Quote:
Originally Posted by Biggd
I think Covid really supercharged the housing market. Before Covid I think middle-class could still afford a first home, maybe not a second home. 2 of my 3 children bought before Covid and traded up to bigger and better homes. Now they both have million-dollar homes with sub 3% mortgages. My oldest who never bought, continues to pay rent even though she could have afforded a home before Covid. She just was never confident enough to pull the trigger!
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It works out in the end.
If the workers needed in the area have to make more to afford housing, prices will just have to rise to offset the cost of that labor.
https://www.longtermtrends.com/home-...-income-ratio/
Covid coincided with Boomers retiring, so adding remote work in spurred demand.
We created an imbalance, and economics will correct it - sometimes slowly, sometimes quickly.