[soundman98]

i started saying that the current pricing trajectory is unsustainable about a decade ago.

my grandparents paid $40k for their new house, in the '40's. my parents paid $80k for their house, early 80's. my house was $150k about 5 years ago, but is already estimating at about $210-$280k. median wages in the area were around $50k, but that's moving up to about $70k really fast once housing prices shot above $200k.

compounding this issue is college debt, and employment. used to be that everyone went to college to make the 'big' money, but now the market is so saturated with people with degrees, all that's left is the lower paying jobs, but everyone racked up thousands in student loans that need to be paid back, which significantly lowers the down payment and monthly payments they can afford for housing.

i think the word we're looking for is 'deferred problem'. old/rich people bought what they wanted because there were more populations of them, and they had the time to save and pay off previous debts. now the young/poor are coming in, but the old/rich already drove the market up. i've felt for a long time that we're putting off a very large depression. there needs to be a reset somewhere, and it's going to be more and more painful the longer we put it off.