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Yahoo
3 days ago
- Business
- Yahoo
'They Can't Afford To Move Out' — CEO Meredith Whitney Warns Most Baby Boomers Are Stuck In Place, Squeezing Millennials From The Real Estate Market
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Many baby boomers are remaining in their homes because they can't afford to move, a trend that is contributing to a tighter housing market for younger generations, according to Meredith Whitney, chief executive officer of Meredith Whitney Advisory Group. In a May 7 interview with Bloomberg TV, Whitney explained that cash-strapped boomers are aging in place, leading to a generational gridlock that's limiting housing supply and hindering millennial homeownership. Don't Miss: Hasbro, MGM, and Skechers trust this AI marketing firm — Inspired by Uber and Airbnb – Deloitte's fastest-growing software company is transforming 7 billion smartphones into income-generating assets – Boomers have bounced back as the largest home buying demographic in the U.S., accounting for 42% of all purchases in 2024, while millennials have dropped to 29%, according to the National Association of Realtors. But this doesn't mean most boomers are rolling in retirement riches. Whitney told Bloomberg that the common belief that all seniors are wealthy is misleading — many are borrowing against their homes just to get by. Whitney said that 44% of all home equity loans are being taken out by people aged 62 and older. "That's counterintuitive. It's crazy, right?" Whitney said. She added that only about one in 10 seniors can afford assisted living, forcing the rest to stay put whether they want to or not. A study by the International Council on Active Aging proves her assertion. Trending: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — While boomers hang on to their homes — or scoop up new ones with equity-fueled cash — millennials are finding themselves priced out and inventory-starved. Rising interest rates, skyrocketing home prices, and stiff competition from cash buyers are major obstacles. The tight housing market is pushing more millennials into long-term renting or back into multigenerational living. Compounding the issue is what Whitney called the 'lock-in' effect — a term referring to homeowners with low mortgage rates who are reluctant to buy again at today's elevated costs. Boomers who refinanced or bought when rates were around 3% don't want to jump into the 7% territory now, so they stay. That means fewer homes go up for sale, and supply continues to shrink. "This is one of the problems with the housing inventory," Whitney told Bloomberg. "They're staying in their houses longer because they can't afford to move out."Whitney further issued a warning: a "mild to medium" recession may be coming, and Wall Street hasn't priced it in yet. She expects the U.S. unemployment rate to hit 6% by this fall— a rise from April's 4.2% rate, according to the Bureau of Labor Statistics. The forecasted downturn, she said, is fueled in part by weaker consumer spending and disruptions in retail and hospitality linked to President Donald Trump's ongoing tariff policies. Still, Whitney emphasized that unlike during the 2008 financial meltdown, the big banks are now well-capitalized and not at the center of the storm. "The big banks will not be involved now," she told Bloomberg, "but the consumer is already struggling and is going to struggle further. And that will translate into job losses." Read Next: , which provides access to a pool of short-term loans backed by residential real estate with just a $100 minimum. 'Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. Image: Shutterstock Send To MSN: 0 This article 'They Can't Afford To Move Out' — CEO Meredith Whitney Warns Most Baby Boomers Are Stuck In Place, Squeezing Millennials From The Real Estate Market originally appeared on
Zawya
30-01-2025
- Business
- Zawya
Small cabinet meeting approves measures to restructure Tunis City of Culture
Tunisia - Prime Minister Kamel Madouri chaired on Wednesday a small Cabinet meeting at the Government Palace in Kasbah to discuss the restructuring of the City of Culture. The aim is to enhance its performance, improve the management of its resources, and ensure its financial sustainability. The meeting aligns with the vision of the President of the Republic to enhance the efficiency and performance of public institutions and structures. It underscores the need to develop innovative solutions to restructure cultural institutions, promote cultural and creative production and elevate the quality of artistic and creative content to enrich public taste. According to a statement from the Prime Ministry, the Cabinet approved several decisions and measures, including a comprehensive review of the City of Culture's structure and mandate. This review will be guided by an integrated and sustainable cultural vision, addressing issues such as institutional overlap, inefficiencies, and the lack of effective management. The measures also focus on ensuring financial sustainability by diversifying the City of Culture's funding sources and expanding its activities. A technical committee comprising representatives from relevant ministries and public institutions will be established to oversee the implementation of these reforms within a defined timeline. The Ministry of Cultural Affairs was tasked with revising all legal frameworks governing cultural and creative activities to align with national and international developments, recognising culture as both an industry and an investment in creativity and creators. The Cabinet also called on the Ministry of Cultural Affairs to diversify cultural production at the City of Culture and develop content that contributes to broadening funding sources. Additionally, it emphasised the optimal use of all cultural spaces within the City of Culture to maximise its potential and diversify revenue streams. Among the announced decisions, the Ministry of Cultural Affairs was urged to coordinate with the Ministry of Public Works and Housing to explore optimal solutions for utilising the City of Culture Tower and its potential. The Ministry was also tasked with finalising the handover process of the City of Culture project and ensuring the technical documentation is in place to address financial and legal guarantees and maintenance work. The Cabinet further called for the development of a communication strategy to promote the City of Culture in line with the national cultural vision. It also recommended revising heritage-related legislation and structures responsible for heritage protection, with a file to be presented at a future small Cabinet meeting. At the opening of the session, Prime Minister Kamel Madouri highlighted the critical importance of culture as a constitutional right and a sovereign sector. He emphasised that building a national culture is integral to the broader struggle for national liberation, in line with President Kais Saied's comprehensive national approach. Madouri stressed that the restructuring of the City of Culture is part of a broader national reform agenda aimed at improving the management of state resources and enhancing the efficiency of public institutions, particularly those in the cultural sector. He underscored the need for a renewed vision and a comprehensive, sustainable cultural project to guide this restructuring. The Prime Minister also underscored the importance of legislative reform in line with the directives of the President of the Republic, particularly in areas related to heritage as a symbol of cultural sovereignty. He called for updating legal frameworks to protect various forms of cultural, natural, and geological heritage, including intangible heritage, in alignment with UNESCO standards. Additionally, he advocated for revising legislation to encourage creativity and creators across all fields. Madouri called for mobilising all available resources to complete necessary reforms in the cultural secdor, likely to reinforce the City of Culture's role as a unifying space and a hub for creativity and innovation. He highlighted culture's role in building healthy societies, safeguarding against intellectual extremism, and contributing to sustainable development goals through effective project management, heritage preservation, and the promotion of creative works. The Prime Minister also emphasised the significance of the City of Culture's 9-hectare space in the heart of the capital, describing it as a national asset rich in cultural diversity and activity. He called for improved management and restructuring to enhance its performance and ensure harmony among national cultural institutions under a comprehensive national vision. The Minister of Cultural Affairs made a presentation that included an assessment of the City of Culture's functions, its achievements in developing cultural and creative industries, and its role in enhancing Tunisia's cultural and touristic appeal. She also addressed challenges hindering the implementation of certain programmes, the institution's financial situation and potential restructuring scenarios, including institutional and legal aspects. © Tap 2022 Provided by SyndiGate Media Inc. (
