🏠 “The Housing Pod” — Our 3 Best Stories on the Housing Market

Summary

Episode Summary: 🏠 “The Housing Pod” — Our 3 Best Stories on the Housing Market

Published on February 28, 2025 by Nick & Jack Studios

In this enlightening episode of “The Best One Yet” hosted by Nick Martell and Jack Crivici-Kramer, the duo delves deep into the complexities of the American housing market. Titled “The Housing Pod”, this episode presents three compelling stories that shed light on current housing trends, challenges, and innovative solutions. Here’s a detailed breakdown of the discussion:

---

1. Costco’s Foray into the Housing Market: Kirkland Condos

(Timestamp: 04:41 - 09:35)

Overview:
Costco, the retail giant known for its bulk goods, is making a significant move into the housing sector with the launch of its first-ever Costco apartment complex in Los Angeles. Named the Kirkland Condos, this initiative aims to address high rental costs by providing affordable housing options.

Key Points:

• Costco’s Expansion:
  Nick highlights Costco’s impressive stature:

  “Based in Washington State, this 41-year-old company is worth $400 billion. It's the 20th biggest company in America and yet the stock is up 40% this year like a young buck.”
  ([05:01] Nick)

• Amenities and Vision:
  The hosts humorously envision the amenities in Kirkland Condos, imagining free-flowing Costco wares and exclusive access for members. However, the reality falls short of these grand expectations:

  “But the Costco is not getting into apartments right now, are they, Jack?”
  “No, this is a one-off that they're doing just for their location for a very particular reason.”
  ([06:38] - [06:54] Nick & Jack)

• Regulatory Facilitation:
  California’s state law AB 2011 plays a pivotal role by offering fast-track approvals for developments that include affordable housing. This legal framework has enabled Costco to implement a mixed-use project:

  “Instead of a purely commercial construction like for most Costcos, Costco is doing mixed use for this particular LA location. So it's both a commercial space and a residential space.”
  ([07:00] Nick)

• Affordable Housing Metrics:
  Of the 800 apartments, 184 are designated as affordable units. However, critiques arise regarding the size and practicality of these units:

  “The apartments are 600 square feet and smaller. Some people on Twitter are actually calling these Costco apartments Costco prisons.”
  ([07:50] - [08:05] Nick & Jack)

Takeaway:
Nick and Jack emphasize that addressing the housing crisis requires diverse solutions tailored to each state’s unique regulations and needs:

“Fixing housing requires 50 different solutions. Yetis, unaffordable housing is a problem for all 50 states. It's the biggest driver of inflation, of poverty, and of unhappiness.”
([08:36] - [08:48] Jack & Nick)

---

2. Elevators: A Microcosm of America’s Housing Crisis

(Timestamp: 09:35 - 14:44)

Overview:
The discussion pivots to the often-overlooked role of elevators in the housing market. The high costs and stringent regulations surrounding elevator installations are highlighted as significant barriers to developing multi-family housing units in the United States.

Key Points:

• Historical Context:
  The invention of the elevator by Otis in 1852 is celebrated as a cornerstone of America’s architectural and industrial rise:

  “The elevator's invention was a metaphor for America's industrial rise in the world.”
  ([10:08] Nick)

• Current Challenges:
  Despite their importance, elevator installations in the U.S. have stagnated:

  “The United States has 1 million installed elevators, which. Jack, that sounds like a lot. You know.”
  ([11:22] Nick)

• Cost Disparities:
  The exorbitant costs of installing elevators in the U.S. compared to Europe are dissected:

  “The basic four-story elevator costs $160,000 in New York City. In Switzerland, they cost just $36,000.”
  ([12:01] - [12:25] Nick & Jack)

• Regulatory Hurdles:
  Strict U.S. regulations necessitate elevators that can accommodate ambulance stretchers, making them larger and more expensive. Additionally, labor costs are inflated due to requirements for documented workers:

  “The one reason is regulations... Elevators must be built by documented workers.”
  ([12:34] - [13:03] Jack & Nick)

• Housing Impact:
  The high cost and regulatory barriers lead to a shortage of multi-family apartment buildings, exacerbating the housing shortage:

  “We have too many houses, not enough apartments, and elevators show why.”
  ([13:52] - [14:02] Jack & Nick)

Takeaway:
Elevators serve as a metaphor for broader housing issues:

“We have too many houses, not enough apartments, and elevators.”
([13:52] Jack & Nick)

Nick and Jack argue that streamlining regulations could significantly reduce costs and encourage the development of more apartment buildings, thereby alleviating some of the housing shortages.

