Long time daycare closes in Delaware
I think we are going to find this will now happen more than not. Not all of us fit the Medicare criteria for LTC. Not all of us have the money to live in ALs for years. Especially not after raising kids, putting them thru college and helping them to fund weddings.
When my girls went to college in the mid 90s and early 2000s, the cost was not as high as today. My salary would have fully paid for their educations. They were told I paid for their 4 yrs, they paid for their weddings. I had my future to worry about. Its not like this today. Kids going to school now have loans on the 100k and more. The cost of living has risen so much since COVID and will continue to rise, our Seniors on just SS cannot survive let alone save for their elder years. My husband and I saved but we were older parents and by the time the girls got thru school, my husbands job shut down and he was forced to retire. I did not long after. We do alright on SS and his pension and we still save but not enough for years of care. And do not expect our girls to do it. Now, because the government does not want to fund a Daycare, what are those caregivers going to do. And what follows, Medicaid spending.
https://www.delawareonline.com/story/news/2026/03/09/state-ends-contract-for-adult-day-care-at-old-delaware-hospital/89062782007/
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I’m an hour north of Philly . Same thing happening here . We also have young people moving here from Northern Jersey .
After my daughter’s engagement broke up last year, she moved back up north by us . She had been near Philly living in her fiancés 50 year old condo that his parents helped him buy just before my daughter had met him . She paid him some rent and they split utilities . When she came back up north last year , she bought a few miles away from us and paid $290K for a small 1000 sq foot 2 bedroom townhouse that’s about 20 years old . No basement or garage . Rents by us are crazy too .
I know families who have single siblings buying houses together , not sure how that’s going to work out if one wants to get married or sell and move .
My son and DIL are about 1/2 hour north of Philly . They bought just before the mortgage interests rate went up a few years ago . He’s lucky he has a low interest rate but he had trouble with bidding wars and high prices . He finally was able to buy just before his mortgage commitment at the low rate with a mortgage lender expired.
However , Houses are selling by me above appraisal amounts .
Boomers pay cash for the 55 and overs . So no appraisal is needed.
The young people buy from the boomers . These young people have parents who help them pay cash and holding mortgages for them , again skipping needing a bank appraisal .
I know what is going on in my own area .
I hold my daughter’s mortgage so her tiny townhouse could be purchased with cash . She was competing with investors paying cash , buying up small places to turn them into rentals . If she didn’t pay cash the seller would sell to someone else who has cash . Sellers here want quick cash settlements .
Our area is booming because the young crowd are flocking here , because it was affordable . But the influx has made competition , bidding wars , and pushed up prices . Supply and demand . We have excellent schools here. We are having job growth in our area as well. Also some of these younger folks work remote jobs at home ( like both my kids ) so they can move anywhere they want .
The young people moving here that are buying the large houses from the boomers by me come from wealthy families. The house gets paid for in cash and then the parents have a mortgage drawn up with a lawyer and legally filed with the county . This is what we did for my daughter . The deed is in my daughter’s name . She pays us a mortgage payment each month for now anyway . We told her she can wait and hope for the interests rates to go down some more before she gets a bank mortgage and pays us back.
She put a nice down payment down , she could have gotten a bank mortgage when she purchased . But again the sellers want to sell for all cash.
I never said the boomers were gouging the younger folks. It’s just a supply and demand issue pushing up prices here , plus older people/ parents and investors who have cash to purchase.
But I think that will end as well in the states that offer that .
The rising costs and cuts in Medicaid funding that states get from the Federal Government will most likely result in states not paying for AL or Memory Care . The states will prioritize Medicaid for children and disabled adults of working age .
The elderly will be expected to pay for their own elderly care. Meaning many families will become caregivers for parents at home .
In my state and many others Medicaid only pays for SNF. It’s always been that way by me as long as I know .
My state ( Pennsylvania ) also has some of the strictest old filial laws still in effect but not enforced. That could change as well. They could start enforcing them .
We paid $100 K each for both our kids college . Total of $200 K . We also gave them $ 10K each towards wedding and $60K each to help for down payment on houses . We told them that’s it . We can’t do anymore . We were able to give more than we planned because DH and I shared most of inheritances with the kids .
It was the only way my kids could buy a house after the prices spiked by us .
We wanted to move to 55 and over master bedroom downstairs , snow removal , landscaping included , but the purchase prices are insane even for an older unit that needs work inside . And bidding wars . Too many people looking for 55 and over and not enough units causing the prices to be even more overinflated on top of the spike in prices for housing in general since Covid. We got ridiculous estimates for snow removal for our driveway in our current home. The companies are taking advantage of the situation.
We have young families moving to the area, boomers are selling houses to them at crazy prices . And they get in bidding wars for 55 and over . I’m the oldest Gen X.