9 Comments
Apr 30Liked by Rob Hahn

One of the things I’ve seen have an impact here is remote work. Understanding that not everyone can do it I have seen young people buy in more affordable locations when they could work from anywhere. The ridiculousness that you must be in an office with crappy commutes and reduction to quality of life for corporate success was clearly disproven during COVID. I watched many young people move to more affordable areas and buy their first home without the pressure of geographic restrictions. Just a thought.

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Yep -- a lot of Millennials and Gen-Z did move after Work From Home became a real thing. Of course, that doesn't address the problem of the local Gen-Z who don't have laptop jobs and still can't afford the median house on their (local) median income... so it's still a problem for us to at least acknowledge as an industry.

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Well done Rob. I'm wondering what a role life expectations and image play in this. At a weekend soccer tournament for my daughter we stayed in an embassy suites which led my daughter to comment on it being the worst hotel ever. No...the embassy shuts in an Ohio suburb is not in the bottom 2/3. Then I look at college housing. Have you seen the housing and amenities? I'm not saying this as a "back in my day" because im not jealous. I am an excessive social media user but I can sit back and see that there may also be an expectation and image issue that leads to the traditional clinging of housing availability. The shit hole I loved in during college contributed to be best years of my life.

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I'm sure it plays a role. Everything plays a role. The plight of the younger generations is from all sorts of causes. Social media is corrosive. Dating/mating is broken. Fiat money is broken. Inflation is killing everybody. Etc. etc. etc.

I just want us to focus on our corner of the world, if we can.

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I don't see wages being able to catch current housing prices. The market will have to correct to make homes affordable. As far as my kids? I have four. The two oldest are married and do well enough financially to buy a home, but not something that compares to what I was able to buy when purchasing my first with a similar income scenario. We're in a world of hurt. Great post ROB - it all needs to be said and you said it well. "They" have really screwed up a whole generation - it's actually criminal.....and sad. Thanks, Brian

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Thank you for a very thought- provoking article!

I don’t debate the why but don’t understand the how. How can prices drop in times of low inventory in many areas and an increased cost to build.

In 20 yrs of real estate I’ve never had a seller client who didn’t want top dollar on their sale…same applies to large and small home builders. How do you envision this would work?

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Well this is terrifying.

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Yep. I did not enjoy writing this.

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Apr 29Liked by Rob Hahn

I'm sure. But I'm glad you did.

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