Ah, but what about the very small percentage of the American population who happen not to be upper middle class. Easy to forget them I knowhttps://twitter.com/asymmetricinfo/status/1468343020793876481 …
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Well, it was 65% in 1960 and it is 64% now, though it got all the way up to 69% in the early aughts and all the way down to 63% in 2016, so there is long-term stability in the statistic, but you are right to note that millennials trail older generations in home buying.
In terms of home value, the issue frankly is that housing values are too high, not too low. That's part of what is keeping millennials out of home-buying and why I think we need policies that lead to building a lot more houses, even if it means that per-unit values stagnate.
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Nevertheless, it is just statistically true that even among the younger generations, actually owning a house on both a per-unit and per-square-foot basis is more affordable in the United States than in most - nearly all - countries.
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That's not really the point. The point is, how many millions of people don't enjoy the life McArdle describes at all, and are they able to provide education and health care for their children?
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In part I think having more compact units is a step in the right direction, both in affordability and in energy efficiency. But also just building more houses. But the housing market is a market, so the market leaders will control the prices and good luck getting that fixed.
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So, the builders and lenders I've known (my father was in mortgage banking, so this is a non-zero number), they want to build and lend, like, a lot. Because they don't hold the units as assets, jacking up the prices doesn't do anything for them that they couldn't make up for...
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