Is it possible that, at the margin, there might be a change? Might there be a restructuring on its use for second homes? Possibly.
It would be healthy for the U.S. housing market if the rate of price appreciation slows and gives income growth a chance to catch up to it, like we've seen in areas like Boston.
There are parts of the country, particularly the two coasts, where the price of housing has so outstripped any income gains that moderate wage earners find it difficult to find a decent home in the community where they work.
[When it comes to the current state of housing,] there are some signs of a slowdown, but they are very ambiguous signs, ... It's not clear, and it's not overwhelming.
There are government assistance programs, but they have a diminishing influence on the housing market.
It is unprecedented. It is one more option for people who have fewer and fewer options.
If you have owned a home over the last five years, in some ways you've been a big winner. Over the last several years it's like having a second job without ever having to work.
Our own sense is that a lot of this (trend) is driven mostly by economics. In certain markets where affordable housing is scarce this is much more common.
We are taking one step forward and two steps back as gentrification in some neighborhoods and continued deterioration in others leads to the removal of vitally needed lower-cost rental housing.
Copyright © 2024 Electric Goat Media. All Rights Reserved.