The rising difficulty of buying a house in America is alarming for many, to say the least. With a decrease in people actually making a living wage and low inventory, homebuying is not an easy task. A Florida man recently spoke up about why Boomers are one of the center issues in modern homebuying drama. The good news is, our generations aren’t the only ones suffering. Now, Boomers are finding it increasingly difficult to sell their homes.
Eric Bondurant (@ericbondurant) posted a video on TikTok explaining how “Boomers own 70% of the home equity in America.” He went on to say, “Too bad they can’t sell their homes.” Boomers have most of their net worth invested in their home equity, constantly being told that owning a home was the most important thing. Eric explains that there is a big difference between “available homes and available buyers.” We’re witnessing a significant shift in the housing market, with many individuals struggling to afford homes due to the overinflated prices. Combine that with the fact that people don’t make enough at their jobs. Now what you have is a recipe for disaster.
Eric points out that Boomers were always “calling us lazy, saying we just needed five, six, seven jobs to get by.” He also said that, all this time, Boomers “got to enjoy a lifestyle in America that nobody else will because you voted it away for us.” He said that it’s nice to see that now they’re also paying the price for what they’ve ruined for future generations. They may have gotten the chance to live a comfortable life, but he believes retirement won’t be a walk in the park for many older Americans. He added, “You did have some government subsidies to rely on, but you voted against them, too.”
People in Eric’s comments agreed that Boomers set themselves up for this. One person said, “All they had to do was hand over the reigns. We have people in their 70s making decisions about what happens to the futures of 20 year olds. That’s an issue.” Another person pointed out, “Worst of all, they will sell all of it to private equity for the price they want and nobody will own a home ever again.”
Others agreed that these aren’t the only issues related to Boomers owning all the houses. One person shared, “2.5 mill for a house they ‘renovated’ with illegal wiring and scotch tape too.” We’ve all heard these types of stories involving home buying, right? Another person stated, “Boomers are not selling, they’re your landlords.” With so many older people buying up the homes on the market, flipping them, and renting them out, how can you be expected to purchase a home? In so many areas, there is little left over for us. It doesn’t seem like a problem that’s about to get better anytime soon.
