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I bought a house in the Denver metro area in 2015. I just sold it this past summer for more than twice what I originally bought it for. There's asset appreciation and then there's whatever the hell you call that.
I would not have been able to afford a house at current prices and I make considerably more than minimum wage. I don't know how people are doing it.
We're not.
I used to live on a farm where my boss owned a tow-truck business. The pandemic hit us hard and I couldn't afford the rent, so I had to sell my truck and move into a bachelor in the city. Six months ago I had to downsize again to a bedroom in a rooming house.
Next move is the streets.
I'm sorry to hear that. I hope things get better for you so that doesn't happen.
I don't think they're doing it at all. I don't even see how anyone affords rent.
Everyone I know with a house got it 10-20 years ago when shit was actually affordable.
People seem to have forgotten that housing as generational wealth is meant to appreciate to a profit scale over generational spans of time.
Traditionally housing on average has appreciated about the pace of inflation. Along with supply and demand on a local level for places growing or declining.