Ownership has become such a financial stretch for so many folks it’s also a strong “bet” that price appreciation, aka profits, is needed to close the deal.
I’m confused about what’s being sold as “housing” in this pandemic era.The “roof over your head” concept is still real. But ownership has become such a financial stretch for so many folks it’s also a strong “bet” that price appreciation, aka profits, is needed to close the deal.
Only half of America could afford a home at the end of 2021, the lowest level since 2010, says Realtor math. And just 25% of Californians have adequate financial muscle to buy, the lowest rate since 2007. That same cheap money is a key reason why home prices soared. Remember, low rates allow house hunters to spend more since the monthly house payment doesn’t jump as much.
Historically, this kind of gifting has been reserved for the upper crust. The typical recipient of any generational gifts had 37% higher income than a typical American and 175% greater net worth. They were also 88% white, according to a Federal Reserve study of 1995-2016 income data. What would our housing market look like if it was even harder to freely gift a home to your kids? Would higher levels of “death taxes” for homes level the playing field for future homeownership?
So far, though, plenty of folks are jumping on the housing gravy train. Ownership fervor pushed home purchases, statewide and nationally, to levels last seen in the bubble days just before the Great Recession. Super-heated pricing has only mildly cooled the buying binge.Housing, no less the entire economy, will have to digest the end of four decades of continual decline in interest rates. And the recent bout of inflation makes that rate puzzle even trickier to solve.
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