Mark Your Calendars for the Next Housing Crash
We’ve got seven years until all the boomers try to sell their single-family, large-lot, suburban houses and there is no one willing or able to buy them!
“By 2020, there were will be around 35 million over-65 households in the U.S. That year, [University of Utah researcher Arthur C. Nelson] calculates, seniors who would like to become renters will be trying to sell about 200,000 more owner-occupied homes than there will be new households entering the market to buy them. By 2030, that figure could rise to half a million housing units a year … Between changing preferences and declining median household income because of poor education … that means we can predict the next housing crash, and that’ll be in about 2020.”
So you know, maybe you WILL be able to live in that fancy house at the end of the block with the wraparound porch and the old oak trees that you always thought you’d grow up to buy, back before you realized that you will not be buying that or any other house. I mean, you still won’t be able to buy it (or maybe you will!), but what I’m saying is, squatting may be an option.
Yesssssss! Team Squatting!
Yet another reason to be glad my parents never bought a single-family large-lot suburban home.
My mom talks about this a lot when trying to figure out what to do in her retirement (in about 10 years). She had looked at some “active adult” retirement communities with single-family homes, and liked them, but doesn’t think there will be any kind of market for them when she retires. I believe her plan, now, is to buy a smaller single-family home (because she really enjoys living in and working on one) and make sure it’s low-cost enough that she can pay it off in under 10 years, so at least she won’t owe anything on it when it’s time to move on.
In the meantime, those same old empty-nesters will be voting down every single funding initiative for their local schools, in the name of “fiscal responsibility”.
The Tea Party is just Boomers making sure that every available resource will go to funding their retirements. One last temper tantrum from the Greediest Generation.
@Morbo Plenty of boomers are idiotic liberals. And what exactly do you have against fiscal responsibility? Do you want us to end up like Portugal, Italy, Greece, and Spain? There is a reason those countries are referred to as PIGS.
Well, we’ll see about his prediction. But he makes a fool of himself by saying we don’t spend enough on education. We spend four times as much as we spent 50 years ago and that’s adjusted for inflation. Now, are we spending it wisely. Well, that’s a different story.