It is amazing right now just how impossible for young people to purchase a home. This generation will be renting forever.
By design…
When I was young and single I had a great job in southern California.
That was many decades ago but on my salary I still could not afford to buy a decent house in a decent neighborhood.
I realized I had to decide—beautiful California weather or home ownership.
I was not going to get both.
I found a national head hunter in my industry and he quickly got me several interviews with great companies all over the country with lower cost of living but a similar salary.
I accepted a job and moved to one of those places.
I walked into the local real estate office and said “I want to buy a house”.
He said “what is your salary.”
I told him what it was—identical to my previous CA salary.
He laughed and said: “I have over one hundred homes listed here. You can afford any one you want.”
The moral of this story is that young people can afford to buy homes—but not in high cost areas.
If homeownership is important to them—and that is their call—then they have to make a major relocation to a low cost area.