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February 23, 2006
New Info on Homeownership
New numbers from the Federal Reserve show some strange shifts in homeownership rates by age. An article is here about the most recent triennial survey. Although the survey was conducted in 2004, this is the first time the numbers have seen the light of day.
Anyone care to explain why homeownership rates rose slightly for ages up to 54, fell for 55 to 74, and rose a lot for ages 75 and up?
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Explanation? We need to see the numbers, because the thought that someone over 75 years old is buying property is counter to what I've experienced. They are more likely to sell and go into senior apartments. That report seems faulty.
Posted by: AnonymousChicago at February 24, 2006 08:10 AM
There are three ways to explain this:
1) With housing levels where they are, prior equity is becoming a must to play the game.
2) Economist Robert Shiller has a nice analysis of the Ownership Society effect. Essentially, the more talk we have of social security and other Federal programs not actually expected to offer a safety net - the more of a psychological drive people will have to own "equity." Currently, equity is synonymous with housing (5 years ago it was stocks and in 5 years it can be gold).
3) The past 20 years has seen a boom in retirement communities for ages 55+
Posted by: Yariv at February 24, 2006 08:56 AM
gotta love those greedy little boomers. trillions of dollars of US debt passed on to their kids. and now they sell at the top of the bubble (to their kids) and cash in so they can play golf for the next 40 years.
and the younger generations are left holding their bags.
there's going to be intergenerational paybacks coming up. it'll start with a repeal of the drug benefit. the younger generations when they realize they've been had are going to be pissed. broke, poor, and pissed.
Posted by: housingpanic at February 24, 2006 10:36 AM