Imagine: millennials are not terribly interested in buying baby boomers’ sprawling homes in the suburbs. That’s right: they think they can live without four bathrooms and a gift wrapping room.
Fifteen years ago, boomers were building large, elaborate houses in states like Arizona, Florida, North Carolina, and South Carolina, The Wall Street Journal reported. Now, faced with the effort of maintaining such houses, they’re looking to downsize.
The only problem? Young people aren’t interested in buying their houses, according to The Journal.
“Homes built before 2012 are selling at steep discounts – sometimes almost 50%, and many owners end up selling for less than they paid to build their homes,” Candace Taylor wrote in The Wall Street Journal.
It probably doesn’t help that they are often broke, struggling under student loan debt, having paid shocking tuition fees and are now dealing with predatory student loan servicers with financial incentives to fuck them over.
People like to knock millennials but having worked with and managed millennials for the last decade, I am not buying it; they are smart, they make rational choices, and they’re not interested in doing things the way the olds (like me, even as a Gen Xer vs. baby boomer) do them unless they make sense.
Aside from figuring out that vastly oversized houses are wasteful – of their money for mortgages and taxes and heating and cooling, of land, of everything – they also seem to be curiously unmoved by faux-Tuscan architecture, particularly when it’s mashed up with three other unrelated architectural styles, constructed shoddily, and just generally incredibly vulgar.
Good for them. As for baby boomers taking a bath on their houses, well, just desserts.
Meanwhile, something from McMansion Hell: