In the housing world, we’re in an era of haves and have-nots, or as influential economics writer Noah Smith recently put it, “a direct and inevitable conflict between two large classes of American society: homebuyers versus homeowners.”
The dichotomy is old, stemming from a time decades ago when a home started to be perceived as an investment rather than simply a place to live. It feels extremely pronounced at the moment, however, because the gap between those who own a home and those who don’t has expanded so much in recent years. Homeowners want their homes to appreciate in value, therefore amplifying their wealth, while new homebuyers want prices they can afford. This has sometimes led to a war between baby boomers and millennials.
