Boomers, a Funeral, and “It is ‘til it isn’t”

I attended a funeral last week for my friend’s mother-in-law. I did not know her well but based on the outpouring and words spoken, she must have been almost ninety years of joy.

I wish I had known her better.

Since the event was two hours away and some of my friends were also attending, we decided to drive together. It gave us time to catch up on our lives, what our children are doing, recent exciting trips and talking about our work.

When we got to the funeral home, we were met by mostly friends our same age and many I had not seen in some time. Those conversations also went right to the same discussions as in the car.

We are all members of the Baby Boomer generation (born between 1946 and 1964). Only one person had already down-sized and some had bought second homes with the intent to make them their primary at some point.

But most are living in the house they raised their children in and have lived for the bulk of their adult lives.

As a member of the Boomer generation, I have always thought Boomers would be a lot different than their parents . Older generations typically stayed put in the homes they raised their children in unless there was an unexpected disruption in their daily lives such as a war or a divorce.

However, it’s become very clear that both the Silent Generation (those born between 1928 and 1945) and the Boomers are all staying put in the “burbs” and it’s only adding to the shortage of housing stock as many existing homes are still in the hands of its original owners.

Some say the reason people don’t move is because they have a low rate mortgage and won’t give it up. There is a lot of truth to that statement but that is only a part of what is going on out here. In my polling it doesn’t come up much.

So what will make these older generations sell the “big ol” house and let younger folks cut that grass?

I can only think it will happen when it happens and probably only comes when they have no choice. It could be their health gives way or an economic event occurs to them that makes them re-assess what their largest appreciating asset should be used for in the last quarter of their life.

It also could be by consensus and that it is just time to let go. Most of us did things that our fellow friends and peers were doing at the same time like having children and acquiring larger houses for our families.

It might occur just like that.

In the meantime, the status quo will remain the status quo or “it is ‘til it isn’t”. That has created this lack of resale houses to buy and makes it a bit rough for the younger folks to have the same kind of life most Boomers and older have had.

The torch will be passed, but it will take an “event” for it to speed up” and my guess it will come when most are not expecting it. That is how life generally works.

In the meantime, you will see all those townhouses and apartments being built in mass.

Holding people until they can do as their parents and someday be just like them.