A lot of never-purchased-home-before people have money but still don't buy a home. Why? What happens that causes people who have money and can pay to finally buy a home?
- Homeownership comes with responsibilities that people may not want
- They prefer to invest the money elsewhere
- They expect to relocate on timeframes shorter than those that make homeownership a good investment
For upper middle class people the answer is probably having a baby, so you can see why if people are having babies later in life when their incomes are higher, prices rise.