Housing

Did the Baby Boomers Ruin the Housing Market?

/ SupremeCmdr / 2 Comments

Close to 40% of all mortgages are paid off in this country. That’s mostly baby boomers.

That generation has the ability to sell their homes that are up like 500%, ignore 7% mortgages and buy in cash when they relocate for retirement.

I guess that makes sense but I would blame the unhealthy market on so many other factors before ever getting to the boomers.

Here’s my list in no particular order: The Fed, HGTV, the pandemic, remote work, the government (for not incentivizing the building of more homes), the Great Financial Crisis (totally screwed up the homebuilders), NIMBYs and Taylor Swift (her tickets are so expensive no one can afford a house).

If we want to fix the housing market, we have to build more houses.

It’s as simple as that.

6 Questions I’m Pondering At the Moment – https://awealthofcommonsense.com/2023/09/6-questions-im-pondering-at-the-moment/

Agree.

Where Gen Z is Buying Homes

/ SupremeCmdr / Leave a comment

At 22.59%, Salt Lake City has the largest share of mortgage requests from Gen Zers. Though the average mortgage amount in Salt Lake City is higher than in many of the nation’s other large metros, it’s a hot spot for younger homebuyers, likely owing to — among other factors — its strong jobs market and a good blend of urban and rural amenities.

After Salt Lake City, relatively inexpensive Oklahoma City and Birmingham, Ala., are the next most popular metros among Gen Z buyers. Respectively, 22.36% and 20.79% of mortgage requests in these two metros come from Gen Zers.

Most Popular Metros for Gen Z Homebuyers — https://www.lendingtree.com/home/mortgage/the-most-popular-us-cities-for-gen-z-homebuyers-ranked/

Where Are These People Coming From?

Is it the food? We have Chef Andrew Black of Grey Sweater, James Beard Best Chef Southwest – Andrew Black brings Best Chef: Southwest James Beard Award home to Oklahoma City – https://www.oklahoman.com/story/lifestyle/food/2023/06/05/james-beard-award-2023-winners-andrew-black-best-chef-southwest/70289770007/

Could it be the lower cost of living or because Oklahoma is producing 64 times more marijuana than licensed users consume – The Oklahoman

Nah, probably the catfish.