I Tried To Understand If I Could Ever Afford A House In A City
One millennial tries to understand whether he (or anyone he knows) will ever be able to purchase a house in the city.
Many of my friends and I pretty much assume we'll never be able to afford to by a house in the cities where we live.
So, I made this video about it. I talked to as many people I could to try to figure out why.
Some were teachers, who possibly will never be able to afford a house.
Then I called a handful of academics who study this kind of thing.
Then, I met up with a real estate agent...
And a real estate developer.
My main takeaway — though this was certainly confirmed for me as I produced the video — wasn't that houses in these cities are going to keep getting more expensive.
The real thing I learned was just how much of an impact housing costs have on the overall health of a city. And policy decisions made by local governments, states, and cities — depending on where you are — can have a huge effect on this housing costs.
With less stock, there are fewer places for people to live, which drives up prices and drives out people who can no longer afford the neighborhood — especially dismantling ethnic communities.