Why are housing prices so overinflated?
It's just a observation but why are the prices for housing everywhere (even in my rural hometown) so damn expensive, nowadays, that it requires the so called necessity for a large down-payment, last but not least, a 30 year fixed mortgage when there is not much reilable work available anymore and soon to be mass unemploymemt with the advent of AI? The other half of the tragedy is the divorce rate is about 50/50 and in some places, it's even higher. When times get tough, people just don't stick together anymore. So much has changed in the last 40 years or so.
My home town was mostly de-industrialized around 1980s, thanks in part to Reaganomics and even back then there were some noticeable wealth gaps still in the late 1990s.
Around 2000s, it got much worse when everything got outsourced, thanks in part to NAFTA, etc. Occasionally there would be a couple food banks but now they're everywhere.
I left my hometown in 2008 and never bothered to come back. My Boomer ex-landlord was not very happy about young people leaving the area but I already saw the writing was on the wall as I watched my hometown's economic decline sink further, as it seemed absolutely inevitable with no end in sight. Homelessness. Crime. Addiction. A shrinking middle class and inflation.
Most good paying careers nowadays on the West Coast are stuck in Silicon Valley. A place where the price of basic housing for an ordinary family is completely unaffordable for the average Joe, unless you're a high flying, high paying magic guru that's exceptionally talented in the tech arena.
Is it my imagination or are the only people that can afford to get into a wayhalf decent housing is only with the generous helping hand of the bank of Mom and Dad via some kind of a family loan, gift, dowery or inheritance, further exacerbating the large wealth gap in the United States and throughout the western world?