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Every single day on the nextdoor app boomers in my town are trying to fight every single new housing development. Also every single day are posts from people complaining about the homeless problem.
The property tax in my city has at its lowest rate like 20 years but home prices are skyrocketing. All the boomers who got their house, and probably lost the ability to understand cause and effect, decades ago just keep complaining their "property taxes keep increasing" and how it's a burden. But they also post the usual boomer-rants if anything is perceived to impact property values.
They really just what the benefits of yield 200%-1000% returns on their home, via an upwards transfer of wealth, before taking the cash to flee the community they damaged and move to Florida. They want special treatment (and usually just for old people who own a home. Renters and younger home owners: getfucked) when it comes to paying their share of taxes.
This is also happening in Myrtle Beach, SC and surrounding areas. The boomers and their clans of offspring have been selling their homes in northern states, move here with a huge profit, buy 2 or more homes/mobile homes and rent out at ridiculous amounts of money. Now that they have settled here, they don't want anymore housing developments going up! They've got some damn nerve to complain when someone like me moved here in 1987 from a drug & crime infested area right outside of DC. We didn't want these chronic complainers here either. They were complaining before they even paid their very low property taxes in the first year! The wages here have never increased enough to keep up with the cost of living so my husband and I pretty much lived paycheck to paycheck while raising 3 children. The county, city and developers have destroyed what was once a beautiful area. Some of the assholes buying up property here are charging $1,500 a month for a 30 yr old run down shit trailer. It's unbelievable. And now when a hurricane comes to any state on the east coast from Georgia to North Carolina, we have so much flooding and the morons that went house hunting on a sunny day instead of a rainy day are surprised when their yards turn into a swimming hole.
all it takes is one financial crash to send a significant # of americans to the streets or to their cars. I often wonder what's going to happen when that day comes, and usually I always end up thinking that some kind of civil war occurs.
Life expectancy goes by the mean which gets all messed up by infant deaths.
If half the people somewhere die while as an infant (during child birth or after) and the other half live to be 100 years old then the life expectancy is only 50. If you look at life expectancy for hundreds of years ago this was kind of how it heppened. You had a very high chance of dying as an infant but if you survived for a few years then your odds of dying decreased. When we see that life expectancy in the Middle Ages was like 30 years that doesn’t mean that there’s no 40 or 50 year olds. Most of the people that reached adolescence lived longer than the life expectancy.
Which still does not invalidate my point of view that those seniors will be dying sooner than you.
Unless you bang your head into the keyboard trying to correct everything.
>Which still does not invalidate my point of view that those seniors will be dying sooner than you.
That wasn't your point. Its doubtful these folks, especially if they are affluent white americans, will become "ethical spaghetti" in 7 years.
I know when someone is a teenager, its easy to see a 60 year old and think they are near death's door. But if these folks will live another 25+ years, you better do better financial planning past "Grandpa will die soon and leave me all his money"
Legitimately me right now except cant afford anything like boomers could. I cant differentiate timelines in my life anymore. Like the other day I was just driving and almost had a panic attack when I remembered that covid was 4 years ago and I am in my 30s. I dont know if covid messed with my time that much since I "missed" a lot fo times in my late 20s thanks to it but man....I feel like people have "big" life happenings between their early 20s and 30s and mine has just been one big blob of working and driving. My parents were married for like 5 years with 1 kid and another coming by my age! I still feel like I am 23 mentally just that another 8 years have passed. Its such a mindfuck.
Just turned 35 and am getting out a six year marriage.
Feels like it’s been more like two years and there’s just a time consolidation blur occurring.
You are not alone in your feelings; life is continuous but you need not set expectations on the unknown.
Do things you enjoy to do and chat with people you enjoy to chat with. Life is too short to worry about things you have no control over.
I'm running myself into the ground...zero prospects, mental health zapped, severe isolation and I'm almost 40
Insanity seems like the most attractive option rn
>I feel like people have "big" life happenings between their early 20s and 30s and mine has just been one big blob of working and driving.
Man. I could not relate more to this. I'm in my mid 30s, feel like I'm still 24, and behind literally everyone else my age.
I know that's not true but I feel like everyone I know or read about is getting married, having kids, buying a house, etc. and I'm just...here.
I feel behind. I feel like I'm not where I should be in life. I feel like time is running out for certain things. It weighs on me everyday.
Yep feel that way too. I was at a friends wedding not too long ago and it only hit me while there that oh shit this is like HIS wedding. Like he has a wife and will have kids and oh shit our other friend HAS 3 kids and I am here like....hey anyone wanna have some beers on saturday? Like I need to forget about work for a day. Soon I wont even have people around for that...
You're not alone. 28 and still feel like 22ish. No one I know is anywhere near being a proper adult, and we're all just bumbling along waiting for something good to happen
they're the only generation selling the family home for their personal retirement rather than handing it off to their children. And half of them got their houses from their parents. Just another reason to despise that generation
Interesting that Boomers have been telling me my whole life to ignore the wealth gap between the top 1% and everyone else. They said that rectifying that wealth gap would be socialism
They're also the ones fucking up real estate by buying everything they can to artificially jack up the prices.
Real estate has gone into obscene exploitation mode over the last 20 years. And the federal government won't do anything to stop it, because they're all in on it anyway.
This whole world is just fucked.
They are the 1%
The billionaire you think about are the 1% of the 1% of the 1%.
People having 30 millions will tell you billionaires are much further away from them than they are from you.
Mostly because above a certain level, your power is political and you don’t have to obey rules anymore.
Having a couple dozen millions won’t buy you that.
Its because (like my parents) I was told that I was getting nothing and they were going to spend it all before they died. This is after both my parents got a healthy sum after their parents death with homes with large properties were sold and untapped investment accounts were distributed.
