Q. How is my 10 year old son ever going to afford his first house/town house/condo (in approx. 10 yrs)?

A. He's not ever going to.

I fear our greed is going to push the next generation into socialism.

Here's hoping the bubble pops soon, and often.

"Here's hoping the bubble pops soon, and often."

LMAO...weeeeee what fun lol...hey I'm hoping for the stock market to crash again....and let's root for $75 per barrel oil...........

Yeehaw lmao.

How is my 10 year old son ever going to afford his first house/town house/condo (in approx. 10 yrs)?

I live in the Philly suburbs and own several properties in the area. The market value of all of them have more than doubled in the last ten years, some have tripled and quadrupled. That sounds obscene and really it is. But as a landlord, I have not quadrupled the rent. I wouldn't have tennants if I did. I have no expectation these homes will retain these artificially high values. But because they are in good, safe neighborhoods, they will retain the steady rental income they provide me.

But at the same time, there are still homes in safe sections of Philadelphia that go for under 100,000. It's really all a matter of location. Your son will be able to afford a house, maybe not in your town, but if he puts in an honest day's work, he'll be able to afford a house in a safe neighborhood. Mind you, it may not be his first choice for a neighborhood.

Don't worry, FRiend, the market will correct itself. Once the interest rates start rising, the prices will come down.