---

3. Georgetown, Texas: The Rise of Boomer Boom Towns

(Timestamp: 17:21 - 22:16)

Overview:
The final story explores Georgetown, Texas, highlighted as the fastest-growing city in America, primarily due to its appeal as a retirement destination for baby boomers. The episode examines how these "boomer boom towns" inadvertently contribute to solving broader housing challenges for younger generations.

Key Points:

• Sun City, Texas:
  A planned and gated community designed for retirees has attracted 17,000 older adults, drawn by amenities like pools, golf courses, and the absence of state income tax:

  “Sun City which is in Georgetown, Texas, has attracted 17,000 retirement people to move in to benefit from the pool, the golf course, and the lack of income tax.”
  ([18:33] - [18:54] Jack & Nick)

• Demographic Shifts:
  With a median age of 73, Georgetown exemplifies the aging population trend:

  “The median age over in the population of Sun City, Texas? 73 years old.”
  ([18:58] - [18:59] Jack & Nick)

• Wealth Redistribution:
  Older generations hold a significant portion of the nation's wealth, and their migration to specialized communities affects housing availability:

  “Americans 55 and older own 70% of the country's wealth, which is up from 50% of the country's wealth 35 years ago, according to the Fed.”
  ([20:19] Nick)

• Counterintuitive Solution:
  By relocating boomers to areas like Georgetown, existing affordable housing elsewhere becomes available for younger generations, such as millennials and Gen Z:

  “Building unaffordable housing is the best way to create affordable housing.”
  ([21:04] - [21:08] Jack & Nick)

• Market Dynamics:
  Developers prefer constructing higher-end housing due to profitability, leading to a trickle-down effect where more affordable units become available as a result:

  “Developers don't want to build affordable housing. No, no, no, no, no. Developers, they prefer building unaffordable housing that's more profitable, but that is actually just as good, because each boomer moving into Sun City leaves behind an empty home somewhere that's probably more affordable.”
  ([21:19] - [21:53] Jack & Nick)

Takeaway:
The migration of affluent retirees to specialized communities can indirectly alleviate housing shortages for younger populations by freeing up existing affordable housing stock:

“Poltigroup is building 11,000 unaffordable homes in Texas, which opens up 11,000 affordable homes somewhere else.”
([21:25] - [21:31] Nick & Jack)

This approach underscores the interconnectedness of housing dynamics across different demographic groups and regions.

---

Concluding Insights

Throughout the episode, Nick and Jack intertwine humor with critical analysis, offering listeners both entertainment and valuable perspectives on the housing market. They emphasize the multifaceted nature of housing challenges and the necessity for diverse, localized solutions.

Notable Quotes:

• “Fixing housing requires 50 different solutions.”
  – Jack, ([08:36] Jack)

• “We have too many houses, not enough apartments, and elevators show why.”
  – Nick, ([13:52] Nick)

• “Building unaffordable housing is the best way to create affordable housing.”
  – Jack, ([21:04] Jack)

Future Episodes:
Nick and Jack hint at continuing their exploration of housing solutions tailored to specific states, with the next episode focusing on New York’s unique challenges and opportunities.

---

Final Thoughts:
"The Housing Pod" offers a comprehensive look into current housing trends, from corporate ventures like Costco’s apartments to the intricate role of elevators in urban development and the demographic shifts influencing housing availability. By dissecting these stories, Nick and Jack provide listeners with a nuanced understanding of the housing market's present state and potential pathways forward.

Transcript

[Nick]

This is Nick, this is Jack. And today's housing pod is the best one yet.

[Jack]

Our top three stories about the housing market of the last year.

[Nick]

Besties Nick and Jack here. And if you're here in this episode, then Jack's baby just came. Jack's on paternity leave right now.

[Jack]

I'm elbow deep in diapers.

[Nick]

Nick, I know, I know. You're doing well.

[Jack]

So all week long, we're dropping our best ones yet of the best one yet.

[Nick]

And today's show, well, we've done one bonus pot on parenting, we've done one on innovation, but this one is on housing.

[Jack]

So send this to a buddy who's trying to sell a house, trying to buy a house, someone who's renting a house.

[Nick]

They're just complaining about their landlord.

[Jack]

Jack.

[Nick]

Three stories for today's show. What do we got?

