California Ages—People Keep Homes Till They Die

 

 

By Stephen Frank

Prop. 13 makes it easy for the elderly to keep their homes.  Most elderly have paid off their homes, so the stable, predictable property taxes mandated under Prop. 13 makes it cheaper to keep the long time home rather than sell and rent or move into a residential home.  At the same time millennial’s are not buying homes—they can not afford the cost.

“The old dominate the home ownership ranks in California.  Fewer properties are turning over because many older homeowners are now having their grown adult children moving back in.  Which makes sense since many bought because they were itching to pop out offspring.  Now their offspring is itching to pop out offspring but many are hesitant to do that when a “starter home” is $700,000 and many times is in an area with bad schools.

We have record number of young people moving back into the homes of their parents.  Prediction:  In the end the elderly will sell or turn over their homes to their children.  That will cause a major economic shift and issues with Prop. 13.  Watch for this trend to begin within the next ten years.

 

Related Article: California homeowners are getting older and taking homes into the grave.  Property turnover has fallen substantially since 2000.


Stephen Frank

Stephen Frank: Is the the publisher and editor of the California Political News and Views.  Mr. Frank speaks all over California and appears as a guest on several radio shows each week. He has also served as a guest host on radio talk shows and is a full time political consultant. http://capoliticalnews.com/

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