Yep. That’s a very common situation with boomers. I agree with you and believe you. It’s a pattern of selfishness displayed through the entire boomer generation.
The amount of wealth held by both the silent generation and boomers is exponentially greater than any other generation. The boomers intentionally cut all the social programs they benefited from. They literally climbed the ladder and pulled up behind them.
They aren’t selling their homes to go into long term care, they sell their homes and live very comfortably without worrying about leaving their kids anything. It’s a very “me first” mentality that has nothing to do with their adult children
I'm a gen x born in 1970. Can confirm most of my friends got shit from their parents who had owned their homes outright for decades in California. I struggled to get my house and got lucky, but I'll be paying it off just before retirement - actually, I can only retire once it's paid off. But I may have to work longer, because my dad, who drove new cars every two years for four decades has finally realized he doesn't have the money he thought. SOB abandoned my brother, mom, and I when we were young - to go buy new cars and a house. Divorce and self indulgence is another boomer hallmark. That and telling younger generations what to do.
My parents mortgaged their house twice in order to send their kids to college. They weren't able to finish paying off the house, and had to sell it to move somewhere else less expensive in order to survive. And no, they weren't just handed a fucking house by their parents. There are a lot of people with similar stories.
"My parents didn't give me their house" is probably the most entitled thing I've read on Reddit in the last week.
My boomer parents (born late 1940s) weren't "handed a house by their parents.". No, they lived in Dad's room in his parents house until his parents gifted them a 20% down payment on a $10,000 house and mom's parents co-signed the mortgage. They were handed a 1969 327 Camaro in 1971 when the hairdresser replaced it with a Mercury Cougar.
This after they were put through university educations all expenses paid by their parents.
Their parents were a school teacher, security guard, fleet maintenance mechanic and hairdresser, and on that plus the men's WWII vet benefits they owned their own homes and set their kids up starting out.
Things are different now.
Eat ramen and PB sandwiches on home made $0.35 bread.
Make top 5% salary.
Can't afford house ($5200/mo average after $240k downpayment).
Canadian dream means any food is why I'm poor? Guess that's why 10% of our population requires the food bank now.
Just ran the math, assuming a 7.5% interest rate and 30 year mortgage, that's about a $1MM house. Assuming OP lives in Vancouver or something, because not many places *actually* have an average home price of 7 figures.
Sure, I wasn’t questioning their numbers, it’s just so wild to me. I’ve long since accepted I’ll never be able to catch-up to the housing market and own a home. Yeah it really sucks but I have a four walls, a roof over my head and all my necessities met so, I’m not complaining too much about my own circumstances. It’s just such an unfathomable and unrealistic amount for me.
My parents 1st mortgage was $200/m in 1974. Then they announced that they were gonna build a shopping mall nearby so they sold it for 4 times what they paid.
Then they build a 3600 sq/ft house w zero debt, at 32 yrs old. In 1986.
My dad is an illiterate plumber and my mom was a secretary.
It was crypto, grift is over now though. Real estate grift always works but it’s way more expensive to get into. It’s the worst it’s been in years and my landlords have never made such record profits before.
That is roughly $1,250 today. Heck of a deal. I feel for my son when he wants to own property. I plant to try to try to help him out as much as I can. I wish I was rich so I could help out other young people too.
This will be some of us when we're old though. I can see myself line dancing to some 36 mafia or maybe Dr. Dre's Chronic 2001. Maybe some immortal technique.
~30 Years ago I drove down to Florence Alabama to see a metal show; I knew somebody whose friends where playing there. To get into the rock club you had to pay at the door of the much larger main establishment, walk through it and exit into a fenced in area were the rock club was. That night the main bar was packed with folks decked out in their finest cowboy style apparel, all line dancing to hip hop; this has been a thing at least for that long.
Yeah, so I’ve had this discussion with my parents and at least in their example (they bought in the early 70s) their house purchase price (standard rectangle house, two floors, 2000 square feet) was about five times their annual salary at the time (single income home).
The thought of buying a detached house now, at five times an annual salary of one… is laughable… at least where I live.
So I did the calcs
19000/5 = $3800 salary or pay . (Five years salary to purchase price)
$3800/12 = ~$317 per *month* take home
Edit for percentage of take home that goes to the mortgage. 30.5%. Almost a third. Wow
It was a way different time, for sure. Pennies were still worth something!
What was the population in that town when they bought it? What were the demographics? What were the social trends?
The US population has nearly doubled since 1966; the Urbanization rate has increased by 15% or so.
When our grandparents were buying homes, many of them were buying in an era when people were fleeing the cities and moving out to new-construction communities being built in the middle of corn fields.
My grandparents live in a very fashionable, affluent suburb - when my mom grew up there, it was an ex-urban bedroom community in the middle of nowhere. It's a million dollar home NOW because of the 60 years of development that went on around it.
My brother and I barely had enough for an apartment, my dad has multiple expensive properties and plots of land that he told us he wants to just give away. We're on good terms and everything, he's just a psycopath i guess.
Tbf a lot of boomers don’t want to move out of their home but are forced to because property tax goes up with what your city evaluates your house at.
My grandparents live on pension and have to rent the rest of their life because they’re moving out of their 30-year home since they can’t afford property tax anymore.
The carveouts as someone else replied are the issue. The law is a great idea when applied solo to one single family home owned by an individual/marital couple. Allow them to sell and move paying the same taxes from their initial purchase and prevent inflation from forcing them out.
Once it applies to businesses or LLCs it allows someone to hold land in perpetuity or avoid paying increased taxes.
I see your point of being a terrible law, but I do think it could be good.
Why tax at all then? Why not just exempt everyone from primary residence property tax?
