Baby boomers own a lot of real estate, when will they sell.

Posted on by Teresa Boardman

The boomer housing sell off is going to be gradual but will drop 9.2 million homes in the next 10 years . . according to Freddie Mac.

  • Declining boomer ownership will free up 9.2 million homes by 2035, a Freddie Mac report found.
  • The 32 million homes owned by boomers will drop to 23 million by 2035, when the oldest members of the group are pushing 90.
  • Homeownership rates “gradually starting to decline as households age beyond age 75,” the report said.

“The offloading of homes will accelerate in the 2030s as boomers reach the ages of 70 to 80, Freddie Mac said, based on an analysis using American Consumer Survey data. The 32 million homes owned by the generation as of 2022 will drop to 23 million in 2035, when the oldest boomers will be close to 90 years old.” [Business Insider]

. . . but don’t start making plans or knitting little things because this model is based upon the trends of former generations and so far the baby boom generation has been unpredictable and doesn’t always follow their elders.

House
House

Renting Vs. Buying in 2024

Posted on by Teresa Boardman
apartment buildings
Exchange street condos and apartments

When my husband and I bought our first home the cost of renting was about the same as the cost of buying. When we bought a house we go an additional bathroom and a little more space so I suppose buying a house was the more cost effective option.

Right now home prices are high and so are interest rates and at the same time rents are coming down slightly. If you like to pay interest on a mortgage and pay top dollar for a house now is the perfect time to buy. If you are looking for a more flexible affordable option renting might be the way to go.

When interest rates go down there is going to be a home buying frenzy which will drive home prices up further.

Homeownership is a wonderful thing but the timing is important too. Houses generally appreciate in value but not always and they lack liquidity.

You might be privileged

Posted on by Teresa Boardman

It is Friday and Fridays are for fun. it is also good Friday which isn’t meant to be fun but it can be.

My husband and I were talking about spring break. Neither of us ever went anywhere when we were kids during spring break. When I was in college I worked at a job during the breaks. I needed the money to pay my tuition. I was privileged because I had a roof over my head rent free and generally had enough to eat. I think I was well into adulthood before I learned that spring break is a thing and even a right of passage for college students.

I never heard the term “gap year”  until a few years ago. Apparently people take a year off in between high school and college and travel. I could have taken a gap year. I never thought of it, nor did I know anyone who was taking a gap year.  I may not have been able to travel for a year but I probably could have traveled for a few months.

Now that I am older and wiser I am thinking about taking a gap year. Most people near my age are thinking about retiring. I think a gap year would be more fun and at this point I have earned it.

You might be privileged if you had a gap year or if you get to travel during spring break.

Daffodils – rescued from the recent snow storms

 

Throwback Thursday-change is slow

Posted on by Teresa Boardman
Mississippi River
Building along the river are long gone

Former Adult Detention Center and Ramsey County Government Center West buildings, along Kellogg blvd. The picture was taken in 2008 before the buildings were removed.  Today this is the RiversEdge site which is nearly five-acres located at the southwest intersection of Wabasha St. and Kellogg Blvd., overlooking the Mississippi River in downtown Saint Paul. It is currently vacant. The proposed development will include:  public park, office space and housing. Part of the project will be a river balcony. I like that idea but for now I just look over the railing where the West Publishing buildings used to be.  The project isn’t likely to be started or completed for a few years. I need to get pictures before they get started.

Change happens slowly but it happens fast too.

 

Yes it snowed!

Posted on by Teresa Boardman
straw bale in snow
Hay bale

Yes it snowed and now it is cold but we really needed it. It was a wet heavy snow that will add water to the Mississippi river which is running low. The farmer’s need it so that there crops can grow. Most if not all of the state of Minnesota is in some stage of drought.

Snow is a good thing and this time of year it won’t be around long. A few inches of it have already been absorbed. It is going to be a beautiful spring.

 

Need more storage or less stuff?

Posted on by Teresa Boardman
self storage
storage

As an adult, I have always lived in a smallish space. As the owner of an old (historic) house, I have never had a lot of closet space. I have gotten used to storing what we need and resisting the urge to buy or to hang onto stuff that will be stored most of the time.

There are a couple of options for storage. One would be a bigger house, another is using a storage space off site, and having less stuff to store.

Having less stuff to store is the best option for us. It is by far the least expensive option.

Before moving to a larger home consider how you are using your space today. Do you have a lot of stuff? Is there a lot of dead storage? (Dead storage is space where items that never get used are stored forever)

During my first decade as an empty nester I worked hard to get my adult off spring to take their stuff. It finally happened and I haven’t been in any rush to fill up the storage space they left behind.

If you have items in your home that you have not used in years give them away or sell them. If your children have left some of their stuff behind make them take responsibility for it. We are never too young to learn how to manage our stuff.