nest thermostat. where we spend most of our time. I can control the Nest with our android phone here or away.
Inspite of price increases on Gas and Electric, our PG&E bill is less per month than before the retro. The monthly printout shows we are doing better than newer so called highly efficient homes in our area.
We put in a walkin shower with tiled bench if we want to sit down, in the Master BedRoom area.
We had a large on demand natural gas water heater installed. It comes on 15 minutes before we up and stays on until about 9 am. It comes on before dinner time and stays on until about 7pm. Any other time, we can have hot water in less than a minute for shower or whatever. This saves a huge amount water as little is wasted to get hot water, and there is no constant heating to maintain hot water.
Then, we recarpeted our home with the heavy insulated padding to block cold from coming up to the floor. We have hardwood floors in our family room and kitchen, and we had insulation put under those floors for more comfort.
This morning is an example of great comfort. Our inside temp is 68 with no heating and an outside low of 54 and a temp of 58 now, close to 7:30 am. The inside temp will stay in that range without any heating or AC today.
We had the exterior of our home repainted with a 20 year paint.
Our kitchen had been retrofitted with new appliances a few years before. It still looks great and like new inspite of being used everyday we are home.
We have 3 couples and a widow lady on our cul de sac who have done the same as us, and they plan to stay here to their end. Two couples in retirement have moved to our block the past year, and they will stay in their new homes to the end. We are divided into 50% a little past Boomer age and about 50% Boomers with two families with children.
When this happens across the nation, the supply of homes can’t meet the demand. So, the value of our homes increase each year.
Our home is in a trust and should be a nice inheritance for our surviving adult children and grandkids. That will handle a lot more than our home loan and line of credit that paid for all of the above.
They keep trying to put us in progressively smaller boxes. No thanks to that!