After 33 years and four children, Baby Boomers Marta and Octavian Dragos say they feel trapped in what was once their dream home in El Cerrito, California.

Both over 70, the Dragos are empty nesters, and like many of their generation, they’re trying to figure out how to downsize from their 3,000-square-foot, five-bedroom home.

“We are here in a huge house with no family nearby, trying to make a wise decision, both financially and for our well-being,” said Dragos, a retired teacher.

But selling and downsizing isn’t easy, appealing or even financially advantageous for many homeowners like the Dragos family.

Many Boomers whose homes have surged in value now face massive capital gains tax bills when they sell. This is a kind of tax on the profit you make when selling an investment or an asset, like a home, that has increased in value.

Plus, smaller homes or apartments in the neighborhoods they’ve come to love are rare. And with current prices and mortgage rates so high, there is often a negligible cost difference between their current home and a smaller one.

    • Asafum@feddit.nl
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      11 months ago

      A-fucking-men.

      “The market” sets wages. My ass, the market is Billybob greedy asshat saying “I won’t pay more than this.” Then Timmyjoe fuckwit says “well the market has spoken, it would be stupid of me to pay more when Billybob is only paying x”

      And for you theorists out there “supply of labor will affect wages” let me introduce you to the new excuse: “No OnE wAnTs To WoRk AnYmOrE!” Can’t hire at the shit wage that’s out there? Just complain no one wants to work!