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

doctorhousingbubble.com / July 22nd, 2017

California homeowners are entering into their geriatric phase.  The share of homes owned by older Californians has grown substantially since 2000.  The Taco Tuesday baby boomer crowd is dominating the ranks of homeowners.  This trend is new and because of key items like Prop 13 and Millennials living with parents, very few homes are turning over.  The first time home buyer in California is simply getting older and older contrary to the house humping cheerleaders talking about the days of “sucking it up” and having to save to buy a home.  Of course many were not contending with hot global money, limited inventory, artificially low interest rates, and a delusion of crap shack grandeur.  Now some yell from their beer belly exposed guts and a savory carne asada taco in the other hand that people should move out if they don’t like it here (and many are).  The economics of course are more subtle.

California old folks home

The old dominate the homeownership 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.

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