🚨🚨🚨Most baby boomers can’t afford assisted living and are weighing on the housing market by staying in their homes, ‘Oracle of Wall Street’ says
Baby boomers are dragging on the housing market because most can't afford to move out of their homes, according to Meredith Whitney, the “Oracle of Wall Street” who predicted the Great Financial Crisis.In an interview on Bloomberg TV on Wednesday, she said many cash-strapped Americans have been borrowing against their homes, and 44% of home-equity loans are being taken out by seniors, "which is counterintuitive. It's crazy, right?"
That's contrary to the typical narrative of baby boomers sitting on vast amounts of wealth accumulated over their lifetimes, which spanned unprecedented economic expansions and stock market booms.
https://finance.yahoo.com/news/most-baby-boomers-t-afford-220048092.html