In 2024, there were more home buyers over the age of 70 in the U.S. than under the age of 35
(media.kotakuinaction2.win)
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The average age of a first time home buyer is 38 years old.
The average age of a homebuyer is 52.
They have never been this high, and everyone knows price is the problem.
The problem is that everyone is focused on supply ONLY. They're not considering that people are buying houses to rent, rather than live in to respond to the perpetual loss of savings and income and they don't want to accept that 30 million people shouldn't be in the country.
that being said, the system is not sustainable and will continue to stumble and fail.
While the true crash I was worried about hasn't happened yet, there's no evidence of it being avoided, and delinquencies and fraud are massively up.
Given the amount of homes that are being used for Air B&B and rental properties, I think when this bubble starts to pop, people will try to dump their house on the market, and it will cause prices to fucking crash faster than anyone can react. We're going to have a literal "run" on the housing market. There's only about 400,000 homes on the market at any given time. If that number doubles in a month, you can't stop the crash.
What will this mean for those of us sitting on a large pile of cash? Will this be a good time to buy homes or is it just going to kick the entire society into a tailspin and I should be concerned about something else entirely?
It would be the same as in 2008. Everyone with money would buy, centralizing real estate even more into fewer hands.