For sure less than 5% of my millennial friends own houses. MANY want to buy and wish they could, the prices are just too high so they've waited. Hope this means we finally get a shot. High prices only good for sellers not buyers esp first time.https://twitter.com/DionRabouin/status/1067800063928352768 …
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Bay Area typical sale (not exaggerating) is >2M for very modest 2br starter home. It's obnoxious. You can't wonder why that can't continue it's not sustainable. Correction here and other places is healthy. And literally everyone's home has appreciated. You've all made $ congrats.
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Don't see why anyone would panic about this. Wages stagnated for young people so they sit on sidelines, many saved/will wait out a good deal. Elder millennials close to 40 now still rent bc of this they'll buy eventually. Home owners made $ might not make as much but who cares.
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Replying to @AdamSinger
I think the panic is more coming from a lot of paper millionaires in California (plurality of them retired) that are beginning to realize that their retirement (that obnoxious house) is completely illiquid.
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It’s not illiquid. One can refinance or do a HELOC. Maybe people are nervous bc no one knows how long they’ll live, and the social safety net for elders (and everyone) is getting more precarious
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