Quote:
Originally Posted by CliffFletcher
The global housing boom isn’t just about boomers.
Households have more money (the professional-class two income household didn’t exist 40 years ago), those high-earning households are chasing limited numbers of detached homes in major cities, and borrowing money is historically cheap. And the main way boomers are contributing to the higher prices is by helping their kids buy homes. That and having the discourtesy to live longer and want to stay in their homes as they age.
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It depends a lot on the city you live in, but, for the most part it's a generational issue. The young people earning $300k+ in family income remain relatively rare. They are competing for what once were medium level properties, yes, but they aren't driving up the prices, so much as they too are victims of the system. The double professional household would have, in the past, had a relatively luxurious lifestyle. Now, they are very much middle class, and in some cities lower middle class.
Everyone is getting knocked down a level or two by the policies that have concentrated wealth in the hands of the boomers.