[Jack]

For our first story, we're going back to September 24, 2024. Costco was launching their first ever Costco.

[Nick]

Apartment building and the solution to your high rent, it may actually be Kirkland condos.

[Jack]

For our second story, we're going to July 23, because a top cause of America's housing crisis may actually be our.

[Nick]

Elevators, because an American elevator costs five times more than a small Spanish elevator.

[Jack]

And our third and final story, we're going back to July 9th. The fastest growing city in America is a Texas retirement community, median age 73.

[Nick]

But the real winner of boomer boom towns is actually millennials.

[Jack]

But yetis before we hit that wonderful mix of roomy stories.

[Nick]

Fantastic mix of stories.

[Jack]

Jack, do you rent? Do you buy or do you cry?

[Nick]

Oh, the housing market right now looks like a typo.

[Jack]

Mortgage rates are at 30 year highs.

[Nick]

Home prices hit all time highs every seemingly always.

[Jack]

So home sales have fallen to the lowest level since your parents kitchen had Dunkaroos.

[Nick]

Ah, that era, they had better snacks and a better housing market.

[Jack]

They did. In the 90s. You could buy like all of Tribeca for the price of today's latte.

[Nick]

Today, you need a guarantor to rent a space for a scooter.

[Jack]

It's ridiculous.

[Nick]

It is ridiculous.

[Jack]

In this economy, the housing market ain't moving.

[Nick]

But on this podcast, we've explored the solutions.

[Jack]

So if you want to understand why the housing market always feels so funky.

[Nick]

Or if you want to find hope in a new housing strategy, we got.

[Jack]

The lowdown on your future con.

[Nick]

So kick back on your couch like.

[Jack]

Ill in the place because after this show, you're gonna know more about the state of real estate than Barbara Corcoran or Blackstone or all the Oppenheim brothers.

[Nick]

Yetis, email that super about the leaky faucet because we're hitting our three housing stories.

[C]

Fifteen years before this song, two boys from the northeast met in the dorm. They had an idea to cause a cultural storm. It's the best one yet, but the best is the norm. Jack, Nick, that's it. I don't even think they need to practice. 50%. That's a fat tip. T Boy City on your at list. If you know, you know. Cause we read to go. We can't wait no more. So just start the show. Start the show.

[Nick]

First, a quick word from our sponsor.

[Jack]

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[Nick]

Yeah, it is. We've told you before about a tradition Jack and I have. We call the Budget Brunch.

[Jack]

Once a month, we go through all our family spending with our spouse and we turn it into a fun event.

[Nick]

Sometimes it's a fun brunch, sometimes it's a How much are those pancakes?

[Jack]

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[Nick]

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[Jack]

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[Nick]

Over a million people already use it and it has over 30,000 five star reviews.

[Jack]

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[Nick]

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[Jack]

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[Nick]

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[Jack]

This podcast is sponsored by Northwestern Mutual.

[Nick]

Yeti's. Lots of financial companies want to talk to you, but Northwestern Mutual wants to listen to you.

[Jack]

Some companies say they have all the answers, but Northwestern Mutual has better questions.

[Nick]

Yeah, the financial pros, they are going to ask you questions about your financial situation that honestly, you never asked yourself a big one.

[Jack]

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[Nick]

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[Jack]

Nm.Com the Northwestern Mutual Life Insurance Company, Milwaukee, Wisconsin. For our first story, we're going to September 24, 2024.

[Nick]

Ah, Kirkland Condos. Love this one. Let's hit it. Costco fans are rejoicing over the construction of the first ever Costco apartment.

[Jack]

But if you think you're getting bulk sized living space for Costco sized price, which is what we thought, think again, Jack.

[Nick]

Can we just kick things off? Talking about the financial stats over at our buddy's Costco.

[Jack]

Based in Washington State, this 41 year old company is worth $400 billion.

[Nick]

It's the 20th biggest company in America and yet the Stock is up 40% this year like a young buck.

[Jack]

What year is Costco not up 40%?

[Nick]

I know what is going on over there, but did you know yetis, that Costco can even book vacations through Costco?

[Jack]

I'm a Costco member, but I didn't know this one until we learned about it randomly in a business call last week.

[Nick]

We were chatting with someone on like a biz dev call and they mentioned that you can get five nights with airfare to Tahiti in French Polynesia for like $3,600. A Costco member.