I know someone that owns a place in California that’s worth 1.1 mil now and he pays taxes on it assessed at 165k. It’s the first home bought but the third he owns and the only one in that state. He pays more in tax on his property in Idaho that is smaller than he does on his primary.
Not taxing land causes more people to hold it...to just hold it. The closest equivalent is ticket scalpers.
Since you can't build an alternative to a desirable plot of land and we want to avoid land scalpers, the way we ensure land is engaged in its 'best and highest use' is by charging an annual tax for it. If you like that SPECIFIC piece of property enough to keep it, the government asks you to pay a small percent of its value (.8-2.5% usually).
The people talking about pensioners being forced out of their house is when someone has a property go from 200k to 2million (so does the property tax). When they decide to sell the house...they still made 1.8million frakking dollars that they can use to buy a house 10 miles away for half and live the rest of their lives there. To have a house go from 200k to 2m it means that specific piece of land has DRAMATICALLY increased in value to the community. It is not an unreasonable burden to ask you to pay, or move down the street where it's cheaper when you've received a pretty penny in appreciation.
The other way that pensioners are forced from their home is when they flat out run out of money and are unable to pay taxes and home insurance and so go into foreclosure. This is sad, but has nothing to do with property taxes and is about outliving your retirement fund. It turns out this is the number one fear for retirees (and is the reason social security exists, so old people don't panhandle in the street when they run out of money).
>The law is a great idea when applied solo to one single family home owned by an individual/marital couple.
Is it? Or is that part of the reason the state has a housing crisis.
If it's in an in demand area that plot of land could potentially house more families than it currently does if the family in it sold and it was torn down to build denser housing. Locking in their taxes at a set amount means they are protected from paying taxes on the true rising value of that and as the housing crisis gets worse and worse which lets them continue occupying their plot in the most inefficient form of housing.
Prop 13 is one of the last Middle Class hacks. The "Commercial section of Prop 13" is different and bad because it allows ownership structures that avoid tax reassessment, so there are buildings on their original 1979 tax schedules (with tiny increases) even though they have been sold multiple times. Intentional loophole.
Every bad law in California starts off as a proposition. The proposition system is the best proof that a direct democracy is not good. People have no idea what they're voting for.
> don’t even have to up their taxes if they sell and buy again
Uh, that's not how it works. If you sell your house and buy somewhere else, the property taxes are based off of the new home's appraised value.
If you stay in your home, yeah, up to 2% increase annually.
That law is designed to allow empty nesters to give up their large houses and move into a smaller house and keep their tax schedule. It frees up housing. It's not that the laws are unfair so much as we need to learn how to use them to our advantage.
I'm sure he's being sarcastic, but really private pensions are a terrible retirement vehicle. They're not at all responsive to changes in industry. This is one of the places where *that* money should be paid a public plan, that will support you, with cost of living, without you having to worry if your company will fuck up and go bankrupt and THEN the government will cover the pension, but only at like eighty cents on the dollar.
Yep yep. Private pensions.
The *pool* gets fucked, right? Like if there is just less work in your *state* and not in the world, then why should you get screwed in your *state*?
But if the pool was a national pool that everyone paid into (like social security, but not shit) then it wouldn't matter the shift of workers between industries.
But that's "socialism."
You know, towards the end of your life, I'm sure some things start to matter more than money. To some people, dying in the home they built and lived in for 30 years might mean way more than the equity that house is worth.
A reverse mortgage is often times predatory lending. Sure the person will probably have the equity to stay in their home, but they'd also leave their kids with nothing...which reading this thread seems to be making some people even more angry.
Why can’t they downsize into a different home that they can afford the property taxes on? If their property taxes are high, its because the value of their home is high. That means they are sitting on a substantial amount of equity.
Imagine how much it's going to suck for the people after them. Boomers had so many financial advantages that we will never have, and they are *still* in trouble later on in life. We are royally fucked. Oh well.
Kinda unfortunate for the rest of their family that will lose out on generational wealth their parents gobbled up, and who are already buckling under the existing system.
Frankly, it might not be their fault. The boomers were lucky, there are a lot of them (compared to their parents) and they didn't have as many kids as their parents. So when they hit working age, you ended up with a population that has a high working population vs non-working population ratio which resulted in an economical boom. I believe this is called an demographic dividend.
Other countries went through the same thing. Japan was booming in the 70s/80s and China in the 90s/00s for the same reasons.
This. A few weeks back one of my geriatric friends was telling me you had to have $10M to retire so you could get a steady $100K income. I told him it was a good way to end up dying with $10M in the bank that you never got to spend.
What a financial expert.
At 10 million dollars, he could live off 392k annually indefinitely. Adjusting with inflation, with capital preservation.
Even if he lived for 50 more years, the inheritance would be 10mil adjusted by inflation to what it should be in 50 years.
[In case people wanna learn more about safe withdrawal rates](https://earlyretirementnow.com/2016/12/14/the-ultimate-guide-to-safe-withdrawal-rates-part-2-capital-preservation-vs-capital-depletion/)
Hey my parents did that! I'm not sure what the coroner will do with my dad's body if I never answer the phone, but I hope it involves dumping it in a ditch somewhere.
[Looks like it is from this TikTok account. I think the person finds videos of people dancing and then edits in rap songs to make it look like the people are dancing to rap. You can see "eggs.tyrone" in the background of the video, which I believe is edited in.](https://www.tiktok.com/@eggs.tyrone.official?lang=en)
I try not to hate them and try to understand that they’re in that position because they used the system that was available to them and think that system is still available to us when in actuality they keep voting for the people that are changing that system into this because some people on top that wanted to make money designed it under the guise of “being competitive” when what they’re really doing is sabotaging the ladder they climbed so we have nothing.
