..let it be known that housing unaffordability issue is not restricted to Australia, it is a worldwide phenomenon and possibly even worse elsewhere.
..that's how free markets work. Free markets don't help everyone.
..seniors/boomers can't have it both ways- they enjoy rising house prices that enrich them while they are concern about continued rise for their children (possibly after they sold them or downsized).
..it means the young would need to emulate their parents frugality and delayed gratification if they desire to own a house of their own. Taking own responsibility rather than blaming Govt and external forces.
Housing affordability has rarely been worse:
94 million American households cannot afford a $400,000 home, according to a National Association of Home Builders analysis.
By comparison, the estimated median price of a new house is ~$460,000.
To put this differently, 70% of US households cannot afford a typical-priced home.
Concerningly, ~53 million households cannot even afford a house priced at $200,000 or more.
Meanwhile, there are only 22.4 million houses in the US valued at less than $200,000.
We have a massive housing imbalance.
