Considering how crazy expensive accommodations have become the last couple of years, concentrated in the hands of greedy corporations, landlords and how little politicians seem to care about this problem, do you think we will ever experience a real estate market crash that would bring those exorbitant prices back to Earth?
There is affordable housing now, just not where you are. Lots of places that are high end now were at one time undesirable low rent places. Brooklyn and the West Side of Hollywood are both communities that originally drew people because of low quality, low cost of living accommodations.
Look to the rust belt cities that didn’t fully collapse to lead the charge. Detroit is stabilizing while still having low rent areas. Maybe Some places in Ohio and Buffalo NY as well.
You can buy a full on house in Rochester NY for under 40k but you may not want to live there.
Barring a calamity, nice places with high rents sort of stay that way. I can’t imagine high cost of loving areas like Boston, Denver , Hawaii or Miami going down for anything other than an asteroid. Prices are high in places that people want to live.
I was going to say something very similar. If I look ahead and think about eventually retiring, there’s no way I could afford to do so in my current high cost of living area. However housing prices in the upstate NY town I grew up in, are next to nothing. I could just quit today and live out my savings, but then I’d have to live there
I told by younger co-workers when we were talking about EV prices and they literally didn’t believe me until they hit zillow.