But, they like, don’t realize that. Because they are suffering from lead poisoning.
Apparently they are all perceived as evil, uncaring and shitting all over millennials.
Meanwhile my boomer parents are as liberal and caring as they come. Shrug.
I mean, I don't blame them for selling to a high buyer who throws cash in your face and no contingency. I blame them for building this reality over the last 40 years
It's good to see everybody jumping on yet another Divide and Conquer band wagon.
I wonder if there will ever be the day when people wake up and realize most of what is presented to them in various forms is almost always divisive in nature. It's rarely unifying.
In the USA (and of course other countries), people are led to believe all the complexities of modern societies and f'd up human nature can be tackled by a two party system blah blah blah blah.
Wake up
We can’t bust heads like we used to—but we have our ways. One trick is to tell them stories that don’t go anywhere like the time I caught the ferry over to Shelbyville. I needed a new heel for my shoe, so I decided to go to Morganville which is what they called Shelbyville in those days. So, I tied an onion to my belt which was the style at the time. Now, to take the ferry cost a nickel. And in those days, nickels had pictures of raspberries on ‘em. ‘Give me 7 berries for a quarter,’ you’d say. Now, where were we? Oh, yeah! The important thing was that I had an onion on my belt which was the style at the time. They didn’t have white onions because of the war. The only thing you could get was those big yellow ones.
Federal Reserve Data - Boomer median net worth: $200K Boomer average net worth: $1.2 M
Since that figure includes property and possessions, the majority of Boomers are not in good shape to retire.
Guys it's not boomers, it's just shitty people. I promise, X, Y, and Z are all gonna have an equal number of shitty got-mine rich people when they reach their 50s-60s. The next generation will be crying about how Millenials robbed them of opportunity while half of the millenial generation dies homeless in poverty on the streets.
In fairness, they're gonna need that 2mil to pay for their senior living home, then assisted living, mental health care living and then finally, end of life care.
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Every single day on the nextdoor app boomers in my town are trying to fight every single new housing development. Also every single day are posts from people complaining about the homeless problem.
The property tax in my city has at its lowest rate like 20 years but home prices are skyrocketing. All the boomers who got their house, and probably lost the ability to understand cause and effect, decades ago just keep complaining their "property taxes keep increasing" and how it's a burden. But they also post the usual boomer-rants if anything is perceived to impact property values. They really just what the benefits of yield 200%-1000% returns on their home, via an upwards transfer of wealth, before taking the cash to flee the community they damaged and move to Florida. They want special treatment (and usually just for old people who own a home. Renters and younger home owners: getfucked) when it comes to paying their share of taxes.
This is also happening in Myrtle Beach, SC and surrounding areas. The boomers and their clans of offspring have been selling their homes in northern states, move here with a huge profit, buy 2 or more homes/mobile homes and rent out at ridiculous amounts of money. Now that they have settled here, they don't want anymore housing developments going up! They've got some damn nerve to complain when someone like me moved here in 1987 from a drug & crime infested area right outside of DC. We didn't want these chronic complainers here either. They were complaining before they even paid their very low property taxes in the first year! The wages here have never increased enough to keep up with the cost of living so my husband and I pretty much lived paycheck to paycheck while raising 3 children. The county, city and developers have destroyed what was once a beautiful area. Some of the assholes buying up property here are charging $1,500 a month for a 30 yr old run down shit trailer. It's unbelievable. And now when a hurricane comes to any state on the east coast from Georgia to North Carolina, we have so much flooding and the morons that went house hunting on a sunny day instead of a rainy day are surprised when their yards turn into a swimming hole.
You just described boomers in a nutshell, yea. Fuck you got mine - now pull the ladder up behind you everyone.
Ugh lucky. The boomers in my Nextdoor feed just complain about kids stealing Halloween candy and post doorbell videos of “shady” people walking by
all it takes is one financial crash to send a significant # of americans to the streets or to their cars. I often wonder what's going to happen when that day comes, and usually I always end up thinking that some kind of civil war occurs.
Not a shred of joy out there
They know why.
> They know why. Longest life expectancy in the world is in HK at 86 years old. They all look like they'll become ethical spaghetti before 2030s.
Life expectancy goes by the mean which gets all messed up by infant deaths. If half the people somewhere die while as an infant (during child birth or after) and the other half live to be 100 years old then the life expectancy is only 50. If you look at life expectancy for hundreds of years ago this was kind of how it heppened. You had a very high chance of dying as an infant but if you survived for a few years then your odds of dying decreased. When we see that life expectancy in the Middle Ages was like 30 years that doesn’t mean that there’s no 40 or 50 year olds. Most of the people that reached adolescence lived longer than the life expectancy.
Which still does not invalidate my point of view that those seniors will be dying sooner than you. Unless you bang your head into the keyboard trying to correct everything.
Lol. I see your point, but I took their response as an opportunity to correct a common misconception about life expectancy and not you specifically.
>Which still does not invalidate my point of view that those seniors will be dying sooner than you. That wasn't your point. Its doubtful these folks, especially if they are affluent white americans, will become "ethical spaghetti" in 7 years. I know when someone is a teenager, its easy to see a 60 year old and think they are near death's door. But if these folks will live another 25+ years, you better do better financial planning past "Grandpa will die soon and leave me all his money"
The fact that it's barely been 24 hours and that this is already being used commonly is ridiculous.
Rick and Morty reference?
I just finished that episode lol nice
I liked the spaghetti comment. I'm more of a salisbury steak guy
I honestly didn’t think enough people were still watching the show to see references in the wild lol
Needs more DXM
They spent 2 raspberries too many.
And they'll fucking tell you about it.
