D
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One of the biggest economic inequality issues is housing. People's wages have gone up, but relatively little. Whereas, housing prices in most major metros have gone up quite dramatically, by 2x or 3x. So the people who owned the real estate generated wealth, while the people who don't own real estate did not. Now a significant percentage of Millenials and Gen Z may never be able to own a home. These people are pissed off, but it's a difficult issue to solve. Giving these people big loans that they may never pay off in order to buy a home, or providing more cost-controlled rentals that they'll never own, won't make them happy.
I don’t disagree with this. However, I think there’s a view that housing prices have skyrocketed in only metro areas. Which isn’t true. They’ve skyrocketed everywhere with the exception of dying small towns. Just look at Utah. You don’t have to live in salt lake to be priced out of a home. Lehi is one hour south and hardly considered metropolitan and yet single family homes of any quality start at $400,000. Even “affordable” housing in Tooele starts at $350,000. If you want a home with any land you’re looking at $400,000 Eagle Mountain where you’re 30 mins from a grocery store and 1.5 hrs from downtown Salt Lake City. Look at housing prices in Kanab, Morgan, Brigham City, and Nephi. You’re still looking at $300,000+. Unless you’re paying cash for those homes, you’re going to have to work. The Jobs that enable you to afford that type of home are 1+ hrs away.
That’s why everywhere you go you’re seeing overpriced crappy high density housing and why the homeless shelters are overflowing.
I once knew someone who bought their home in Sandy in 1986 for about $87,000. They sold it in one day in 2017 for 600,000. And we wonder why people can’t afford homes anymore?