undeadhousewife:bellygangstaboo:I feel like there should be a website dedicated too breaking down th
undeadhousewife:bellygangstaboo:I feel like there should be a website dedicated too breaking down the coded language in these headlines tbh.And it’s not old people owning homes that is screwing up the housing market. It’s landlords. Let me explain.You see it was pretty common for young people to buy smaller, older homes as their starter home when first starting out. Then you’d grow your family, or get a better paying job, and move out into a bigger or newer house, selling the old one to most likely, a young person or couple starting out. That was the cycle. Until it got pushed that instead of selling that house, you can keep it, but a new house, and *rent* your old one. Charge enough and the old house not only pays for itself, but you get a little extra cash each month. This is very common practice among Gen x and boomers today. For those who did this but realized managing a rental is too much, there’s whole ass companies that can help you manage your rentals, so why wouldn’t you do this?The vast majority of beginner homes in my area in the past 30 years have become rentals. Pair that with flippers, who buy old homes, toss the bare minimum of money to “update” old homes and sell them for 2-3x the normal price, and you can see why it’s nearly impossible for the average millennial to find a house they can afford to buy. Your housing options in my area is a new house for 400k, a horribly flipped 100 year old house for 250k, or a postwar cracker box for rent at $1300 a month. -- source link