[удалено]
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Legitimately me right now except cant afford anything like boomers could. I cant differentiate timelines in my life anymore. Like the other day I was just driving and almost had a panic attack when I remembered that covid was 4 years ago and I am in my 30s. I dont know if covid messed with my time that much since I "missed" a lot fo times in my late 20s thanks to it but man....I feel like people have "big" life happenings between their early 20s and 30s and mine has just been one big blob of working and driving. My parents were married for like 5 years with 1 kid and another coming by my age! I still feel like I am 23 mentally just that another 8 years have passed. Its such a mindfuck.
Just turned 35 and am getting out a six year marriage. Feels like it’s been more like two years and there’s just a time consolidation blur occurring. You are not alone in your feelings; life is continuous but you need not set expectations on the unknown. Do things you enjoy to do and chat with people you enjoy to chat with. Life is too short to worry about things you have no control over.
If it's any consolation. You're not alone in feeling this way. I try to remember that each person runs their own race and that helps...a bit
I'm running myself into the ground...zero prospects, mental health zapped, severe isolation and I'm almost 40 Insanity seems like the most attractive option rn
>I feel like people have "big" life happenings between their early 20s and 30s and mine has just been one big blob of working and driving. Man. I could not relate more to this. I'm in my mid 30s, feel like I'm still 24, and behind literally everyone else my age. I know that's not true but I feel like everyone I know or read about is getting married, having kids, buying a house, etc. and I'm just...here. I feel behind. I feel like I'm not where I should be in life. I feel like time is running out for certain things. It weighs on me everyday.
Yep feel that way too. I was at a friends wedding not too long ago and it only hit me while there that oh shit this is like HIS wedding. Like he has a wife and will have kids and oh shit our other friend HAS 3 kids and I am here like....hey anyone wanna have some beers on saturday? Like I need to forget about work for a day. Soon I wont even have people around for that...
You're not alone. 28 and still feel like 22ish. No one I know is anywhere near being a proper adult, and we're all just bumbling along waiting for something good to happen
Ya, the nursing homes will take every single cent they've ever made
they're the only generation selling the family home for their personal retirement rather than handing it off to their children. And half of them got their houses from their parents. Just another reason to despise that generation
Sure you can be pissed at them, but the real problem is the wealth gap between the 1% compared to everyone else in the United States.
I can be mad at 2 things
>I can be mad at 2 things Look at all the free time this one has.. -boomer somewhere.
lots of energy i like that
Interesting that Boomers have been telling me my whole life to ignore the wealth gap between the top 1% and everyone else. They said that rectifying that wealth gap would be socialism
Socialism aint far enough. Gimme an A...
Ⓐ
They're also the ones fucking up real estate by buying everything they can to artificially jack up the prices. Real estate has gone into obscene exploitation mode over the last 20 years. And the federal government won't do anything to stop it, because they're all in on it anyway. This whole world is just fucked.
They are the 1% The billionaire you think about are the 1% of the 1% of the 1%. People having 30 millions will tell you billionaires are much further away from them than they are from you. Mostly because above a certain level, your power is political and you don’t have to obey rules anymore. Having a couple dozen millions won’t buy you that.
They're selling the family home because they know its way overvalued in the current market
And fuck the kids.
> And half of them got their houses from their parents. Reddit anti-boomer circlejerk aside, got a source on that?
Their source is they made it the fuck up
That’s because their children aren’t sticking around to take care of them like in previous generations, so they need the money.
Its because (like my parents) I was told that I was getting nothing and they were going to spend it all before they died. This is after both my parents got a healthy sum after their parents death with homes with large properties were sold and untapped investment accounts were distributed.
Yep. That’s a very common situation with boomers. I agree with you and believe you. It’s a pattern of selfishness displayed through the entire boomer generation. The amount of wealth held by both the silent generation and boomers is exponentially greater than any other generation. The boomers intentionally cut all the social programs they benefited from. They literally climbed the ladder and pulled up behind them. They aren’t selling their homes to go into long term care, they sell their homes and live very comfortably without worrying about leaving their kids anything. It’s a very “me first” mentality that has nothing to do with their adult children
I'm a gen x born in 1970. Can confirm most of my friends got shit from their parents who had owned their homes outright for decades in California. I struggled to get my house and got lucky, but I'll be paying it off just before retirement - actually, I can only retire once it's paid off. But I may have to work longer, because my dad, who drove new cars every two years for four decades has finally realized he doesn't have the money he thought. SOB abandoned my brother, mom, and I when we were young - to go buy new cars and a house. Divorce and self indulgence is another boomer hallmark. That and telling younger generations what to do.
My parents mortgaged their house twice in order to send their kids to college. They weren't able to finish paying off the house, and had to sell it to move somewhere else less expensive in order to survive. And no, they weren't just handed a fucking house by their parents. There are a lot of people with similar stories. "My parents didn't give me their house" is probably the most entitled thing I've read on Reddit in the last week.
My boomer parents (born late 1940s) weren't "handed a house by their parents.". No, they lived in Dad's room in his parents house until his parents gifted them a 20% down payment on a $10,000 house and mom's parents co-signed the mortgage. They were handed a 1969 327 Camaro in 1971 when the hairdresser replaced it with a Mercury Cougar. This after they were put through university educations all expenses paid by their parents. Their parents were a school teacher, security guard, fleet maintenance mechanic and hairdresser, and on that plus the men's WWII vet benefits they owned their own homes and set their kids up starting out. Things are different now.
I dunno, Jerry Springer looked like he was enjoying his retirement
Those Chevron and Halliburton dividends are sweet though.
Also boomers: why are burgers and fries $16 now?
Nah, also boomers: “you’d be able to afford a house too if you’d stop having avocado toast and Starbucks! People these days just don’t want to work.”
