And not even mentioning Gen X. Yep, whatever.
Comment on Listening to NPR news about mortgages
kersploosh@sh.itjust.works 2 days ago
Yes, each generation dies off and passes its wealth to the next. But the boomers are an unusual case because they hold a lot more wealth relative to their size. Boomers and millennials each account for about 20% of the population. But boomers hold 50% of the wealth in America, while millennials only hold 8%. The wealth transfer as the boomer generation dies off is going to be massive. And most of that Boomer wealth is tied up in real estate, which will have a big impact on the housing market when it becomes available.
https://www.statista.com/statistics/296974/us-population-share-by-generation/
(Gen z Z is somewhere in the middle and I’m skipping over them, as is tradition. They wouldn’t want it any other way.)
CuddlyCassowary@lemmy.world 2 days ago
fuckwit_mcbumcrumble@lemmy.dbzer0.com 2 days ago
The wealth transfer as the boomer generation dies off is going to be massive.
The problem is two fold. The boomer generation is spending more of their money and leaving less for inheretence.
There was a great article I saw the other day but I can’t find it now.
Zorsith@lemmy.blahaj.zone 2 days ago
The wealth transfer isn’t going to happen. Its being eaten by elder care and medical industries, and any other predatory businesses that want a slice of the pie.
NOT_RICK@lemmy.world 2 days ago
Don’t forget reverse mortgages for the real estate slice of the pie.
SoftTeeth@lemmy.world 2 days ago
In reality nothing will meaningfully improve until the rich fear for their lives
Zorsith@lemmy.blahaj.zone 2 days ago
Oooh, too late; medicaid took the house already.
Maggoty@lemmy.world 2 days ago
Medicare Advantage took the house. Medicaid is the government run healthcare for poor people, and normal Medicare is the government run healthcare for old people. Medicare Advantage is the private plan for old people being paid for with a reverse mortgage. After they die the health insurance and the bank get to fight over the house.
DrFistington@lemmy.world 2 days ago
Yeah I was going to say, our country is setup to drain any savings you have before you die via medical debt. Isn’t transferred to the next generation it’s intercepted by parasites.