Dude… seriously. The floor in much of where I live is now $500,000 for a house. Its fucking insane.
The past 30 years has siphoned money to the top. And since interest rates are super low, the rich have a harder time diversifying their money. They used to, and we ALL used to get a CD that payed out like 6-8%–with a savings account that paid like 4%+. But now, there are no more “boring” places to put your money. So the rich gobble up the housing market because they get quite a few tax benefits from owning rental properties, this also reduces supply dramatically which ALSO continues to increase the price of housing and rents.
The middle class has been squeezed. We are literally FORCED to gamble our money in the stock market. You cannot save money in extremely low-risk investments anymore, slowly grow a chunk of money and buy a house with a low monthly payment. You now have to get DP’d by buying a shitty house for too much money, stress about the monthly payment, and then gamble whatever savings you have in the stock market. I fucking hate this current economy.