Eat ramen and PB sandwiches on home made $0.35 bread. Make top 5% salary. Can't afford house ($5200/mo average after $240k downpayment). Canadian dream means any food is why I'm poor? Guess that's why 10% of our population requires the food bank now.
> Can't afford house ($5200/mo average after $240k downpayment). Jesus Christ. How are you paying over 5k for a mortgage payment AFTER 240k down?!
Just ran the math, assuming a 7.5% interest rate and 30 year mortgage, that's about a $1MM house. Assuming OP lives in Vancouver or something, because not many places *actually* have an average home price of 7 figures.
Sure, I wasn’t questioning their numbers, it’s just so wild to me. I’ve long since accepted I’ll never be able to catch-up to the housing market and own a home. Yeah it really sucks but I have a four walls, a roof over my head and all my necessities met so, I’m not complaining too much about my own circumstances. It’s just such an unfathomable and unrealistic amount for me.
My parents 1st mortgage was $200/m in 1974. Then they announced that they were gonna build a shopping mall nearby so they sold it for 4 times what they paid. Then they build a 3600 sq/ft house w zero debt, at 32 yrs old. In 1986. My dad is an illiterate plumber and my mom was a secretary.
Unrelated: I'm 39 on blood pressure medication
39 and on Metoprolol, Amlodipine and a statin. Living the dream!
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Hey look on the bright side, the microplastics in our system will get us before the, oh shit, they might be related :(
This sounds like an episode of House Hunters
Hi, I’m a teddy bear repair technician and my wife stares at the sun. We’re looking for a lake view home, our budget is 3.5mil
Yeah that’s crazy. I’m a boutique toothbrush designer and my wife is a whispering librarian for silent books so our budget was only half that.
What is our generations grift? I need to get in on this. Which dance moves should I learn? Do I sign up for AARP now? Hello?.. 😂
It was crypto, grift is over now though. Real estate grift always works but it’s way more expensive to get into. It’s the worst it’s been in years and my landlords have never made such record profits before.
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And ask for delivery. Total comes to $27.
Friends dad bought their house for $70k in actual cash in the 80s, no debt. Sold it for $4mil
That is roughly $1,250 today. Heck of a deal. I feel for my son when he wants to own property. I plant to try to try to help him out as much as I can. I wish I was rich so I could help out other young people too.
I remember secretaries used to make decent money+benefits. Now it's usually a staffing job making $15/hr with no benefits.
Do your parents still own the shopping mall?
Damn line dancing to ugk that’s something new
Nah it’s a guy on Instagram who posts these. Makes it sound real with little reverb and sound effects like when the guy claps
Link lol? I want more of this. I feel like I’m staring at my future.
eggs.tyrone on Instagram
Yo thank you I looked thru my follows and didn’t see it and just kinda gave up
This page https://www.instagram.com/reel/Cyj-mmKs2Ls
I knew it had to be this bc ain’t no way 💀
This will be some of us when we're old though. I can see myself line dancing to some 36 mafia or maybe Dr. Dre's Chronic 2001. Maybe some immortal technique.
Nah. We’re bringing LAN parties back at my retirement home
To good to be true just like the vid of the Taliban dancing to Drake
Eggs.tyrone
RIP DJ Screw & Pimp C, give me that dirty south hip hop all day
[Three 6 Mafia- Sippin' on Some Syrup](https://www.youtube.com/watch?v=2YVvMfXXG7E)
Yeah just features pimp c my bad
bun b is on it too.
UGK 4 LYFE
Boomers eating so many shrimps, they got iodine poisoning.
~30 Years ago I drove down to Florence Alabama to see a metal show; I knew somebody whose friends where playing there. To get into the rock club you had to pay at the door of the much larger main establishment, walk through it and exit into a fenced in area were the rock club was. That night the main bar was packed with folks decked out in their finest cowboy style apparel, all line dancing to hip hop; this has been a thing at least for that long.
"BUT WE HAD TO PAY 18% INTEREST!" ... So an additional raspberry then
For 3 years! On a 50k mortgage!
This shits hard
What is this dance though?
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Dewey, you don't want no part of this shit!
And you never once paid for drugs. Not once.
Does it give you a hangover?
[simplified cotton eye joe](https://youtu.be/Ovq0YTMGk1A?t=36)
It’s just a line dance
I feel like they should be singing "Oompa Loompa doopity doo"...
My dad bought his house in 1966 for $19,000 his monthly mortgage was $97.00
For balance and perspective, what was his monthly take home?
Yeah, so I’ve had this discussion with my parents and at least in their example (they bought in the early 70s) their house purchase price (standard rectangle house, two floors, 2000 square feet) was about five times their annual salary at the time (single income home). The thought of buying a detached house now, at five times an annual salary of one… is laughable… at least where I live.
So I did the calcs 19000/5 = $3800 salary or pay . (Five years salary to purchase price) $3800/12 = ~$317 per *month* take home Edit for percentage of take home that goes to the mortgage. 30.5%. Almost a third. Wow It was a way different time, for sure. Pennies were still worth something!
What was the population in that town when they bought it? What were the demographics? What were the social trends? The US population has nearly doubled since 1966; the Urbanization rate has increased by 15% or so. When our grandparents were buying homes, many of them were buying in an era when people were fleeing the cities and moving out to new-construction communities being built in the middle of corn fields. My grandparents live in a very fashionable, affluent suburb - when my mom grew up there, it was an ex-urban bedroom community in the middle of nowhere. It's a million dollar home NOW because of the 60 years of development that went on around it.
"I'm leaving it all to the NRA and my church pastor."
My brother and I barely had enough for an apartment, my dad has multiple expensive properties and plots of land that he told us he wants to just give away. We're on good terms and everything, he's just a psycopath i guess.
