Why Falling Home Prices Could Be a Good Thing.
Could be? Congratulations on some of the more affluent pulling off their blindfolds and taking out their earplugs I guess, but one of the factors destroying the hopes and finances of those under 40 is how crazy expensive housing has become.
As I’ve written before, in the mid-60s an ex-girlfriend’s father could and did afford an okay apartment working part-time at a minimum wage job. Buying a house proper itself was not much more dear than that, too.
Now there is nowhere in the country that is possible. Not only that, but in most places where the good jobs are concentrated and on a median salary, one could never afford any decent house with any financial cushion left over.
Housing prices falling significantly would be a great boon for the entire country and for the future. It might be (if it happened) the easiest way to make the most people immediately better off.
Better yet, we could follow the Singapore model for housing. Yes, it’s not ideal but nearly anything would be better for most and more importantly for the future than what we are doing now.