[Jack]

Five nights with airfare on one of those gorgeous huts that just sits above the water and you can like open a door and land in the ocean.

[Nick]

So yetis, you're probably thinking right now, if Costco got into the housing market, I'd rent a Costco apartment.

[Jack]

I trust Costco. I'll buy anything they put their brand on.

[Nick]

Well, here's the news. It's happening. A new Costco in Los Angeles is under construction right now and it includes.

[Jack]

800 Costco apartments right above it.

[Nick]

Now, Jack, could you describe our vision when we heard about this first Costco apartment?

[Jack]

The unit must come with like a 12 pound tub of peanut butter, unlimited Costco Kirkland toilet paper, and a fridge that just keeps refilling with those $50 cent hot dog and soda combos.

[Nick]

Oh, what's in the freezer? A double chunk chocolate chip cookie.

[Jack]

And you can't get into the building unless you flash your Costco card.

[Nick]

And that was our vision for the Kirkland condo, as we call it.

[Jack]

But wah wah. These apartments are the least Costco Y apartments ever.

[Nick]

Yeah, plot twist slash spoiler. But the Costco is not getting into apartments right now, are they, Jack?

[Jack]

No, this is a one off that they're doing just for their lo location for a very particular reason.

[Nick]

But it is a very interesting reason why Costco is doing their first ever apartment.

[Jack]

Here's the deal. Local approval of a big construction, like for a big box store in Los Angeles, that would take years and it might never get approved.

[Nick]

But interestingly, California state law AB 2011 allows a fast track approval if affordable housing is included in the plan.

[Jack]

So instead of a purely commercial construction like for most Costcos, Costco is doing mixed use for this particular LA location.

[Nick]

So it's both a commercial space and a residential space.

[Jack]

It's a Costco superstore on the first floor with 800 apartments on top, 184 of which are affordable apartments.

[Nick]

It sounds like the kind of thing Adam Newman came up with while he was high at a Target, Jack.

[Jack]

The apartments, though. Yeah, they're 600 square feet and smaller.

[Nick]

Yeah, that's the one problem here. The size of these Costco apartments are basically like your sophomore year dorm room, right, Jack?

[Jack]

Instead of like a bulk Costco size thing, it's like a sample size. It's really tiny.

[Nick]

Some people on Twitter are actually calling these Costco apartments Costco prisons.

[Jack]

Not something a Costco member would want to move into.

[Nick]

Still, any new housing is good housing for a city with crazy high rent, like Los Angeles. And lovely Los Angeles has rent that's three times the national average.

[Jack]

Plus there is a Costco literally down the elevator.

[Nick]

Yeah, so like, if you jump up and down in your bathroom, they will hear you in aisle six by the toiletries.

[Jack]

They might even send you toilet paper to shut you up. Up.

[Nick]

And we're going to need another pound of peanut butter, buddies. So, Jack, what's the takeaway for our buddies over at Costco Apartments?

[Jack]

Fixing housing requires 50 different solutions.

[Nick]

Yetis unaffordable housing is a problem for all 50 states. It's the biggest driver of inflation, of poverty, and of unhappiness.

[Jack]

But each state has their own laws that controls real estate development. So each state needs their own solution to unaffordable housing.

[Nick]

Well, in California, that state law we mentioned says to developers, hey, if you build affordable housing, we'll wave a bunch of the red tape so you can get going.

[Jack]

California also has a new law focused on adus.

[Nick]

Basically, if you got a backyard or like a garage with enough space to build an apartment in California, the state will now give you funding to start building that additional dwelling unit.

[Jack]

Today, we're talking about California Solutions. Tomorrow, in tomorrow's episode, we're talking about.

[Nick]

New York's because we found a wild one there that the Costco apartment folks are gonna love.

[Jack]

Because making housing affordable In America requires 50 different solutions.

[Nick]

And the Costco Kirkland condo is just one of them.

[Jack]

Our second story is from July 23, 2024.

[Nick]

Elevators explain everything. Let's hit it. If you want to understand America's housing crisis, then look to the elevator.

[Jack]

Because America invented the elevator, but we've basically stopped installing them.

[Nick]

All right, Jack, let's kick off this story with a hero stat. Actually, this is a surprise hero stat that you haven't heard yet. You ready for. All right, Jack, how many elevators are in the Empire State Building?

[Jack]

Well, I think there's 86 stories. I know because you and I were there this summer. A lot of elevators.

