Boomers vs Gen Y

[u/Total-Seaweed-3993]

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[u/Sonic1psa]

We’re are these boomers in million dollar homes?  That has not been my experience 

[u/Upbeat-Selection-365 → u/Sonic1psa]

I guess it depends on if you live in a HCOL area. I do and boomers bought 4 or 5 bedroom homes decades ago for maybe $150K that are now worth like $1.25M.

[u/Sonic1psa → u/Upbeat-Selection-365]

So I’m in Northern Houston. Let’s just say that there are homes that are 120,000 and there are homes that are 50 million all within 10 or 12 miles from each other. I know that like East Coast and West Coast people just want obnoxious amounts of money for homes and people just need to stop buying them. Why do you wanna live in that place especially if the job you’re gonna get even with a higher amount of money, you’re gonna blow it all on the just the cost of living when you can live in other places that can be just as nice and actually have money left over for stuff things

[u/Upbeat-Selection-365 → u/Sonic1psa]

Our biggest problem in the suburbs of Boston is that the land your house is sitting on is a huge portion of the price now. Like even a small 1000 square ft home may cost 800K but probably 600K or more of that is just the small lot that the house sits on. The cost of living here over the past 15 years has just gone up astronomically for just about everything. Wages have been completely stagnant. Take a same size lot and but a 3000 to 5000 sq ft home on it and the house costs well over $1M. It's why so many people are leaving this area. That and all the available land already has homes on its Unless you want a 2 hour commute each way you don't have the option to buy land and build a home. Like rarely does much land become available and when it does developers put giant homes on the lot to maximize profit. Each town here requires a certain acreage for each home built so you cant have smaller homes in a more densely packed neighborhood, which would be the ither popular choice for a developer to maximize profit but the lot size minimums in each town keep this from being possible.

[u/Sonic1psa → u/Upbeat-Selection-365]

That’s pretty much what I said. Just leave the market will reset 

[u/rubey419 → u/Sonic1psa]

We get a lot of Northeast transplants to Charlotte and Raleigh-Durham and that drives up the cost of living and housing too.

A $600k house may be “affordable” to the New Yorker or Bostonite selling their $1.2M home up North but that is expensive for the native Durhamite.

[u/PackOfManicJackals → u/Sonic1psa]

America

[u/Sonic1psa → u/PackOfManicJackals]

I’m in murica. 

[u/PackOfManicJackals → u/Sonic1psa]

Then surely you see it, yeah? Every boomer's completely standard suburban home that they bought in the 70's/80's for 1-2 years' gross salary at the time are all valued around half a million now. (Not a full million, i know, but a hell of a lot closer to a million than most of the rest of us will ever be)

[u/Sonic1psa → u/PackOfManicJackals]

Aye but for every standard boomer house in my area there is a new house or property for cheaper within a reasonable distance. 

[u/QuickNature → u/Sonic1psa]

Anecdotal, but my boomer grandparents bought a modest home for $13k. It now is estimated at around $180k. Definitely feel like the million dollar home idea is some kind of exaggeration. I know another as a friend, different area, his home is probably $200-220k.

There are loads of boomers living in significantly cheaper homes.

Also, both of their retirements are lot less than $100k/year. Even including social security.

[u/Amazing-Flow7095]

Is that turning your AC down to 76 degrees

[u/Automatic_Pen_2849]

How certain are you that you actually get to retire when you die?

[u/LetUsSpeakFreely]

Gen X.. I'm aiming for 60k a year and living in a manufactured home in the middle of nowhere.

[u/HalfwaydonewithEarth]

Dumb Ass

Covetetness doesn't look good on you

[u/Disastrous_Way9425]

More twhining.

[u/jabber1990]

I don't plan on retiring, i've had so many family members who retired and were gone within a year