Boomers Own Half of U.S. Wealth. So Why Are We Seeing More Homeless Boomers? | WSJ

Baby boomers have the highest median net worth by generation, holding about half of U.S. wealth—with much of it tied in real estate. And while many of these older boomers aren’t moving out of their homes, younger boomers reaching retirement are increasingly facing homelessness.

WSJ breaks down this trend and explains its impact on the housing market and the U.S. economy.

Chapters:
0:00 The baby boomer trend
0:32 Boomers aging in place
2:14 Boomers facing homelessness
4:34 Why there are these two extremes

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#Boomers #RealEstate #WSJ

[FriendlyBirdy]

Something they dont talk about is how over 25% of new home were actually bought by investors, not people looking to live there. Even if boomers sell all the houses or more home become available, the problem wont go away, as wealthy investors will still buy up those supply of houses. This will keep the houses prices up.

[seanwilliams]

Simple. The people who are winning are winning big, and the people who are losing are losing big.

[garybowler]

Wealth inequality doesn't disappear just because you're old.

[Mister.Unknown]

My landlord is a lawyer. He doesn't own my current rental, he owns the entire building. He factually makes more money from rent than from practicing law. When his son wanted to become "independent" he simply moved, zero cost, to one of the dozens of apartments his father owns. When I first wanted to rent one of his properties, he negotiated tooth and nail every single € like his livelihood depended on it. . . now that we are contractually binned, we sometimes chat and he can't help himself talk about how "dangerous" is to rent because of squatters and how seemingly "overprotective" the law is towards tenants. . .

My man . . . you are a self employed lawyer that sucks well north of half my salary . . . and everybody's salary in this building, each month. Every time I contact you for something broken, your wife picks up the phone from a different continent.

[joedobson]

"Homeless because of a medical emergency" America.. 🤦‍♂️🤦‍♂️🤦‍♂️

[ZuluNinja]

Blackrock will buy all the houses a boomer leaves

[michaelschiemer]

For boomers and senior citizens, the current market and economy are unnecessarily harder. I'm used to simply purchasing and holding assets, which doesn't seem applicable to the current volatile market, and inflation is catching up with my portfolio. My biggest concern is whether I'll survive after retirement.

[BrightElk]

As a millennial I admit I was a bit taken aback when they said boomers are aging in place like they are committing some kind of crime or something. And I get it. I'm frustrated because I'm working two jobs and yet I live in a one bedroom apartment with my husband and my toddler. No one is more frustrated with the housing crisis than us but at the same time if I was a boomer I would hold onto my house too. Like what are you asking them to do exactly? Just like everyone else they have no where else to go (without severely financially downgrading that is) because everything is either full or severely over priced to the max.

[justanerd]

Not surprising that the WSJ totally missed that corporations are purchasing entry level homes which breaks the market cycle of the past years.

[necbranduc]

So not all boomers are booming the same.

[jacktsai]

How dumb it sounds @1:17 to say older people living in their own homes is exacerbating the supply. Sooo bad. 😢😂😂😂😂😂

[Basta]

I really do not mind older people holding on to their homes. That is absolutely their right and preference. What I do not like is when they really go out of their way to prevent other people from having homes. Many of these homeowners will block, delay, and limit any housing development near to them especially if its affordable.

On one hand, they block the city from growing its boundary. And on the other hand, they block all densification efforts by private developers in 80% of the city area. But they love to tear down poor neighborhoods for highways and parking lots.

[cqbarnieify]

I’m a younger boomer who identifies more with generation X, than with older boomers. I exited college at a time when no one was hiring. It’s always been a struggle to keep up with expenses. I’m grateful I’m not homeless, but life is still exhausting.

[alaakela]

Not a word about banks, equity firms, Blackrock, buying up houses after the 2008 cruises as assets. You cannot discuss the housing cruises without discussing this.
Or discussing that largest luxury houses generate more profit than smaller non-luxury. Developers build for profit.

[TGWazoo]

Boomers keeping their homes has nothing to do with the plight of homelessness. Got nothing to do with housing prices either. That’s just picking out one demographic of home owners and seemingly blaming them for not dying off fast enough. Why would owning a home at age 68 contribute to these problems more than owning a home at age 35?

[christinao]

Please don’t put all the blame on Boomers. Corporations are buying more than their fair share of houses in every state.

[Lee-edwv]

So, now they are blaming older people who dont want a new mortgage or to live out their life in the house they paid for?
How do these blatant lies work?

[weirdshibainu]

I'm a young boomer. The difference between myself and my older siblings is stark. Glad someone is shedding light on this issue as the common narrative is that all boomers have it so-called easy.

[pls]

Stop pitting generations against each other.

[tyrejuan]

Working your whole life, paying off your home and living in it is ''selfish''.