Realtor once told me: "This is a really nice starting home" for a property that costed $1.2M around mid-2019 in Santa Clara area. Like who the heck can afford $1.2M starting house without a well paid tech job?
I am contemplating moving back to my hometown of Sacramento, which is a three hour train ride to San Jose via the Amtrak Capitol Corridor. Sacramento is close enough to my Silicon Valley office to where I could attend my once-per-week in-person meetings (I work a hybrid role), and it's a very diverse metro area with many cultural amenities. I'm admittedly not crazy about returning to Sacramento, but I find it better than the alternatives.
1.2 millions is 7, GP says that is low for the area, aka they’d expect mid 7 or above, not that they’d expect 6.
The answer is trust fund babies.
But maybe they’ll pull up the ladder if you ask nicely - it would be quite advantageous for them for your children to not receive your wealth, but for them to instead redistribute it amongst themselves and their friends.
And I say this as someone who fundamentally agrees with your point in essence, but can’t see a practical way that doesn’t involve the collapse of nations.
Trust-fund babies aren’t buying single-family homes for a million dollars in Santa Clara.