You know how some folks buy flashy cars during a midlife crisis? Well, have you ever considered the idea of a midlife crisis house? Imagine you’re living in a great house that ticks all the boxes – right number of rooms, an office, even a couple of decks with ocean views. But then, midlife crisis hits and suddenly, you’re not satisfied anymore.
Being middle-aged myself, I’ve been trying to keep an eye on any unusual behavior that might signal a midlife crisis. It’s often a way of compensating for a lack of self-esteem or dissatisfaction in life. I’ve even started a fund to deal with any potential midlife crisis, given that life satisfaction often dips in your 40s and 50s before bouncing back.
Here are some things I’ve been pondering. Am I working out more and eating less to impress the ladies at the pickleball court, or is it about feeling better and living a healthier life? Am I recording more podcasts for recognition, or because I enjoy the challenge and want to leave something for my kids? And am I considering buying a new house to impress others, or because it could offer a better lifestyle for my family?
Some people are creatures of habit and won’t move house no matter how much money they have. Take Warren Buffett, for example, who still lives in the house he bought in 1958. But some of us do buy unnecessary houses in our 40s and 50s. Here’s why:
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A fancy car just doesn’t cut it anymore. If we can afford a midlife crisis house, we can certainly afford a midlife crisis car. But maybe we’ve already bought our dream car, or maybe cars just aren’t our thing.
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Keeping up with the Joneses. As we see our coworkers getting promoted and buying nicer things, we naturally want to keep up. The same goes for other parents we meet at school functions and playdates.
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The realization that we might die with too much money. Buying an expensive house is one way to spend some of that wealth. Plus, if you have kids, the best time to own the nicest house you can afford is when your family is at its largest.
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The desire to feel protected. After the pandemic, many of us wanted to regain control over our lives, and buying a bigger house can help with that.
But it’s also okay to want nothing more. As the late Sinead O’Connor said, "I do not want what I haven’t got." It’s great to be content with what we have, but it can also feel wasteful to hoard wealth beyond what we need. This is a dilemma many financially independent people face.
Instead of buying a midlife crisis house, maybe it would be better to take the trip of a lifetime, or get a puppy to keep you company. There are cheaper ways to boost self-esteem, like therapy, or even finding a new job if you’re not satisfied with your current one.
Personally, I value living in a nice home. I spend a lot of time at home writing, podcasting, and taking care of my family, so spending money on a home feels worthwhile. Plus, a home can also potentially increase in value, making it a good investment.
So, do you think there’s such a thing as a midlife crisis house? Why do we buy nicer homes we don’t need? Have you or anyone you know bought a midlife crisis house before? If so, how did it go?
