Housing affordability hits historic low, and I’m not sure that’s a problem.
Not everyone would thrive in a house. Owning a house is expensive and time consuming.
- The skilled trades are currently very busy, so the price goes up.
- Fewer people have, or even think they need, practical skills.
- Unemployment is low because so many people dropped out of the workforce.
- Post-Covid, some young adults aren’t ready to take on adult responsibilities.
- Fewer young adults are getting married or even partnering up.
A condominium counts as a house, so some of those reasons don’t apply, but many people don’t consider that option.
Housing prices are cyclical. The housing situation will change, but young adults seem to be taking longer to step up to full responsibility.