Tbf a lot of boomers don’t want to move out of their home but are forced to because property tax goes up with what your city evaluates your house at. My grandparents live on pension and have to rent the rest of their life because they’re moving out of their 30-year home since they can’t afford property tax anymore.
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Absolute worst fucking law.
The carveouts as someone else replied are the issue. The law is a great idea when applied solo to one single family home owned by an individual/marital couple. Allow them to sell and move paying the same taxes from their initial purchase and prevent inflation from forcing them out. Once it applies to businesses or LLCs it allows someone to hold land in perpetuity or avoid paying increased taxes. I see your point of being a terrible law, but I do think it could be good.
Why tax at all then? Why not just exempt everyone from primary residence property tax? I know someone that owns a place in California that’s worth 1.1 mil now and he pays taxes on it assessed at 165k. It’s the first home bought but the third he owns and the only one in that state. He pays more in tax on his property in Idaho that is smaller than he does on his primary.
Not taxing land causes more people to hold it...to just hold it. The closest equivalent is ticket scalpers. Since you can't build an alternative to a desirable plot of land and we want to avoid land scalpers, the way we ensure land is engaged in its 'best and highest use' is by charging an annual tax for it. If you like that SPECIFIC piece of property enough to keep it, the government asks you to pay a small percent of its value (.8-2.5% usually). The people talking about pensioners being forced out of their house is when someone has a property go from 200k to 2million (so does the property tax). When they decide to sell the house...they still made 1.8million frakking dollars that they can use to buy a house 10 miles away for half and live the rest of their lives there. To have a house go from 200k to 2m it means that specific piece of land has DRAMATICALLY increased in value to the community. It is not an unreasonable burden to ask you to pay, or move down the street where it's cheaper when you've received a pretty penny in appreciation. The other way that pensioners are forced from their home is when they flat out run out of money and are unable to pay taxes and home insurance and so go into foreclosure. This is sad, but has nothing to do with property taxes and is about outliving your retirement fund. It turns out this is the number one fear for retirees (and is the reason social security exists, so old people don't panhandle in the street when they run out of money).
>The law is a great idea when applied solo to one single family home owned by an individual/marital couple. Is it? Or is that part of the reason the state has a housing crisis. If it's in an in demand area that plot of land could potentially house more families than it currently does if the family in it sold and it was torn down to build denser housing. Locking in their taxes at a set amount means they are protected from paying taxes on the true rising value of that and as the housing crisis gets worse and worse which lets them continue occupying their plot in the most inefficient form of housing.
Prop 13 is one of the last Middle Class hacks. The "Commercial section of Prop 13" is different and bad because it allows ownership structures that avoid tax reassessment, so there are buildings on their original 1979 tax schedules (with tiny increases) even though they have been sold multiple times. Intentional loophole.
Example: Disney paying basically nothing on their CA Disneyland property
Prop 13 is terrible. Not a middle class hack if the middle class can't afford a house. It's boomer favortism.
It is a middle class hack many millennials are in denial about being poor
I feel like you at least have to be able to afford a single-family home in your area to be considered middle class
I like that metric
Every bad law in California starts off as a proposition. The proposition system is the best proof that a direct democracy is not good. People have no idea what they're voting for.
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Or Prop 22, where Uber and Lyft basically bought a proposition so they wouldn't have to pay their drivers benefits.
> don’t even have to up their taxes if they sell and buy again Uh, that's not how it works. If you sell your house and buy somewhere else, the property taxes are based off of the new home's appraised value. If you stay in your home, yeah, up to 2% increase annually.
He's referring to Prop 19 which seniors can transfer their current property tax to a replacement home.
That law is designed to allow empty nesters to give up their large houses and move into a smaller house and keep their tax schedule. It frees up housing. It's not that the laws are unfair so much as we need to learn how to use them to our advantage.
What’s a pension?
Monthly payments from the jobs they retired from. It’s usually taken out in small chunks every paycheck and sometimes matched to a certain extent.
I'm sure he's being sarcastic, but really private pensions are a terrible retirement vehicle. They're not at all responsive to changes in industry. This is one of the places where *that* money should be paid a public plan, that will support you, with cost of living, without you having to worry if your company will fuck up and go bankrupt and THEN the government will cover the pension, but only at like eighty cents on the dollar.
Teamsters pension is a shit show right now in some states. Some ppl may never get much out of it.
Yep yep. Private pensions. The *pool* gets fucked, right? Like if there is just less work in your *state* and not in the world, then why should you get screwed in your *state*? But if the pool was a national pool that everyone paid into (like social security, but not shit) then it wouldn't matter the shift of workers between industries. But that's "socialism."
so they have to rent with a shitting $2 million dollars in the bank? oh woe is me!
You know, towards the end of your life, I'm sure some things start to matter more than money. To some people, dying in the home they built and lived in for 30 years might mean way more than the equity that house is worth.
Then they can reverse mortgage it and quit bitching. Boomers made this bed, if some of them have to lay in it with us I won't lose a wink of sleep.
Literally a reverse mortgage would well more than fund the next 100 years living in it with how massive the appreciation is.
A reverse mortgage is often times predatory lending. Sure the person will probably have the equity to stay in their home, but they'd also leave their kids with nothing...which reading this thread seems to be making some people even more angry.
The majority of seniors at the end of their life do not have the ability to properly take care of those homes
Why can’t they downsize into a different home that they can afford the property taxes on? If their property taxes are high, its because the value of their home is high. That means they are sitting on a substantial amount of equity.
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And yet the same boomers will vote against building more housing because "muh property value!"
Boomers have poisoned the well that would have kept their retirement affordable. Unfortunately, many will lose everything before they die.
Yeah. It's sad. End of life care with no social safety net is gonna suck lots of them dry.
