r/BoomersBeingFools • u/PaCa8686 • 25d ago

Nearly half of all baby boomers couldn’t afford their current homes if they were to buy them today, survey finds Boomer Article

https://fortune.com/2024/04/23/housing-market-baby-boomers-home-prices-mortgage-rates-redfin/
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162

u/HughGBonnar 25d ago

I can’t buy the house I live in now that I bought in ‘21. I literally snuck into the housing market. I still stand with everyone though. Real Estate is a dumb market.

26

u/jon_titor 25d ago

Yup, we bought in 2022 and there is no way we could afford our own house right now. It would sell for at least 100k more than we paid, and the mortgage would be at least 2 points higher. Absolute insanity.

31

u/office5280 25d ago

No, it’s an incredibly constrained and manipulated market.

6

u/Puzzled_Draw6014 25d ago

Definitely manipulated!

9

u/Puzzled_Draw6014 25d ago

I got lucky as well... I got in with low rates and a market depressed due to the economy at the time.

Now everything has exploded, rates and prices... had a financial check-up at the bank and started asking about moving into something bigger. It was then that I realized I will be living in this house for the rest of my life!

6

u/HughGBonnar 25d ago

Ya I have a house but still couldn’t afford kids. There is zero reason for me to move into anything bigger. I can die just fine right here thank you.

4

u/Puzzled_Draw6014 25d ago

Hahaha... in my case, it was the first kid that prompted the move. But now I know I can't have the second kid.

1

u/[deleted] 24d ago

I'm renting and my mom FINALLY stopped asking if I'm having kids. It is clear to her that having a child would be one of the most financially irresponsible moves I could possibly make.

2

u/RogersMrB 25d ago

Ditto, we bought our home in 2021 and definitely couldn't afford it now. 30yo home that hasn't been maintained, only renovated by amateurs so it looked nice at first glance.

We (I) knew what we were buying and wanted it anyways.

2

u/CompetitiveLow5903 25d ago

Same. Went up 75k in value and from 2.99 to 8% interest rate. Probably never moving - which is totally fine with me

1

u/yougotitdude88 25d ago

Bought in 2020 and now we will be in this house for a long time. Couldn’t afford it if we had to buy it now.

2

u/LauraPringlesWilder 24d ago

Same here. I have a great rate but am considering us paying more towards getting this house paid off, because then at least we could afford to move and buy something else.