this post was submitted on 25 Sep 2023
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United States | News & Politics

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Baby boomers are becoming homeless at a rate ‘not seen since the Great Depression’ (moneywise.com)
submitted 1 year ago by narwhal@lemmy.ml to c/usa@lemmy.ml
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[–] PizzasDontWearCapes@sh.itjust.works -5 points 1 year ago (2 children)

People also fail to factor in the difference in ameneties between boomers' 2 bedroom, single floor, no-garage house vs what people demand today

[–] glimse@lemmy.world 6 points 1 year ago (1 children)

I'm actively searching for a house to buy - smaller than the one that what I grew up in - and while you're right about people wanting more space, it does not matter. Homes are disproportionally more expensive than they were in the 80s

[–] Wakmrow@lemmy.world 1 points 1 year ago (1 children)

The house I grew up in is now worth 1.4 million dollars.

[–] glimse@lemmy.world 2 points 1 year ago (1 children)

I was going to include house much they sold it for a few years ago but I didn't think it was a fair comparison because they added a second floor

[–] Wakmrow@lemmy.world 2 points 1 year ago

It's the thing I use to hammer home the idea that our lives are dramatically worse than our parents. I could not dream of paying that mortgage but my mom could pay it as a single mother of two because they bought it in the 80s for 300k and engineer salaries allowed them to pay it.

[–] agent_flounder@lemmy.one 4 points 1 year ago

Is it demand or is it a question of builders wanting to maximize profits by building larger homes vs small starter homes?

https://realestate.usnews.com/real-estate/articles/what-is-a-starter-home

Data from the Census Bureau shows that 40% of homes constructed in 1980 were considered entry-level homes. In 2019, only 7% of homes were entry-level, according to a 2021 report from Freddie Mac, and almost every state is building fewer starter homes.

“Because of the cost of labor and supplies, builders are mainly focused on building more expensive homes, since it no longer makes sense for them to build more affordable homes,” Carlton says.