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Home price inflation is so high, it's changing American economic life
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this post was submitted on 19 Jun 2024
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I always tell people to look at the average salary and home price for a year and calculate how many hours it’d take to buy a home. Then do the same for now and from the 70s, think it was almost a 5.5x increase. Inflation is fine when it’s across the board, but because salaries aren’t keeping up it’s creating bigger and bigger gaps.
It's ridiculous too because it's creating whats essentially a reverse wealth transfer. Millennials & GenZ have to give all the money they earn (doing actual labour) to people who did absolutely nothing to earn that money. Housing as an investment doesn't make sense from any perspective, it's one step removed from a pyramid scheme. Prices cannot keep going up indefinitely when no value is being created.
God this shit makes me so fucking angry. Our generation has been fucked by the previous generation and they won't fix it they've caused because it hurts their bottom line.