[Nick]

I'd say, like, I don't know, 1273 elevators, including service elevators in the Empire State Building.

[Jack]

Let me ask you this. Do any of them go entirely from the bottom all the way to the top?

[Nick]

I think the answer to that is all of the above.

[Jack]

You have to be an emperor to use that elevator.

[Nick]

Yeah, it is. In 1930, America built the love lovely Empire State Building of New York City.

[Jack]

A thousand foot skyscraper. But it wouldn't have been possible without the elevator.

[Nick]

Now, here's the fascinating thing. The elevator was actually invented in the United States 80 years earlier, back in 1852.

[Jack]

And the elevator's invention was a metaphor for America's industrial rise in the world. The elevator.

[Nick]

It was invented by a company called Otis, which is now still around today, a $40 billion publicly traded company.

[Jack]

They're based in Bristol, Connecticut, where there's still this huge tower out of nowhere. Like, it's like rural Connecticut. And then there's a 38 story tower that's used just for the testing of the elevator shaft.

[Nick]

You can see it from all the way up here.

[Jack]

But here's the surprise. Fast forward to today, and the data shows that we've basically stopped building elevators in the United States.

[Nick]

Get this, besties. The United States has 1 million installed elevators, which. Jack, that sounds like a lot. You know.

[Jack]

Yes, it does. A million elevators, but it's actually very few.

[Nick]

Jack, could you sprinkle on more content, context, please?

[Jack]

Spain and Italy have the same number of elevators as the United States, even though our population is seven times bigger.

[Nick]

Now, besties in Western Europe, two or three story buildings. It is common for them to come with elevators. It's just a standard.

[Jack]

But in the United States. Not a chance.

[Nick]

No, you are huffing and puffing up to that sixth floor of a new building.

[Jack]

New apartment buildings that are six stories tall are being built without elevators.

[Nick]

Jack, when we lived in the East Village, we had a four floor walk up. That was not a fun situation, my friend.

[Jack]

And the reason for all these stair and no elevators is cost.

[Nick]

Do you remember our buddy Timmy? Barely made it up there. We had to like carry him from the third floor to the fourth floor sometimes. But back to the shocking cost Yeti's. The basic four story elevator costs $160,000 in New York City.

[Jack]

In Switzerland they cost less than a quarter as much to build today.

[Nick]

Because in Switzerland they don't cost 160 grand. They cost just $36,000.

[Jack]

And according to a non profit dedicated to lowering building costs in America, there's one reason why we have to pay four times as much for an elevator as the rest of the world does.

[Nick]

Jack, take us to the lobby and tell us the answer.

[Jack]

The one reason is regulations.

[Nick]

Regulation, because yet he's in the United States.

[Jack]

Elevators are bigger because regulations dictate they must be able to hold an ambulance stretcher. So we have elevators twice as big as the rest of the world.

[Nick]

And in the United States elevators are custom.

[Jack]

Here elevators must pass a special code, not the uniform code that the rest of the world uses.

[Nick]

And in the United States, labor costs are just much higher.

[Jack]

Elevators must be built by documented workers.

[Nick]

Here due to regulations, every high income country, they use lower cost immigrant labor for apartment construction. But in the United States you can't.

[Jack]

Really do that because of immigration policies and regulations.

[Nick]

American exceptionalism in construction, it's made elevators economically unviable.

[Jack]

And this elevator problem we have is actually a microcosm for our entire housing problem nationwide.

[Nick]

If you want to understand the housing crisis, it's the elevator.

[Jack]

It's not the elevator for us, it's the Darth Vader. Yeah, second Vader reference of the show.

[Nick]

Take me to your lobby.

[Jack]

That's not a good Darth Vader impression, to be clear.

[Nick]

Well, Jack, can we at least pause the elevator and press all the buttons for a moment?

[Jack]

Looks like a Christmas tree.

[Nick]

It does look like a Christmas tree. So Jack, what's the takeaway for all our buddies who are. Are anyone riding an elevator?

[Jack]

We have too many houses, not enough apartments, and elevators show why.

[Nick]

Yetis. Every year our population grows faster than the number of new houses being built.

[Jack]

In the past 20 years. We're actually 5 million housing units short to keep up with our growing population.

[Nick]

Now interesting thing, besties Jack said housing units because people can live in A single family house or in a multi family apartment.

[Jack]

And that's the issue. We have too many houses, not enough apartment buildings.

[Nick]

Yep, the regulatory problems that make elevators crazy expensive also make apartment buildings crazy expensive.

