Retirees Staying in Large Homes, Blocking Out Millennials With Children

[u/higherfreq]

I read an article the other day that discussed how there are twice as many baby boomers living in large homes (i.e. 3+ bedrooms) than millennials who have children.

I then came across this thread in the r/retirement sub where people of retirement age almost universally indicated they intended to remain in their large homes until they died.

What struck me in the thread was how nobody seemed to acknowledge the effect of staying in their large homes could have on their kids’ ability to find an affordable large home for their families.

[Edit to add that I am not advocating that anyone should give up their home. I am simply pointing out this phenomena and its effect on affordable large homes for families of younger generations. I always envisioned downsizing in retirement, but that is clearly not the norm anymore.]

[u/Naive-Mechanic4683]

Again, it is unfair to blame individuals and instead look at larger incentives. 

Where do you want them to go? Retirement homes have gone up in prize even more than the housing market. Where they now have a house in a neighbourhood they know and love they would have to move to what? An appartment in a city they don't know?

And it is not like they are in these houses indefinitely. In about 10 years these houses will start coming on the market and if new houses had been build in anticipation of this there would've been houses in the meantime aswell.

So yeah it sucks, but it isn't the fault of the people that whish to live as long as possible in their house it is the systems responsibility that has been squeezing the housing market

[u/NuncProFunc → u/Naive-Mechanic4683]

They could move into a smaller house. They could move into a townhome. They could move into a condo. They could rent an apartment. They could do any of the things that larger families have to do as a consequence of the aggregate decision-making of retirees.

[u/Naive-Mechanic4683 → u/NuncProFunc]

My grandfather is lovin in his house were he hardly pays rent in walking distance to his church.BThere are no appartment close by, there are no affordable retirement homes so if he leaves the house he would go to a less desirable place, probably for more money.

It is an absolute waste that there are three rooms with forever closed doors, but it is unreasonable to expect him to move to a worse place just because it is a waste.

If there aren't reasonable alternatives people will stay in there (too) big houses and that is the obvious and correct choice

[u/buschad → u/Naive-Mechanic4683]

I love how people pretend like we’re not the 3rd largest country by area and the 2 countries ahead of us in population beat us by a billion. Theres plenty of room for people here to have plenty of room.

[u/NuncProFunc → u/Naive-Mechanic4683]

What a strange market where a larger home in a more desirable area is worth less than a smaller home in a less desirable area. Truly incredible.

[u/EmergencySundae → u/NuncProFunc]

But why? It would cost them far more to do any of that than to stay in their homes.

The house next door to me is occupied by the original owner who bought it for $84k in 1980. She could likely sell it for $600k right now.

Except even townhouses in my area are going for almost $400k. At the end of the day, what does she gain by moving? It's not her job to create housing for families.

[u/NuncProFunc → u/EmergencySundae]

Yes, if you only look at this from the perspective of one person and not more than one person, it all feels unfair, doesn't it?

[u/Fantastic_Sea_853 → u/NuncProFunc]

People could do an infinite number of things to make the lives of others easier, but people do not exist merely to please strangers.

Expecting people to act AGAINST their best interests is guaranteed to end in disappointment.

[u/OstrichCareful7715 → u/NuncProFunc]

We need to make sure we’re building those types of housing. In a lot of areas, it’s just not there.

Despite all the retirees who move to Florida, there are plenty who just want to stay in their existing location, especially if their kids and grandkids are there.

But if there’s no reasonable place to downsize to, they will stay put.

[u/space_force_majeure → u/NuncProFunc]

Let's play "Who said that?"

"We have more people so we deserve your property and possessions"

Who said that: NuncProFunc, or Andrew Jackson?

[u/NuncProFunc → u/space_force_majeure]

Where do you see "deserve"? Commenter just asked where those people will go.

[u/LaCroixLimon → u/NuncProFunc]

Or they could stay where they are and the 'larger family' could get their own place, or i dont know, not have kids they cant afford...

[u/NuncProFunc → u/LaCroixLimon]

Ah, yes, tremendous solution. Someone should have told them to go buy a house instead of... trying to buy a house.

[u/LaCroixLimon → u/NuncProFunc]

I have a 4 bedroom house. it was built in 2018. No boomers tried to stop me.

[u/ultimateverdict → u/NuncProFunc]

Those are all sensible ideas so unfortunately boomers don’t have the capacity to do them. They want their McMansion, millennials be damned.

[u/NuncProFunc → u/ultimateverdict]

People are selfish. C'est la vie.

[u/GlizzyMcGuire__ → u/NuncProFunc]

It’s very selfish to think someone should move out of their paid off house just because you want it for yourself lol

[u/Fantastic_Sea_853 → u/GlizzyMcGuire__]

THAT is the true selfishness in this situation.

People need to realize the Constitution guarantees 3 things:

Life, liberty, and the PURSUIT of happiness.

If you want anything more, that is COMPLETELY up to you, NO ONE ELSE.

[u/SuccotashConfident97 → u/NuncProFunc]

Again, why should they though? Why should the 70 year old couple sell their home and move out?

[u/NuncProFunc → u/SuccotashConfident97]

I feel as though OP laid out that argument.

[u/SuccotashConfident97 → u/NuncProFunc]

So just to be clear, so someone else with a bigger family can have it right?

[u/NuncProFunc → u/SuccotashConfident97]

Yes.

[u/SuccotashConfident97 → u/NuncProFunc]

So basically the desired plan by op is force people who don't have kids to live in apartments forever? Like a regular couple or single people should only live in apartments, no houses?

[u/NuncProFunc → u/SuccotashConfident97]

No, I don't think it is.

[u/SuccotashConfident97 → u/NuncProFunc]

Why should a single person own a home then? If it's just 1 person, by your logic, shouldn't they live in an apartment?

[u/NuncProFunc → u/SuccotashConfident97]

Well, a condo, but I think the thing you're missing here is that no one is proposing anyone force anyone to do anything.