I was reading this old WSJ article from 7 years ago
Basically, the article spells out how all the swanky retirement real estate that Boomers spent their money on has gotta be put up for sale sometime, and Baby Pop, that 'sometime' is motherfuckin NOW
"The U.S. is at the beginning of a tidal wave of homes hitting the market on the scale of the housing bubble in the mid-2000s. This time it won’t be driven by overbuilding, easy credit or irrational exuberance, but by an inevitable fact of life: the passing of the baby boomer generation... By 2037, one quarter of the U.S. for-sale housing stock, or roughly 21 million homes, will be vacated by seniors. That is more than twice the number of new properties built during a 10-year period that spanned the last housing bubble."
So here I am pouring one out for my Millenial brethren and sisthren who are presently gonna be extricating themselves from a hellscape of executorship and probate, when all of a sudden
To summarize, as dead homeowners must needs be replaced by living ones, and as our nation's housing shortage hath kept many Millenials trapped in Rental Town, it's apparently on Gen Xers to buy up those Sun City McMansions and keep the economy booming when the Boomers, um, STOP.
"(T)he buyers coming behind the baby boomers, the Gen Xers, are a smaller and more financially precarious generation with different preferences, posing a new kind of test for the housing market... One problem is that the bulk of the (housing) supply won’t necessarily be in places where these new buyers want to live. Gen Xers and the younger millennials have shown thus far they would rather be in cities or suburbs in major metropolitan areas that offer strong Wi-Fi and plenty of shops and restaurants within walking distance..."
I don't know about you, but THIS Gen Xer has never done anything but rent, and that includes single rooms on a week-to-week basis, flophouse style, with bathroom access but no kitchen privileges and a pay phone on the corner if I wanted to call my folks. I went on to get hitched, and for all nearly-30 years of our union, my spouse and I have rented. We started in a suburban ranch house shared with 4 other housemates; we graduated to a tiny one-BR apartment, then the 2nd floor of a house (2 BR), then the 1st floor of the SAME HOUSE (still 2 BR) and now a tiny but freestanding house (2 BR) in a 55+ community. We never planned on senior living, but the lease was available when we were in a tight squeeze, and we've been here for 3 years now. I like it, but I don't rule out other rentals in the future. What I DO rule out is buying up overpriced Boomer leftovers. Like Little Stevie said, I, I, I, ain't gonna play Sun CIty
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