[Jack]

But single family homes, which only hold one family, not a bunch of families. Single family homes have much less red.

[Nick]

Tape and no elevator to go along with them.

[Jack]

So what can we do about it? We can streamline regulations to let builders build apartment buildings for a lower cost.

[Nick]

Until then, we've got too many houses, not enough apartments, and elevators.

[Jack]

Show us why.

[Nick]

Now, a quick word from our sponsor.

[Jack]

The best one yet is sponsored by BetterHelp.

[Nick]

Well, Yetis, how's that New Year's resolution looking? Cause it's almost time for your mid year's resolution. It's pre summer. It's time for a check in. What's going on, Jack?

[Jack]

My New Year's res this year was to end my bad moods quickly.

[Nick]

Oh yeah, get into a bad mood. Happens to us all. And Jack's learning in therapy to figure out what triggers his.

[Jack]

For example, if I do something I think deserves praise, but it's mad with critique instead, that's gonna trigger me. But Nick, instead of letting it ruin the whole day, possibly the whole weekend, I'm learning to cope quickly.

[Nick]

There is so much therapy jargon in that sentence. Jack, I know you've been going to therapy, and I know what Jack's RVF looks like. And I'm happy to report they are melting away quicker this year.

[Jack]

There you go. Therapy isn't just something that impacts your personal life. It impacts your work performance too.

[Nick]

Well, I happen to be Jack's lawfully wedded work husband after all, so I've seen all of this live.

[Jack]

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[Nick]

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[Jack]

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[Nick]

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[Jack]

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[Nick]

That's BetterHelp. H E-L P.com t boy Prize picks how do we know it's spring? Well, partially because of the tulips Jack's been growing on his front lawn, but also because of playoffs. Like happy playoff season.

[Jack]

Maybe late April is when both basketball and hockey playoffs begin. Plus my two lifts.

[Nick]

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Now, Jack, I know how you do fantasy sports. You pick by age, right? Like, what are you going with here?

[Jack]

I pick emotionally. And Steph Curry is the same age as you and me. He's 37, so I'm picking him to make more than three and a half three pointers tonight.

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That's right. Watching basketball is 10 times more exciting when the player has the close mark, marginally same birthday as you.

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[Jack]

And our third and final story is from July 9th, 2024.

[Nick]

Boomer boom towns. Let's hit it, Jack. The number one fastest growing city in America for three years straight is Georgetown, Texas.

[Jack]

But it's filled with baby boomers. We're covering the phenomenon of baby boomer boom towns and why they're actually good for zillennials, too.

[Nick]

You're gonna want to hear our takeaway, but first. Jack, one sec. Let me just get the pamphlet. Okay, I'm looking at the Pamph. Looks like skydiving, concerts, classic cars.

[Jack]

You're looking at Del Boca Vista template, Jack.

[Nick]

I think Aunt Linda's doing jello shots over at the bowling alley.

[Jack]

It looks like a cruise ship, but.

[Nick]

On land, it feels like college. But everyone has $3 million in the bank.

[Jack]

It's like spring break, but everyone here is over 70 years old.

[Nick]

Yetis, Jack and I are talking about Georgetown, Texas, which represents one of the booming retirement towns sprouting up across the south of America.

[Jack]

They represent Boomer Spring break or not dead yet is how the Wall Street Journal put it in an article.

[Nick]

Sun City, Texas. It is a planned and gated community targeting retirement funds. I mean, retired people.

[Jack]

Water aerobics at 9, pickleball at 1. Hey, Debbie, drinks are half off at the Gator Grill at three. I'll see you there.

[Nick]

I mean, it's like Debbie's pledging Kappa Kappa Phi. Jack. I kind of love it.

[Jack]

Sun City which is in Georgetown, Texas, has attracted 17,000 retirement people to move in to benefit from the pool, the golf course, and the lack of income tax.

[Nick]

And Jack, what is the median age over in the population of Sun City, Texas?

[Jack]

73 years old.

[Nick]

Not too shabby.

[Jack]

They're not working anymore, so they're working on their handicap, getting it down to one digit.

[Nick]

And these retired boomers are spending down their pensions and their inflated stock and their real estate assets all in this one town in Texas.

[Jack]

And they've made this one town, Georgetown, Texas, the fastest growing city in the United States for three years straight.

[Nick]

We repeat, this is the fastest growing city in America for three straight years for cities over 50,000 people or more.

