photo credit: http://www.redmondnewstoday.com
For some time now, I have been hearing that we have a housing shortage. That seems strange to me, as we have been seeing many vacant buildings converted into lofts and apartments, a huge condo complex going up, and a good number of new single-family houses being built. What my eyes see conflicts with what I heard two days on ago on the Nightly Business Report. Here’s a excerpt from the article they posted:
“Competition for housing is soaring, affordability is weakening, and the U.S. housing recovery is grinding to a crawl—and, in large part, the baby boom generation is to blame.
No, they’re not doing anything immoral or illegal; in fact, they’re not doing anything at all, and that is precisely the problem. They’re not moving.
Baby boomers, the enormous group born between the years 1946 and 1964, are staying in their big suburban homes far longer than previous generations did at this age, and that is having repercussions down the housing supply line. If baby boomers don’t downsize out of big suburban homes, younger buyers eager to upsize, especially in this improving economy, can’t find a home to buy.”
Yes, a lot of people whose kids are grown choose to remain in the house that they worked their butts off for over the past 20-30 years. Now they’re retired and their income is less, but they can survive because the house is paid off. The message from the author of this article to the senior community is: Hey, it’s time for you to get out of the way and let us have your houses. You don’t need them anyway – just move into an apartment or assisted living.
Pretty obnoxious if you ask me.