Economy

ON THE MONEY: Baby boomers have different desires in housing

WAVE NEWSPAPERS — Unlike just 15 years ago, many baby boomers are discovering that the large, high-end homes with their high-maintenance costs no longer fit their needs as they grow older. And younger people aren’t buying big houses, either.

Published

7 years ago

April 12, 2019

posted by Wave Staff

By John L. Grace

Unlike just 15 years ago, many baby boomers are discovering that the large, high-end homes with their high-maintenance costs no longer fit their needs as they grow older.

And younger people aren’t buying big houses, either. It wasn’t that long ago when boomer retirees were rushing to buy or build elaborate, five or six-bedroom houses in warm climates, fueled in part by the easy credit of the real estate boom.

Many baby boomers poured millions into these spacious homes, planning to live out their golden years in houses with all the bells and whistles.

“Tastes — and access to credit — have shifted dramatically since the early 2000s. These days, buyers of all ages eschew the large, ornate houses built in those years in favor of smaller, more-modern looking alternatives, and prefer walkable areas to living miles from retail,” according to the Wall Street Journal, March 21.

The Journal opined that the problem is expected to worsen in the 2020s, as more baby boomers across the country advance into their 70s and 80s, the age group where people typically exit homeownership due to poor health or death. Boomers currently own 32 million homes and account for two out of five or 40% of the homeowners in the country.

Buyers have been led down the path of focusing on location, interest rates and inventory. The most important factor to take into consideration, however, is buying behavior based on age.

Thanks to the U.S. Census Bureau and Dent Research we can see that Americans tend to buy their first house at 31, their largest around 41 and sell those same homes at 79.

Born between 1946 and 1964, baby boomers turn anywhere from 55 to 73 this year. From 1980 to 2000 40% of all homes purchased in the U.S. were on lot sizes of a half acre to 10 acres, according to Dent Research. That is a 20-year period, where individual thinking boomers who were doing the same thing at the same time of the age group couldn’t live without their magnificent McMansions.

It stands to reason for this observer that current prices are a direct result of 76 million Americans coming into the equation. It didn’t matter whether the population was legal or illegal, legitimate or illegitimate.

With all of that demand for housing coming out of the woodwork, home prices must go up. On the other side of the equation, it becomes reasonable that when boomers who constitute 24% of the U.S. population go to heaven the supply and demand principles come back into play.

When 130 years of residential real estate remains on this earth after 76 million people go to heaven without those McMansions, you tell me where you think prices are headed.

From 1929-32 New York real estate declined 69%, wrote Zubin Jelveh in The New Republic in September 2009. That’s the same time that the stock market was off 89%, according to Yahoo Finance.

Jelveh went on to say, “A home owner who would have invested in a house on the eve of the Great Depression would not have recovered the full value of their investment until four decades later.”

If you were an adult in the early 1900s the average age of death was mid-50s, according to the U.S. Census Bureau. So you died with great regret long before prices fully recovered.

Neither of those events could ever happen again, right? Investors understand buy low, sell high. The same stock logic applies to all highly appreciated assets.

Savvy investors don’t let emotion dictate their behavior. Or you can be in the middle the pack or at the back of a herd of cows, where the view and the smell never changes.

John L. Grace is president of Investor’s Advantage Corp, a Los Angeles-area financial planning firm that has been helping investors manage wealth and prepare for a more prosperous future since 1979. His On the Money column runs monthly in The Wave.

This article originally appeared in the Wave Newspapers.

posted by Wave Staff

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Families Across the U.S. Are Facing an ‘Affordability Crisis,’ Says United Way Bay Area

United Way’s Real Cost Measure data reveals that 27% of Bay Area households – more than 1 in 4 families – cannot afford essentials such as food, housing, childcare, transportation, and healthcare. A family of four needs $136,872 annually to cover these basic necessities, while two adults working full time at minimum wage earn only $69,326.

Published

1 week ago

December 20, 2025

Oakland Post

Affordable housing is the greatest concern for consumers, it’s followed by the cost of groceries. Courtesy photo.

By Post Staff

A national poll released this week by Marist shows that 61% of Americans say the economy is not working well for them, while 70% report that their local area is not affordable. This marks the highest share of respondents expressing concern since the question was first asked in 2011.

According to United Way Bay Area (UWBA), the data underscores a growing reality in the region: more than 600,000 Bay Area households are working hard yet still cannot afford their basic needs.

Nationally, the Marist Poll found that rising prices are the top economic concern for 45% of Americans, followed by housing costs at 18%. In the Bay Area, however, that equation is reversed. Housing costs are the dominant driver of the affordability crisis.

“The national numbers confirm what we’re seeing every day through our 211 helpline and in communities across the region,” said Keisha Browder, CEO of United Way Bay Area. “People are working hard, but their paychecks simply aren’t keeping pace with the cost of living. This isn’t about individual failure; it’s about policy choices that leave too many of our neighbors one missed paycheck away from crisis.”

The Bay Area’s affordability crisis is particularly defined by extreme housing costs:

Housing remains the No. 1 reason residents call UWBA’s 211 helpline, accounting for 49% of calls this year.
Nearly 4 in 10 Bay Area households (35%) spend at least 30% of their income on housing, a level widely considered financially dangerous.
Forty percent of households with children under age 6 fall below the Real Cost Measure.
The impact is disproportionate: 49% of Latino households and 41% of Black households struggle to meet basic needs, compared to 15% of white households.

At the national level, the issue of affordability has also become a political flashpoint. In late 2025, President Donald Trump has increasingly referred to “affordability” as a “Democrat hoax” or “con job.” While he previously described himself as the “affordability president,” his recent messaging frames the term as a political tactic used by Democrats to assign blame for high prices.

