on the housing discourse and particularly its effect across the covid period:
-home ownership rate continued to increase, and sits at/above long term national average; the majority of households are homeowners
-"net housing values grew substantially for families across the usual income distribution, reaching their highest levels on record"!!
-this has the effect of increasing net worth, in real terms, for aggregate households -- the highest ever in 31 year history of the fed's survey of consumer finance (scf).
quote: "with respect to changes between the 2019 and 2022 surveys, increases in both median and mean net worth were near universal across different types of families"
(the increase was positive for every single family demographic whether by income, age (head of hh), education, race/ethnicity, geography, etc!)
-the inverse effect is that measures of "financial vulnerability" kept decreasing!! some measures of debt level (vs asset/income) were lowest on record!
now, if you are in the minority of people who didn't already own property, the entry price for buying property went up. [cue the usual whiners here]. and if the prices had gone down... that wouldve dragged down the net worth of the majority of households, and the usual whiners wouldve whined even harder.
the only sure thing is that whiners gonna whine, and will blame anything and everything on nefarious external forces.
in summary, the majority of families owned property, and as property value went up, it was a large financial boost for them. but regardless, everybody in the country also did well! and if you want cheaper houses... build more houses.