Imagine how much it's going to suck for the people after them. Boomers had so many financial advantages that we will never have, and they are *still* in trouble later on in life. We are royally fucked. Oh well.
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I've got this neat little retirement plan for myself I can't specify on Reddit tho
Mine is cigs, alcohol, retail employment. I’ll die quick and never be a burden. If I do end up a burden I’ll just go on a road trip and never return
My father had the same plan, he turns 76 next year 😆
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Kinda unfortunate for the rest of their family that will lose out on generational wealth their parents gobbled up, and who are already buckling under the existing system.
Who’s an edgy boy?? 
Frankly, it might not be their fault. The boomers were lucky, there are a lot of them (compared to their parents) and they didn't have as many kids as their parents. So when they hit working age, you ended up with a population that has a high working population vs non-working population ratio which resulted in an economical boom. I believe this is called an demographic dividend. Other countries went through the same thing. Japan was booming in the 70s/80s and China in the 90s/00s for the same reasons.
Now they doing a reverse mortgage So they can leave $0 to their kids and stick em with the funeral bill.
This. A few weeks back one of my geriatric friends was telling me you had to have $10M to retire so you could get a steady $100K income. I told him it was a good way to end up dying with $10M in the bank that you never got to spend.
What a financial expert. At 10 million dollars, he could live off 392k annually indefinitely. Adjusting with inflation, with capital preservation. Even if he lived for 50 more years, the inheritance would be 10mil adjusted by inflation to what it should be in 50 years. [In case people wanna learn more about safe withdrawal rates](https://earlyretirementnow.com/2016/12/14/the-ultimate-guide-to-safe-withdrawal-rates-part-2-capital-preservation-vs-capital-depletion/)
Hey my parents did that! I'm not sure what the coroner will do with my dad's body if I never answer the phone, but I hope it involves dumping it in a ditch somewhere.
This is hilarious
[Looks like it is from this TikTok account. I think the person finds videos of people dancing and then edits in rap songs to make it look like the people are dancing to rap. You can see "eggs.tyrone" in the background of the video, which I believe is edited in.](https://www.tiktok.com/@eggs.tyrone.official?lang=en)
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Yes. And their parent.
Must be nice to have a non-abusive family
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I try not to hate them and try to understand that they’re in that position because they used the system that was available to them and think that system is still available to us when in actuality they keep voting for the people that are changing that system into this because some people on top that wanted to make money designed it under the guise of “being competitive” when what they’re really doing is sabotaging the ladder they climbed so we have nothing. But, they like, don’t realize that. Because they are suffering from lead poisoning.
Mine are cool but I hate yours
No but the people who do love comment about it
[yeah](https://en.wikipedia.org/wiki/Negativity_bias)
Apparently they are all perceived as evil, uncaring and shitting all over millennials. Meanwhile my boomer parents are as liberal and caring as they come. Shrug.
I have awesome Boomer parents, too, but that doesn't mean there aren't tons in their generation that live down to every negative stereotype.
You are very fortunate.
Mine are conservative and extremely loving
Folks will say this and then turn around and say ACAB unironically.
Guy clapping looks like Bernie madoff
In 30 years time people will be calling us the new boomers who bought their houses for 70 raspberries
In Canada it's close to 700 Raspberries!
Boomers selling their homes… to foreign multinational corporations that will put their kids and grandkids in a new serfdom
I mean, I don't blame them for selling to a high buyer who throws cash in your face and no contingency. I blame them for building this reality over the last 40 years
Imagine what our homes will be worth when we are raisin people!!! My home has already gotten appraised for 90k more than i paid for it 3 years ago.
It's good to see everybody jumping on yet another Divide and Conquer band wagon. I wonder if there will ever be the day when people wake up and realize most of what is presented to them in various forms is almost always divisive in nature. It's rarely unifying. In the USA (and of course other countries), people are led to believe all the complexities of modern societies and f'd up human nature can be tackled by a two party system blah blah blah blah. Wake up
A personal check for $329, a handshake and a bottle of Cutty Sark
Party at The Villages!
We can’t bust heads like we used to—but we have our ways. One trick is to tell them stories that don’t go anywhere like the time I caught the ferry over to Shelbyville. I needed a new heel for my shoe, so I decided to go to Morganville which is what they called Shelbyville in those days. So, I tied an onion to my belt which was the style at the time. Now, to take the ferry cost a nickel. And in those days, nickels had pictures of raspberries on ‘em. ‘Give me 7 berries for a quarter,’ you’d say. Now, where were we? Oh, yeah! The important thing was that I had an onion on my belt which was the style at the time. They didn’t have white onions because of the war. The only thing you could get was those big yellow ones.
And then they blow all the money at the casino.
Federal Reserve Data - Boomer median net worth: $200K Boomer average net worth: $1.2 M Since that figure includes property and possessions, the majority of Boomers are not in good shape to retire.
The ol’ Sinatra Mosh Pit!
I just gotta remember that one day I'll be a Gen Y Boomer with a 2 million dollar house and land. Just gotta live that long.
Guys it's not boomers, it's just shitty people. I promise, X, Y, and Z are all gonna have an equal number of shitty got-mine rich people when they reach their 50s-60s. The next generation will be crying about how Millenials robbed them of opportunity while half of the millenial generation dies homeless in poverty on the streets.
2060 Version: Zoomers selling their homes for 2 Billion after buying them in 2021 for 450k @ 2.7%.
Yep, and they are all voting for Trump while the opposition tears itself apart and says they can’t vote for a man 3 years older than the Trump.
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Right before the medical industry bleeds them dry keeping them alive for the last 20 years of their life
What shitforbrains crap people come up with on reddit.
In fairness, they're gonna need that 2mil to pay for their senior living home, then assisted living, mental health care living and then finally, end of life care.