The president has defended his administration by pointing to predecessors and asserting that prices are declining. However, many Americans remain unconvinced. The Marist Poll shows that 57% of respondents disapprove of Trump’s handling of the economy, while just 36% approve – his lowest approval rating on the issue across both terms in office.

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Black Arts Movement Business District Named New Cultural District in California

Located in the heart of District 3, the BAMBD is widely regarded as one of the nation’s most important centers of Black cultural production — a space where artists, entrepreneurs, organizers, and cultural workers have shaped generations of local and national identity. The state’s recognition affirms the district’s historic importance and its future promise.

Published

1 week ago

December 20, 2025

Oakland Post

Councilmember Carroll Fife celebrates major milestone for Black arts, culture, and economic power in Oakland. Courtesy photo.

By Post Staff

Oakland’s Black Arts Movement Business District (BAMBD) has been selected as one of California’s 10 new state-designated Cultural Districts, a distinction awarded by the California Arts Council (CAC), according to a media statement released by Councilmember Carroll Fife.

The BAMBD now joins 23 other districts across the state recognized for their deep cultural legacy, artistic excellence, and contributions to California’s creative economy.

“This designation is a testament to what Black Oakland has built — and what we continue to build when we insist on investing in our own cultural and economic power,” said Fife.

“For years, our community has fought for meaningful recognition and resources for the Black Arts Movement Business District,” she said. “This announcement validates that work and ensures that BAMBD receives the support it needs to grow, thrive, and continue shaping the cultural fabric of California.”

Since taking office, Fife has led and supported multiple initiatives that strengthened the groundwork for this achievement, including:

Restoring and protecting arts and cultural staffing within the City of Oakland.
Creating the West Oakland Community Fund to reinvest in historically excluded communities
Advancing a Black New Deal study to expand economic opportunity for Black Oakland
Ensuring racial equity impact analyses for development proposals, improving access for Black businesses and Black contractors
Introduced legislation and budget amendments that formalized, protected, and expanded the BAMBD

“These efforts weren’t abstract,” Fife said. “They were intentional, coordinated, and rooted in a belief that Black arts and Black businesses deserve deep, sustained public investment.”

As part of the Cultural District designation, BAMBD will receive:

$10,000 over two years
Dedicated technical assistance
Statewide marketing and branding support
Official designation from Jan. 1, 2026, through Dec. 31, 2030

This support will elevate the visibility of BAMBD’s artists, cultural organizations, small businesses, and legacy institutions, while helping attract new investment to the district.

“The BAMBD has always been more than a district,” Fife continued. “This recognition by the State of California gives us another tool in the fight to preserve Black culture, build Black economic power, and protect the families and institutions that make Oakland strong.”

For questions, contact Councilmember Carroll Fife at CFife@oaklandca.gov.

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2025 in Review: Seven Questions for Black Women’s Think Tank Founder Kellie Todd Griffin

As the president and CEO of the California Black Women’s Collective Empowerment Institute, Griffin is on a mission to shift the narrative and outcomes for Black women and girls. She founded the nation’s first Black Women’s Think Tank, securing $5 million in state funding to fuel policy change.

Published

2 weeks ago

December 14, 2025

Oakland Post

Kellie Todd Griffin. CBM file photo.

By Edward Henderson
California Black Media

With more than 25 years of experience spanning public affairs, community engagement, strategy, marketing, and communications, Kellie Todd Griffin is recognized across California as a leader who mobilizes people and policy around issues that matter.

Griffin spoke with California Black Media (CBM) about her successes and setbacks in 2025 and her hopes for 2026.

Looking back at 2025, what stands out to you as your most important achievement and why? 

Our greatest achievement in this year is we got an opportunity to honor the work of 35 Black women throughout California who are trailblazing the way for the next generation of leaders.

How did your leadership, efforts and investments as president and CEO California Black Women’s Collective Empowerment Institute contribute to improving the lives of Black Californians? 

We’re training the next leaders. We have been able to train 35 women over a two-year period, and we’re about to start a new cohort of another 30 women. We also have trained over 500 middle and high school girls in leadership, advocacy, and financial literacy.

What frustrated you the most over the last year?

Getting the question, “why.” Why advocate for Black women? Why invest in Black people, Black communities? It’s always constantly having to explain that, although we are aware that there are other populations that are in great need, the quality-of-life indices for Black Californians continue to decrease. Our life expectancies are decreasing. Our unhoused population is increasing. Our health outcomes remain the worst.

We’re not asking anyone to choose one group to prioritize. We are saying, though, in addition to your investments into our immigrant brothers and sisters – or our religious brothers and sisters – we are also asking you to uplift the needs of Black Californians. That way, all of us can move forward together.

What inspired you the most over the last year?

I’ve always been amazed by the joy of Black women in the midst of crisis.

That is really our secret sauce. We don’t let the current state of any issue take our joy from us. It may break us a little bit. We may get tired a little bit. But we find ways to express that – through the arts, through music, through poetry.

What is one lesson you learned in 2025 that will inform your decision-making next year?

Reset. It’s so important not to be sitting still. We have a new administration. We’re seeing data showing that Black women have the largest unemployment rate. We’ve lost so many jobs. We can have rest – we can be restful – but we have to continue the resistance.

In one word, what is the biggest challenge Black Californians faced in 2025?

Motivation.

I choose motivation because of the tiredness. What is going to motivate us to be involved in 2026?

What is the goal you want to achieve most in 2026?

I want to get Black Californians in spaces and places of power and influence – as well as opportunities to thrive economically, socially, and physically.