Austin, TX
Boomers are hanging onto large homes, boxing out millennials with growing families. That could hurt Biden in the election.
- Many boomers are holding on to their large homes, stressing the housing market for younger buyers.
- For millennials with growing families, purchasing a home has become even more difficult.
- For Biden and Trump, the issue of housing affordability could make or break their candidacies.
For baby boomers with growing families in the 1980s and 1990s, homeownership was a natural next step in their adulthoods.
But when their children moved out to pursue their own dreams years later, many of these boomers remained in their large homes. And at least for the foreseeable future, they’re not going anywhere.
For millennials now looking to purchase a home, especially those now having children of their own, the road has been difficult. The tight housing market has effectively cut them off from purchasing homes within their budget, and high-interest rates haven’t helped.
But many boomers, some still working and trying to navigate their fast-approaching retirements, have chosen to remain in large properties. And many of these homes have continued to appreciate in value, giving boomers second thoughts about downsizing.
According to a Redfin analysis of US Census Bureau data, 28% of homes throughout the country that contain three or more bedrooms are owned by empty-nesters aged 60 to 78. Millennials with children own 14% of similarly-sized properties, a stunning disparity.
But what does this mean for the 2024 election, especially with Gen Z and millennial voters effectively priced out of so many housing markets?
A house of cards
When housing construction stood still during the housing crisis, it led to a lack of new homes for growing families.
And just last week, mortgage rates rose to nearly 7%, according to The Wall Street Journal. Compare that figure to 2020, when there was an average 30-year fixed mortgage rate of just 3.38%.
With the current housing shortage and less-than-ideal mortgage rates, many millennial families are not enjoying the same quality of life as their parents.
Millennials also grew up with soaring higher education costs, so many are still paying off student-loan debt. Others are also paying off record credit-card debt.
According to The Journal, boomers are less likely to have credit-card debt than millennials.
That means a lot of Gen Z and millennial voters are frustrated with leaders in Washington for what many see as inaction to address some of the most pressing issues of their generation.
President Joe Biden has sought to emphasize housing affordability while on the campaign trail, recently making a major speech in Nevada where he spoke about his administration’s efforts to build new units. But right now many voters aged 18 to 44 aren’t enthused with the administration, which could benefit former President Donald Trump despite the left-leaning orientation of many young voters.
Trump has continued to tout the success of the pre-COVID economy under which he presided, but it remains to be seen if he’ll be able to win over the scores of millennials who soundly rejected the GOP in the 2016 and 2020 elections.
One thing is certain, though. There’s still not enough housing.
Austin, TX
Central Texas aquifers could see slight boost after week of rainfall
AUSTIN, Texas – This week’s rainfall across Central Texas could help to bring a much-needed boost to the region’s aquifers, which have been operating at dangerously low levels.
The backstory:
On Tuesday, the Austin area saw over an inch of rain while Georgetown received close to six inches, as the San Gabriel River rose over six feet throughout the day.
But the heavy downpour was a welcome sight for Shay Hlavaty, the communications and outreach manager at the Barton Springs Edwards Aquifer Conservation District.
Created by the state of Texas in 1987, the District oversees segments of the Edwards and Trinity Aquifers, stretching from South Austin to southern San Marcos.
In total, the portions of the aquifers they oversee provide water to around 100,000 people.
“Groundwater is a significant water source, you know. It’s kind of the unsung hero of Texas,” says Hlavaty.
But over the last few years, the region’s groundwater levels have been in decline.
“Since January 2022, we are missing over a year’s worth of rainfall. So, in the Austin area, we get about 32 to 34 inches a year. And so over that time, we have, you know, a 30-plus inch deficit,” says Hlavaty.
Since October, the District has been under a stage three exceptional drought. Those conditions are determined by two indicators: spring flow at Barton Springs and groundwater levels at the Lovelady Monitor Well.
If either of these locations drops below a drought threshold, the District could declare a more intense drought stage.
