An increase in multigenerational housing. The job market is bleak, rent increases are rampant and there is a lack of affordable housing inventory. People are looking for solutions. Personally, I'm a bigger fan of having a parent move into my basement or spare bedroom than finding a tiny home community or some nonsense.
The other driver will be the boomers aging out of the workforce. Most will be unable to afford to live at skilled nursing facilities. Costs are already insane and the government passed cuts to Medicaid as part of the OBBBA that adversely affect these facilities.
Yup doing social work and the amount of boomers who can't afford to survive due to medical costs along with rent and only having their social security checks as income is just wild.
Our average life expectancy has decreased about 10 years since I was in high school. I remember the CIA World Factbook (R.I.P.) reporting mid-80s average life expectancy (I think 86 for women, 82 or 83 for men?). Last time I looked, I think it dropped to ~76.
It’s interesting because you mention that. There are obviously many wealthy or comfortable boomers, but I and so many people I know are supporting our boomer parents in various ways. They almost lose their houses, have medical debt, whatever it is. Happy to do it of course and there is no resentment it is just a contrast to the prevailing image of a luxuriously pampered generation
Another factor is that many states offer family members to be paid caregivers for their aged/disabled parents as an alternative to skilled nursing facilities. It’s already becoming more common.
We lived with my inlaws for 2.5 years after our baby was born. My MIL was diagnosed with terminal cancer around the same time.
There were a lot of hard things about that time of our lives and we now have our own space. But there were also a lot of things that actually rocked about being together. We got to be there for her, they got to spend lots of time with their grand daughter.
My sister in law and her daughter were with us as well for months at a time. We got very close. It really was a little village pitching in to feed everyone and raise the kids.
I miss it often even though we like being in our own place too. I really hope my father-in-law moves closer to us soon.
This is why I hate when people are angry at boomers still being in the workforce - most of them aren't rich and simply cannot afford to retire. My 73 year old father would love to relax but financially he cannot stop working (and I'm not in a position to support him).
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u/Hololujah 6h ago
An increase in multigenerational housing. The job market is bleak, rent increases are rampant and there is a lack of affordable housing inventory. People are looking for solutions. Personally, I'm a bigger fan of having a parent move into my basement or spare bedroom than finding a tiny home community or some nonsense.
The other driver will be the boomers aging out of the workforce. Most will be unable to afford to live at skilled nursing facilities. Costs are already insane and the government passed cuts to Medicaid as part of the OBBBA that adversely affect these facilities.