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Fortune
Fortune
Sydney Lake

American housing has a Catch 22: You can either be job-rich or house-poor

Housing's Catch-22 (Credit: Photo illustration by Victoria Ellis/Fortune)

Only a crazy pilot would be exempt from flying missions, but only a sane man would ask to be removed from duty. That's how you keep flying missions you know are insane—it's Catch-22, as the classic 1960s novel by Joseph Heller phrased it. The antiwar classic became a baby-boomer byword for a dilemma or a trap where you're damned if you do and damned if you don't—and it's looking more and more like it applies to the relationship in America between employment and homeownership.

Only a crazy homebuyer would move to a place where there aren't high-paying jobs—but only a sane one would insist on buying an affordable house. In the American economy of the 2020s, the highest-paying jobs are where the affordable houses aren’t—and vice versa. It's housing's Catch-22.

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