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The average age of U.S. homebuyers jumps to 56

cnbc.com

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Re: The average age of U.S. homebuyers jumps to 56

#31

Post by tankenmate »

PaulRobinson wrote: post #20
paulddraper wrote: post #13

Earlier quoted context omitted.

Inheritance is tough. Death tax takes a good chunk.

Do you know the actual rates, what value the estate must be at for it to kick in, and in which states? Are you aware of spousal transfers and other mechanisms to reduce or avoid it? Most people get very worried about “death tax”, until they do the numbers on their own estate and realise either it mostly doesn’t apply to them or it’s marginal. In the UK this is often used as a major campaign point but the number of es…

The rate in the UK is that just over 4% of estates attract Inheritance Tax (IHT).[0]

[0] https://www.gov.uk/government/statistics/inheritance-tax-lia...

Re: The average age of U.S. homebuyers jumps to 56

#32

Post by mcmcmc »

paulddraper wrote: post #13
iknowstuff wrote: post #11

Earlier quoted context omitted.

Are you aware of the vast disparity of wealth among American families? On the order of 100k for white families, 10k for black families. Wealth being passed down family trees ensures immigrants and people who are worse off now will remain priced out. https://www.brookings.edu/articles/black-wealth-is-increasin...

Inheritance is tough. Death tax takes a good chunk.

For you maybe. For 99% of the US population, it does absolutely nothing.

> Just over 7,100 estate tax returns will be filed for people who die in 2023, of which only about 4,000 will be taxable—less than 0.2 percent of the 2.8 million people expected to die in the year.

Source: https://taxpolicycenter.org/briefing-book/how-many-people-pa...

Re: The average age of U.S. homebuyers jumps to 56

#33

Post by missedthecue »

forgetfreeman wrote: post #18
whatever1 wrote: post #6

This is not a U.S only or even a western issue. UK, EU, China, India etc all suffer from crazy real estate prices. I think the whole world is due for a big societal revamp. The old generation has concentrated too much asset wealth for the productive generation to stay productive.

Imagine being outraged your grandparents managed to actually retire in a forum that very nearly worships a couple of guys that could purchase Utah. I'd consider reviewing the holdings of the 780ish billionaires currently residing in the US before declaring a generational issue.

Jeff Bezos owning 10% of Amazon really has nothing to do with the massive issue of entrenched institutional NIMBYism.

San Francisco built 74 new units of housing last year. Not 74,000. Seventy four. We could kill all billionaires and housing would not get cheaper in a world like that.

Re: The average age of U.S. homebuyers jumps to 56

#34

Post by torginus »

Honestly I thought the US is one of the easiest places in the developed world to become a homeowner (even if you have average income), provided you're willing to not live in one of the super expensive places.

The US is relatively sparsely populated, while typical wooden homes take less labor and material to build.

Re: The average age of U.S. homebuyers jumps to 56

#35

Post by phyzix5761 »

I do financial coaching as a side business and I can tell you the main two reason why most people in their 30s can't afford a home is because they have no idea how to budget and they carry too much debt spent on things they don't need.

On average people spend about 30% of their income paying off non mortgage debts like credit cards, car loans, and student loans.

I teach my clients how to budget, cut back on unnecessary expenses, pay off their debts, and save up for their goals. On average, after 2 years they are debt free and can save up for a down payment on a home.

Image how much quicker you could come up with a down payment if you could free up 30% of your income plus cut out all the unnecessary spending that's holding you back from achieving your goals.

Re: The average age of U.S. homebuyers jumps to 56

#37

Post by [deleted] »

paulddraper wrote: post #25
PaulRobinson wrote: post #20

Earlier quoted context omitted.

Do you know the actual rates, what value the estate must be at for it to kick in, and in which states? Are you aware of spousal transfers and other mechanisms to reduce or avoid it? Most people get very worried about “death tax”, until they do the numbers on their own estate and realise either it mostly doesn’t apply to them or it’s marginal. In the UK this is often used as a major campaign point but the number of es…

Yes yes and yes. And spousal transfers are hardly generational (most of the time).

[deleted]

Re: The average age of U.S. homebuyers jumps to 56

#38

Post by hatthew »

gkanai wrote: post #8
whatever1 wrote: post #6

This is not a U.S only or even a western issue. UK, EU, China, India etc all suffer from crazy real estate prices. I think the whole world is due for a big societal revamp. The old generation has concentrated too much asset wealth for the productive generation to stay productive.

Not Japan, fwiw. Japan has been very reasonable for real estate for decades. We're now seeing inflation in major metro areas but outside of that, it's very reasonable.

My understanding is that japanese houses are fundamentally different in that they are designed to be expendable in the long term, similar to cars. You don't buy a high quality house that you maintain, you buy or build a new house and then tear it down a few decades later.

Re: The average age of U.S. homebuyers jumps to 56

#39

Post by portaouflop »

phyzix5761 wrote: post #35

I do financial coaching as a side business and I can tell you the main two reason why most people in their 30s can't afford a home is because they have no idea how to budget and they carry too much debt spent on things they don't need. On average people spend about 30% of their income paying off non mortgage debts like credit cards, car loans, and student loans. I teach my clients how to budget, cut back on unnecessa…

This is what boomers actually believe in.

Re: The average age of U.S. homebuyers jumps to 56

#40

Post by shiroiushi »

whatever1 wrote: post #10
gkanai wrote: post #8

Earlier quoted context omitted.

Not Japan, fwiw. Japan has been very reasonable for real estate for decades. We're now seeing inflation in major metro areas but outside of that, it's very reasonable.

Japan also suffers from severe population decline (I think it has been declining for 15 years straight). Aka the old guard let their assets go the hard way.

The population in Tokyo and other desirable cities is rising, not falling. The population is falling in small towns and rural areas where no one wants to live any more.
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