For most folks in the Baby Boomer generation, homes pretty much happened one way or another. We were brought up in one, we moved out, we camped, we rented, we travelled, eventually most of us bought. Maybe there was a time when for one reason or another we lost a home, but usually there was another one to replace it.
It doesn’t work that way anymore in many of the places we would like to live. Purchasing a starter home is not an option for most of the young people in our communities, the way it was for us. In academic circles, this is called Market Housing Failure. It is a failure of the housing market to deliver housing solutions to large segments of the community. It does not mean that the real estate market is failing. On the contrary, it is successfully ramping up with increasing sales and rising prices and turning the homes that those Boomers own into nice little retirement nest eggs.
But it is not working very well for those who are trying to get in today. And it doesn’t look like it will get better any time soon. That is the problem.