Sadly, this is also the case in Europe, where most major cities that were a good deal 10 years ago are very expensive now. Even taking into consideration that tech salaries are way above average.
Another thread argued the Midwest is more balanced. What are other US areas with good universities and on-site tech job opportunities?
I have empathy for the people solving these problems, because inevitably they're going to screw someone.
Yup, I've moved to Stockholm 6 years ago, house prices in this short period have shot up considerably, with a minor slump around 2018-2019 when some new regulations on credit were introduced. Still appreciating after that, getting more and more unaffordable for me even with a pretty nice salary in tech.
I don't come from a wealthy family, I don't have family money from a house sale that I could use as a downpayment. I will have to save a lot to cover a downpayment and then I will just add to the problem, getting cheap credit that will then inflate house prices. I feel completely trapped, getting into this game is personally beneficial but pretty detrimental to society in the long run.
Also, getting in the game in this all-time high feels bonkers, I don't think that timing the market is doable but it just feels pointless to embark on a 30-year mortgage without knowing what's the future in housing, simply because it already looks unsustainable this can keep going for another 20-30 years. Absolutely unsustainable.
As for the second, you realize your gain when you sell your house at which point you need to buy another which price has also skyrocketed. So unless you end up renting or you buy a smaller house, those gains will be lost. Even if you buy a smaller house, the gain might not be that important as having to sell your own house that you took care for many years could also have a psychological effect... people think of those things in theoretical terms but selling a house is not like selling stock.
That's why my point is that rising prices should not be presented as a universal good news.