Silver Tsunami could help alleviate housing shortage crisis, but not until 2037 [tr]

kxan ^ | Nov. 29, 2019 | Yoojin Cho

[bgill]

The Silver Tsunami is estimated to hit in earnest as the number of seniors aged 60 or older who pass away each year rises during the 2020s and 2030s. In the decade from 2007 to 2017, roughly 730,000 U.S. homes were released into the market each year by seniors aged 60 or older. From 2017 to 2027 and from 2027 to 2037 that number is set to rise to 920,000 and 1.17 million per year, respectively. This means more than 27% of today’s owner-occupied homes will become available by 2037...

In Central Texas, Romeo Manzanilla, 2020 President of Austin Board of Realtors (ABoR), said, “Some areas, as soon as home goes on the market, it’s multiple offers that same day.”

According to ABoR, the median price for a single-family home in central Austin is $505,000. Seven years ago, the median price was at around $302,000.

[bgill]

Kick out all the illegals, visa overstays and H1Bs and just maybe they'll let seniors live out their lives. Otherwise...

[rktman]

Feakin’ vultures waiting to steal the house from my widow. LOL!

[ctdonath2]

“the median price for a single-family home in central Austin is $505,000.”

You can get a lakefront McMansion near Atlanta for that price.

[bgill]

It’s not just the high price but property taxes have gone up 10% every year for at least the past 25 years. It’s gone from the equivalent of 2 weeks of income to 4 months of income so every year we sweat the payment. Most of the increase is due to lib CA’s invading.

[Mariner]

This is why I am downsizing and selling my home today.

Many a fool will hold on too long.

[Eric in the Ozarks]

Come on down to te Missouri Ozarks.
Low taxes, low cost of living, fish year round, deer and turkey in the woods, pheasants just north, shoot your gun.
Did I mention low taxes ?

[Vaquero]

My wife and I busted our arses to put money into 401ks. Someone trying to take these are thieves as soon as if they were smashing down my door.

In which case the castle doctrine (my constitutional castle doctrine not some scumbag lawyers idea) tells me I can and should defend my life and property ‘ in extremis ‘.

And I will.

[Trump.Deplorable]

Fake news

There is no housing shortage crisis country wide

Might be a housing shortage in local markets, and the prices reflect that, but that is just the rule of supply vs demand at play

Plenty of homes, places for sale/rent

I hate this leftist talking point of home “affordability”. I always ask these dweebs, where are the streets of empty unaffordable homes? It doesn’t exist.

It is just the left complaining that the rule of supply vs demand is at play and since supply vs demand is the principal of a capitalistic society, it is therefore evil and declared broken by leftists.

[Vaquero]

But St Louis is in Missouri. As is KC. I’m looking for a little more constitutional state where welfare scum don’t have that much voting power.

[rockrr]

Isn’t that cute - they even have a name for killing us off...

[Georgia Girl 2]

Yep. We are selling and moving to the mountains soon. We are building a small two bedroom house and putting in a guest house to rent out on air bnb.

[Theoria]

Transplants destroy where they settle. Fleeing from one state to another never fixers the state they fled from.

[LouAvul]

"I've got some good news, and I've got some bad news."

"What's the good news?"

"Old people are dying and their properties are being freed up to alleviate the housing shortage."

"What's the bad news?"

"As a demographic, the younger generation is totally devoid of morals, values, ethics, direction, industry, loyalty, patriotism and faith. And they are going to be in charge .......... of everything."

[sheana]

Depends. We have been in our home 23 years and it has been paid off quite a few years. Downsizing doesn’t pay us in any way, shape, or form since real estate has gone up so much since we bought it. Yeah we’d make a ton of money but would just turn around and spend it on a downsized home. I just don’t see the point unless we totally move out of state and I don’t see that happening for various reasons. And we don’t need the money so there’s that.

[dfwgator]

By 2037, most of those cheaply-built houses will have to be torn down.

[Eric in the Ozarks]

St Louis and KC folks don’t last long hereabouts...

[E. Pluribus Unum]

If we just apply the same rules to people over 60 as we do to the ones still in the womb we can have homes for every illegal in no time flat!

[SamAdams76]

By 2037, most of those cheaply-built houses will have to be torn down.

I see that as the new housing business model actually. Housing developments - mostly condos - are going up everywhere with exotic sounding names like "Plum's Landing", "White Meadows" and "Copper Square."

Very appealing when they are brand new but likely difficult to re-sell later as many young buyers want NEW construction.

I see them all getting torn down in 30-40 years as their original owners die off and some other eye-catching development will go up in their place, enticing the young upwardly mobile consumers of tomorrow.

[dfwgator]

If you plan on staying in your home for awhile, and want to sell it in 15-20 years, you pretty much have to rebuild it to get it up to date where people want to buy.

I say, plan on staying in a house for no more than 5 years and sell it before it becomes outdated.

[kearnyirish2]

There is no housing shortage in this country (our population is ageing and shrinking, not busting at the seams); what we have is a situation where we have a lot of housing where people don’t want or can’t afford to live, and not enough housing in more desirable places.

The open borders are to address the former problem; simply shoehorn them into dying areas on the taxpayers’ dime.