Housing High

While house price appreciation is blowing past wage appreciation, reducing affordability, there are countervailing forces. Rates remain low, and critically, US household wealth grew by a staggering $13.5 trillion in 2020, half from equities. However, stock and home ownership are not evenly distributed. To wit, 70% of the wealth increase went to the top 20% of the population, 32% to the top 1%. The well-heeled can easily keep buying houses.

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