[Jack]

Now, yetis, it's easy for pinched and renting zillennials to be annoyed by the story about these booming boomer boom towns.

[Nick]

Look, Jack and I are the core of the millennial demographic here. We feel you on this. The housing market is outrageously tight right now, isn't it, Jack?

[Jack]

It's not just enormous interest rates which make up more than half of your mortgage payment each.

[Nick]

True.

[Jack]

It's also that there's just no homes on the market available.

[Nick]

Have you noticed home sales felt like a 30 year low. People aren't buying, people aren't selling homes right now.

[Jack]

And the result is that millennials and Gen Z are renting at much higher levels than previous generations at the same age.

[Nick]

And that rent, it is historically expensive. What's the data, Jack?

[Jack]

Americans are spending a record high percent of their income every month on rent.

[Nick]

On the other hand, Jack, let's head over to that Margaritaville bar down in Texas. What's going on down there?

[Jack]

Americans 55 and older own 70% of the country's wealth, which is up from 50% of the country's wealth 35 years ago, according to the Fed.

[Nick]

So. Yet he's added all up. And it is easy to be envious, even resentful, of boomer Bob playing his third shuffleboard game at his second home.

[Jack]

But these baby boomer boom towns aren't just sources of generational envy.

[Nick]

No, they're not.

[Jack]

They're also part of the solution, believe it or not.

[Nick]

And that, believe it or not, is our takeaway. So, Jack, what's the. I'm sorry, Debbie wants me to get in the pool with her. Jack and I kind of want to go. I'll be there in a sec.

[Jack]

Debbie. They're playing John Cougar Mellon camp again.

[Nick]

It's a whole lot of fun down here. Jack, what's the takeaway for our buddies who are everyone who's a zillennial.

[Jack]

Building unaffordable housing is the best way to create affordable housing.

[Nick]

So yetis, Jack and I jumped in t boy style, and the median home price of Sun City, Texas is actually $500,000. That is insane. Not exactly cheap, but the company behind.

[Jack]

It, a publicly traded company called Pulte group, is building 11,000 of those homes.

[Nick]

And that is what matters. New houses. Our country needs as many new houses as we can get.

[Jack]

We appreciate the push to build affordable housing, but here's the problem. Developers don't want to build affordable housing.

[Nick]

No, no, no, no, no. Developers, they prefer building unaffordable housing that's more profitable, but that is actually just.

[Jack]

As good, because each boomer moving into Sun City leaves behind an empty home somewhere that's probably more affordable.

[Nick]

And that boomer's old empty nest can now become a zillennial's new full nest.

[Jack]

Poltigroup is building 11,000 unaffordable homes in Texas, which opens up 11,000 affordable homes somewhere else.

[Nick]

So it sounds counterintuitive, but this is how Jack and I think about the housing market.

[Jack]

The best way to create affordable housing is to build unaffordable housing.

[Nick]

Now time for the best fact yet. This one whipped up by Jack and me.

[Jack]

According to Zillow, 35% of us would buy a house that's haunted if it meant it was more affordable.

[Nick]

That's how tight this housing market is.

[Jack]

Here's another one. Nearly 70% of prospective buyers would buy a haunted house if it checked all their boxes.

[Nick]

Basically, there is a haunted house premium. Like, if you want to sell your house, you might be able to get a higher price if it's haunted.

[Jack]

Yet I don't know a higher price, but you might not have to hide that it's haunted.

[Nick]

Basically, besties, if you want a two bedroom apartment on the Upper west side, you're willing to ignore the demon in the diamond room.

[Jack]

Oh, don't worry about the demon. He's only there on weekends.

[Nick]

It's a big deal. Yetis, you look fantastic for our housing pod. And we got two more bonus pods coming at you this week.

[Jack]

All right, so send this episode to a landlord, to a renter, to a homeowner, to a wannabe homeowner, to a squatter.

[Nick]

If you get locked out, whoever gets you back in, you tell them about this episode. Besties, thanks for enjoying, and Jack and I will see you tomorrow and pray.

[Jack]

For interest rates to come down. If you like the best one yet. You can listen ad free right now by joining Wondery and the Wondery app or on Apple Podcast Prime.

[Nick]

Members can listen ad free on Amazon Music.

[Jack]

And before you go, tell us a little bit about yourself by filling out a short [e-mail] survey we want to.

[Nick]

Get to know you.

[D]

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