Million-Dollar Homes Are Taking Over These U.S. Cities At An Alarming Pace

[The North One]

Originally Posted by Crawford

The average U.S. household already owns a house.

If home prices increases, then purchasing power increases, because the asset is already owned.

The supposed "housing crisis" is always being cited by people who don't live in these supposedly crisis-plagued markets. The people actually owning real estate are very happy, and are no more worried about a "housing crisis" than they are about a "401k crisis" as their assets grow.

Yes, there are fundamental issues when housing prices massively outstrip income gains, but housing is an investment, and investment gains are a very good thing for most. IMO the best thing is to provide subsidized rental housing in high-cost markets.

A lot of people don't own their home, especially the younger generations. Just because mom and dad might be able to sell their house for more in certain areas doesn't mean they're going to and why the hell would they? When all other options in your city also have prices raised your purchasing power doesn't increase at all unless you plan on moving to the midwest or if you're able to sell before the bubble pops, do you even know what you're talking about? Your little theory would make sense if there weren't constantly new people that need homes to live in, that's why it's a crisis. You say it's not a problem and yet think we need subsidized rental housing? you just contradicted yourself.