patrick.net

I like that part:
http://www.youtube.com/embed/o1Sal6N5OiE

The millennials should help the boomers with their houses.

They should board up those boomers in their houses, and then leave them to rot.

If you are related, just move in and help out, get in the will.

If you are not related, get hired as their home healthcare person, get in the will.

If none of those is palatable, just rent and wait until they die and relatives are desperate to sell during Boomer Death Crash around 2020.

golfplan18 says

Desperate Baby Boomers need Millennials to buy homes

Two options
1. Cut the price in half.
2. Sell it to your own kids at the absurd asking price and lend them the money to buy it.

You're not cashing out at the expense of the younger generation. Even if they were stupid enough to pay twice the pre-bubble prices for a house, they can't even afford the pre-bubble prices because the Boomers off-shored all living wage jobs.

Heraclitusstudent says

I like that part:

George Carlin was a genius.

This video nailed it.

http://www.youtube.com/embed/M4IjTUxZORE

The will be ready to purchase once they are 175 years old and save up 3.5% down following paying back the education death pledge. Kale and green tea diet will allow people to live until 225 so there's no reason to be concerned.

Dan8267 says

Two options

1. Cut the price in half.

2. Sell it to your own kids at the absurd asking price and lend them the money to buy it.

3. let the kid live in the basement for free.

Some people won't be getting the money they think they will get.

Heraclitusstudent says

I like that part:

God, that was refreshing to watch. Said self-indulged generation still believes we are living in Johnson's great society, thanks to their revolutions. Now they rest on their laurels and consume our country into global warming and asset bubbles. Where is their ideology now?

I was helping out a friend who is above 75 with some work and she treated me to a latte at Starbucks. I was talking about my inability to find a truly fairly valued home in our neighborhood. She is a long time resident having seen kids on her street grow into adults (in fact she said hello to one of those kids who was working at the supermarket where the Starbucks was as a manager!)

Anyway after listening to my tale of woe, she said, "do you want to know what I paid for my house"? Now this is a neighborhood where homes regularly go for $350,000 as an entry level point. And her house, while old, had a good parcel of land.

Answer: $17,000 (Yes, I proof read the zeroes).

The thing is, from my driving around, I think there are many many people in the same age bracket who have even bigger parcels but probably didn't pay too much more given that this was a pretty much a remote farmish area a few decades back!

Dan8267 says

Heraclitusstudent says

I like that part:

George Carlin was a genius.

You know, you can build a man a fire, and he'll stay warm for a night. But set a man on fire and he'll be warm for the rest of his life!

The solution is simple: just let all the Arabs with money buy the houses and move their jihadi families over here, closer to targets. Then we will have to radically increase the NSA budget to keep the new citizens down, which will bring prosperity for all!

buried 6 feet down with the roaches and worms....or
buried in the living room in front of the 65" curved OLED with 29:1 supersurroundsound....hmmmmm.

Ceffer says

DIE, EVIL BOOMERFUCKS, FUCKING DIE ALREADY!

YOUR HOMES WILL BE YOUR GRAVES!

the title should actually be
Desperate lower 99.5% Baby boomers need Millennials to buy their houses at inflated values to fund the boomer’s retirements.

http://www2.ucsc.edu/whorulesamerica/power/investment_manager_2014.html

The only way to draw in millennials:

Dan8267 says

1. Cut the price in half.

Reality:

Dan8267 says

2. Sell it to your own kids at the absurd asking price and lend them the money to buy it.

It may not be your parents directly lending you the money, but indirectly and collectively it is. It is the same stocks, funds, and banks controlling your parents' retirement funds that are trying to sell you an overpriced loan to buy an overpriced shack built decades before we had ever heard of aids, ebola, and caramel lattes.

Dan8267 says

This video nailed it.

Ha ha ha.
They have smart phones, bikes, basements, education and hang out at Starbucks.
I had a 19 inch TV.

APOCALYPSEFUCKisShostikovitch says

Here's the next question: what was her household's income the year she bought the house. Betcha a coke it was north of $10,000.

Even if it was, consider House Price / Income

Then, $17,000 / $10000 = 1.7

Now, $390,000 home price / Avg Household Income here of $60,000 = 5

So the difficulty of paying off a home with income more than doubled!

With every article like this I appreciate my parents even more. Buying slightly leveraged (now free and clear) rental homes and three year-old cars with cash made two college non-grads pretty comfortable past 60 (and beyond).

Very few people in my generation want to undertake a home purchase today (in SoCal) but I see the desperation building. The "oh shit, bail!" factor is about to take hold.

Its not the Baby-Boomers who are so worried, its the local and state tax departments. How can they make revenue if the young folks aren't buying and making life long choices to commit to their town/state? Think about the local and state income that comes from property tax and residual local spending + local/sate sales taxes....its the State that needs to be worried...people have better options.

scoob says

.people have better options

Basements? Tent cities? I don't see better options. When you rent you are paying taxes also.

basement tax? tent city tax? I'm not sure what tax you are referring to, but Im primarily talking about property tax, which is a huge source of income for the local gov. Renters, including basement and tent dwellers, are excluded from this stream of revenue.

What better options do people have? Basements? Sure but that is life long only for a select few. How else can you avoid prop tax?

Anyone who rents a sfh or apt is paying city tax in their rent.

if you are talking about California only, I recommend people consider their options, and leave the state, There are more advantageous situations for people to live good lives with good homes and provide for their families. for example, states that do not tax income or capital gains...states with much lower home prices...it all has to be considered. I have been through this exercise before, a lower paying salary offer doesn't always equate to a lower standard of living....if all the big money wants to live in Cali and/or NY, then I encourage younger smart people to leave and find roots elsewhere, there are many many options aside from being forced to sacrifice savings for the future, just so they can write home to the parents that they are eating artisan salads for dinner

scoob says

states that do not tax income or capital gains

You mean states with shitty schools and health care and high property taxes.

The migration to and from CA is negligible to home prices and city coffers in the desirable areas. Those cities are not worried

the USA overall scores fairly average in terms of health care and education, so I don't think moving out of Cali will represent a significant drop in either of these.

To the states with no taxes? Yes it will. Ive been there:texas and florida. Ive been to 49 states and lived in several. CA has a lot going for it

great to hear you are happy there. It is def an amazing place to visit! My message is for young people who haven't decided..and for those who aim to make big money on their stock investments one day, aside from their already excessively high employment tax, watch out for how much you will be cut on those capital gains...all this risk aside from the fact that half or more of your income is going towards a speculative real estate market! You can do better...

scoob says

half or more of your income is going towards a speculative real estate market!

Well we are renting at 16% of our income and waiting for the next bust so we can own at less than 28% but I understand your point. The best part of a speculative market is that is crashes as frequently as it booms :)

Call it Crazy says

Yep, paying 4 times as much for a house compared to other areas!

I'll wait until it's only 3.5 times more haha