This is the definition of broken:
Americans need to earn 70% more today than six years ago to comfortably afford a median-priced home, per Realtor com.
It gets worse: There are now more homebuyers over age 70 than under 35, per FORTUNE.
Do you realize what's happening?
We may be witnessing the end of middle-class homeownership
The post-WWII model of widespread homeownership was built on cheap land, abundant construction labor, and reasonable building costs.
Those conditions no longer exist
It's more like a return to pre-WWII home ownership rates, when it was common for 3 generations to live in the same house and it was expected you'd inherit your family home. Homes were so expensive that building one by hand was often the only option.
Even as recently as 1946, It's A Wonderful Life depicts regular people trying to afford housing and the evil forces of capitalism denying them.
@FluentInFinance You hear the term "tokenized real-estate" yet? How about "decentralized autonomous organization"?
My thought is that the people better get started banding together and buying shit REALLY fucking fast, but I don't know how to really set that up. I see a lot of efforts that seem quite focused on collapsing everything just far enough to make it all for sale. Then this shit comes in with the vacuum and we're all homeless.
The process has started in WI already.
@FluentInFinance Trump is a Real Estate guy. His other business is bankruptcy. He's really good at the latter.
Trump wants to sell our Nat forests to crypto holders. He's going to bankrupt us and make that the only way we can get out. The whole country will be for sale. We'll be happy to see the government collapse because we're at war with it.
And then what?
That's one of the scary scenarios bouncing around in this head.
relying on home ownership for our retirement savings was always a terrible idea.
The entire system was built on exploitation and it has been known for decades now it's not sustainable. The system isn't broken. It's coming to an end.
Overturning the system is what we need, not vain attempts to maintain the status quo
@CosmicTraveler @FluentInFinance *Very* grim but given fertility impacts of the virus and the already-plummeting birthrate under both legislative- and reality-imposed diminished quality of life and reproductive health restrictions, not to mention that even vaccinated older folks are likely to succumb under the accelerated variant spawn of utterly unchecked spread in wider society?
With a dwindling population and spikes in the death rate across age groups, the supply-demand curve of housing may not be a problem long. But it will also have become a minor problem by comparison to staying fed and getting healthcare amid burgeoning public health burdens and a diminished supply of healthy laborers.
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