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 (KXAN) — As flood threats continue across parts of South Central Texas, Austin Pets Alive! has activated emergency response efforts to support animal shelters affected by the inclement weather.
In a social media post, APA! wrote, “We began offering aid last night, working to secure fosters for 10 dogs in the Castroville shelter, an open-air shelter that sits at the bottom of a valley.”
APA! said the situation escalated overnight with additional shelters reporting flooding. One shelter confirmed that floodwaters reached its facility, APA! added.
Communities overwhelmed due to weather include Uvalde, Castroville and Sabinal.
The nonprofit is asking the Austin community to foster, adopt or donate to free up capacity for animals displaced by the disaster. APA! needs to clear out its facilities to assist the animals in need of shelter.
Here are ways you can help:
- Adopt: APA! is offering a “Name Your Own Adoption Fee” on all animals.
- Foster: The shelter is seeking foster homes for a minimum of three weeks.
- Donate: Proceeds will fund vans and response teams setting up a staging and triage center at the heart of the disaster zone, along with an expanded stockpile of preventatives, PPE and additional supplies.
If you would like to donate, click here.
AUSTIN, Texas — With heavy rain expected across parts of Central Texas this week and flooding top of mind, the city of Austin is proposing to put more money toward flood mitigation improvements in next year’s budget.
The proposal would invest in new flood infrastructure, add staff, and help move flood mitigation projects forward, according to city leaders. Austin City Councilmember Ryan Alter said the investments are aimed at keeping the city prepared for future flooding.
Residents who live near waterways say they have seen how quickly conditions can change. David Haderspeck, who lives near Shoal Creek, said the creek “fills up pretty fast” and “gets a lot higher than you’d expect.” He said he has watched the water rise dramatically after rain.
“I’ve seen it come up probably 10 to 15 feet to the ordinary high-water mark,” he said.
This week, parts of Central Texas, including the Hill Country, are expected to get heavy downpours. While Austin is not expecting the same impacts as parts of the Hill Country, leaders said the city is using this year’s budget planning to continue investing in flood safety.
Alter said the city has the expertise to address flooding risks but needs to follow through on projects.
ALSO| Central Texas urged to prepare as heavy rainfall sits in forecast over next two days
“We have the experts. We just have to put the plans into practice, and that’s what we’re doing in this budget,” he said.
Under the budget proposal, the city would provide about $134.5 million for the Drainage Utility Fund, which helps pay for flood mitigation, drainage infrastructure and watershed protection efforts.
Alter said the proposal would shift more of the funding balance toward building new infrastructure.
“What we’re going to do is shift that balance a little bit more to building new infrastructure so that when we do have large flooding events, we’ve got that infrastructure in place to keep people safe,” he said.
The proposal also adds staff and invests in both new and existing flood mitigation projects across the city.
Asked whether the proposed investments would be enough moving forward, Alter said, “I do…I think we’re doing the right thing and just making sure that our residents have the infrastructure to stay safe.”
Alter said heavy rain cannot be prevented, but the city’s goal is to have infrastructure in place to help keep people safe when it happens.
FILE – LinkedIn logos are displayed on an iPhone and computer screen. (Photo by Carl Court/Getty Images)
AUSTIN, Texas – The Texas Attorney General’s office has opened an investigation into LinkedIn over allegations that the professional networking platform misleads consumers with advertising and profiting from misleading or fake job listings, otherwise known as “ghost jobs.”
LinkedIn investigation
In this photo illustration a Linkedin logo seen displayed on a mobile phone. (Photo Illustration by Stanislav Kogiku/SOPA Images/LightRocket via Getty Images)
What we know:
Texas announced on Tuesday it has issued a Civil Investigative Demand (CID) seeking documents, data and internal communications related to LinkedIn’s advertising, marketing, job listing verification practices and its Premium subscription services.
The investigation centers on whether LinkedIn violated Texas’ consumer protection laws by promoting paid subscription services while allegedly failing to disclose that some job listings on the platform may not actually be representative of hiring opportunities.
What is a ‘ghost job’?
An image of a woman holding a cell phone in front of a LinkedIn logo displayed on a computer screen. On Tuesday, January 12, 2021, in Edmonton, Alberta, Canada. (Photo by Artur Widak/NurPhoto via Getty Images)
Dig deeper:
LinkedIn is owned by Microsoft and the world’s largest professional networking platform, with more than 1 billion registered users worldwide.
A “ghost job” generally refers to a position advertised online that either is no longer available or that an employer has no immediate intention of filling. The attorney general’s office cited independent studies estimating that ghost jobs account for between one-fifth and one-third of online job postings.
Texas AG targets Premium Subscription Fees
Photographer: Mark Felix/Bloomberg via Getty Images
What they’re saying:
According to the office of the attorney general, LinkedIn does not independently verify the hiring status of most job listings on its platform. Ken Paxton’s office alleges that the company’s marketing for its Premium subscription services does not disclose that a significant number of postings could be inactive, unfilled or not reflect genuine employment opportunity.
“I will use every resource available to my office to help job-seeking Texans find and secure real employment opportunities,” Paxton said in a statement. “LinkedIn has a duty to provide the services it advertises and ensure that consumers paying for Premium subscriptions are receiving access to legitimate job postings.”
Texas officials said LinkedIn’s Premium Career and Premium Business subscriptions cost about $39.99 and $69.99 per month, respectively, and are marketed to jobseekers looking to improve their employment prospects.
What’s next:
The investigation does not include any formal allegations of wrongdoing, and no lawsuit has been filed.
The Source: Information in this article was provided by the Texas Attorney General’s Office.
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