By the numbers:
Some of the latest data shows that Barton Springs isn’t performing as it needs to support the ongoing growth of the region.
“To put it into reference, the average since about 1978 at Barton springs is 60 CFS. That’s cubic feet per second. And one cubic foot is about the size of a beach ball, an average beach ball. So, 60 beach balls of water coming out every second from Barton Springs. Before this rainfall, we were closer to 12 CFS, so only 12 beach balls coming out every second, so that’s less than a quarter of average,” says Hlavaty.
That same data also shows that the Lovelady Well is 453.8 feet above mean sea level. That’s only 5 inches above the Stage 4 Emergency Response Threshold.
“This isn’t something that’s going to go away. Even if we busted this drought and get out of it, the next drought is going to be around the corner,” says Hlavaty.
Dig deeper:
But this week’s rain did provide a small boost, helping to prevent the district from potentially falling into a deeper stage of drought.
“So, we’re still in that stage three exceptional level, and this rainfall will help us stay out of that stage four emergency,” Hlavaty told FOX 7. “It’ll help stabilize, if not increase groundwater levels and spring flow.”
The total rainfall for the Austin area in April so far is 4.14 inches, well above the typical total average for the month, which is 2.42 inches. But that sort of above precipitation must continue if there is to be any chance of drought levels decreasing.
“We really need to have above average rainfall for months, if not years, to bust this drought,” says Hlavaty.
What you can do:
As May approaches, which typically brings the most rainfall throughout the year, Hlavaty urges people to cut back on water use when they can, especially watering their lawns, which can consume large amounts of drinking water.
And as Central Texas continues to see a boom in population, combined with hotter than average temperatures for February and March, conservation is as important as ever.
“It’s important to remember that a little bit of rain here, a little bit of rain there, isn’t going to best the drought. So, we all have to do our role to help conserve resources in the meantime,” says Hlavaty.
The Source: Information from interviews conducted by FOX 7 Austin’s Marco Bitonel
Austin, TX
Judge Albright, who oversaw patent litigation boom in Texas, to resign
Austin, TX
Appeals court rules Texas can require public schools to display Ten Commandments in class
DALLAS (AP) — Texas can require the Ten Commandments to be displayed in public school classrooms, a U.S. appeals court ruled Tuesday in a victory for conservatives who have long sought to incorporate more religion into schools.
WATCH: Texas school board approves new course material that includes Bible passages
It sets up a potential clash at the U.S. Supreme Court over the issue in the future.
The 5th Circuit Court of Appeals said in the decision that the law did not violate the First Amendment, which protects religious freedom and prevents the government from establishing a religion.
Texas Attorney General Ken Paxton, a Republican, called the ruling “a major victory for Texas and our moral values.”
“The Ten Commandments have had a profound impact on our nation, and it’s important that students learn from them every single day,” Paxton said.
Organizations representing the families who challenged the law, including the American Civil Liberties Union, said in a statement that they were “extremely disappointed” by the decision.
“The court’s ruling goes against fundamental First Amendment principles and binding U.S. Supreme Court authority. The First Amendment safeguards the separation of church and state, and the freedom of families to choose how, when and if to provide their children with religious instruction. This decision tramples those rights,” the statement said.
The law is among the pushes by Republicans, including President Donald Trump, to incorporate religion into public schools. Critics say it violates the separation of church and state while backers argue that the Ten Commandments are historical and part of the foundation of U.S. law.
The ruling, which reverses a district court’s judgment, comes after the full court heard arguments in January in the Texas case and a similar case in Louisiana. The appeals court in February cleared the way for Louisiana’s law, requiring displays of the Ten Commandments in public school classrooms. The 5th Circuit Court of Appeals voted 12-6 to lift a block that a lower court first placed on the law in 2024.
Texas law took effect on Sept. 1, marking the largest attempt in the nation to hang the Ten Commandments in public schools. About two dozen school districts had been barred from posting them after federal judges issued injunctions in two cases against the law but went up in many classrooms across the state as districts paid to have the posters printed themselves or accepted donations.
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