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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

#41

Post by portaouflop »

twelve40 wrote: post #30
whatever1 wrote: post #10

Earlier quoted context omitted.

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.

Always wondered what happens to housing in countries that rapidly depopulate. Like, Latvia losing 1/3 of its population, or Japan losing 4 million in 10 years. So they now have much fewer people for the same housing supply? Does it all just get abandoned?

Yes mostly the small villages get abandoned and life concentrated in the cities.

So it does not help the housing problem all that much - sure there are now houses available in the countryside but no one wants to move there.

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

#42

Post by whatever1 »

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…

You don’t have clients who are barristers/teachers/cooks etc in SF or NY.

It is literally impossible to own even if you save 200% of your income.

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

#43

Post by WillPostForFood »

torginus wrote: post #34

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.

It is. The "56" in the headline is skewed because of repeat buyers. Average age of first time buyers is 38, and that's skewed because of inflation/high interest rates of the last four years. It had been very steady around 30 for the last 50 years. Also, the 30 year fixed mortgage which is not as common abroad helps, but moreso when rates are low.

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

#44

Post by [deleted] »

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…

[deleted]

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

#45

Post by phyzix5761 »

portaouflop wrote: post #39
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.

It's gonna be 16 years in February that I've been a financial coach and I've helped literally hundreds of people at all income levels and backgrounds achieve their financial goals. What I said is the truth and my clients can attest to that.

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

#46

Post by tonyedgecombe »

pempem wrote: post #15
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.

It's only somewhat worth it? Japan has reasonable real estate and yet around 10% is in Tokyo proper, nearly 30% in the greater metropolis. Less than half own their homes. This study: https://www.sciencedirect.com/science/article/pii/S026427512... from 2023 shows that they're suffering similar issues of intergenerational wealth transfer when it comes to owning homes, specifically if your parents don't help you - you'r…

>Different from the UK where you own the home, but lease the land etc.

In general it's only flats (apartments) that are leasehold, the majority of houses are freehold.

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

#47

Post by shiroiushi »

pempem wrote: post #15
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.

It's only somewhat worth it? Japan has reasonable real estate and yet around 10% is in Tokyo proper, nearly 30% in the greater metropolis. Less than half own their homes. This study: https://www.sciencedirect.com/science/article/pii/S026427512... from 2023 shows that they're suffering similar issues of intergenerational wealth transfer when it comes to owning homes, specifically if your parents don't help you - you'r…

People in Japan don't feel the need to own their own homes that much. Apartment rents are generally reasonable, and there's constantly new apartments being built so there's lots of competition. Tenant protection law is also pretty strong so landlords can't mistreat tenants as badly as in other places.

>There are a ton of homes that are not claimed

Those are in rural places with dwindling populations, where no one wants to live any more.

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

#48

Post by phyzix5761 »

whatever1 wrote: post #42
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…

You don’t have clients who are barristers/teachers/cooks etc in SF or NY. It is literally impossible to own even if you save 200% of your income.

I don't work in those states but I've had plenty of clients who live in high cost of living areas and the solution is to move somewhere you can actually afford. It's not benefiting you in any way to work in a place you can't afford.

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

#49

Post by shiroiushi »

missedthecue wrote: post #33
forgetfreeman wrote: post #18

Earlier quoted context omitted.

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.

Exactly: the billionaires aren't the problem here, it's the middle-class NIMBY homeowners who refuse to allow any new construction near them.

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

#50

Post by grigri907 »

missedthecue wrote: post #33
forgetfreeman wrote: post #18

Earlier quoted context omitted.

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.

Fortunately there is only one San Francisco and countless other Not San Fanciscos. That is a highly unique, cherry-picked case.
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