Some Boomers want to move. The market won’t let them.
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Empty-nest baby boomers say they are feeling financially trapped in their spacious abodes. That generation is facing huge hurdles in selling homes they don't necessarily want or need, and many are asking why they should downsize if doing so wouldn't be that much cheaper.
Many boomers whose homes have surged in value now face massive capital gains taxes when they sell. That's a tax on the profit you make when selling an investment or an asset, like a home, that has increased in value. Plus, many neighborhoods where older homeowners have long lived are zoned for single-family homes and have few smaller homes or multi-family properties like condos or rental buildings. Older homeowners have also been scared into staying put by how expensive a smaller home would be in the current market. With home prices and mortgage rates so high, there is often a negligible cost difference between their current home and a smaller one.
Fewer older homeowners selling is part of what is keeping the inventory of homes historically low and pushing prices ever higher in markets across the US.?Empty nesters of this age own more large homes — three bedrooms or more — than millennials with kids do.
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écrivain, Auteur et Compositeur de musiques
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Angela's Dollhouse
1 年Move out of this country.
E-Textile Technologies Consultant
1 年For CNN to really make a difference CNN needs to post on EVERY broadcast the site "CONGRESS.GOV" and tell people to click on the box to find their representative to email them with their demands. To assume that viewers know what to do or how to do it is insane. Most viewers are clueless about how to contact anyone that will make a difference. They are playing video games and watching TIK TOK videos. YOU NEED TO TEACH THEM HOW TO MAKE A DIFFERENCE!
Realtor Associate @ Next Trend Realty LLC | HAR REALTOR, IRS Tax Preparer
1 年Thanks for posting.
LETS MOVE SOME FREIGHT!
1 年Trying to buy my first home. The tiniest houses in the area are going for $200K (which is crazy for some of these houses in this area). A complete joke as a single guy with no kids who worked hard to get through college and works every day in their career to finally get pre approved for their first house at 38 years old to have to do it in this joke of a market.