“In many cases, even repurchasing their same home at today’s mortgage rates would be out of a typical buyer’s price range.”
It would be interesting, if people would calculate, if they could buy the home they live in now, at today’s prices and today’s interest rates.
Personally, I could not buy the house I have lived in for 30 years, at today’s prices.
And the key reason is that the cost of housing has gone up far more than my income has gone up over the years. I’m sure that has happened with a lot of people.
Many of the “in my day” posters here aren’t running the numbers.
What was median income in the late 70’s?
What was the cost of an “average” car?
Goods and services?
University costs?
Many entered the workforce without a degree and had decent jobs with upward mobility. There are very few decent jobs now without a degree. You either show the fat black lady in HR your degree, or you don’t get the job.
Things are rapidly changing in a bad direction.
Then there’s the females nearly doubling the labor force and unqualified minorities getting jobs and promotions.