I agree with your analysis that it's increased competition for prime locations, but that seems to me purely descriptive. It's not a surprise, but it's still a problem :) And it's a problem that is masked by aggregate measures showing stable cost per square foot because those numbers are not "prime-locale" adjusted.
To be somewhat more precise, what we commonly describe as "buy a house" is actually much more than that. I can buy an amazing house-shaped structure in rural Wyoming for $200k. What I can't buy for that price is a stake in an environment where I want to base my career and family life for decades. The latter is what is crushing millennials.
To be somewhat more precise, what we commonly describe as "buy a house" is actually much more than that. I can buy an amazing house-shaped structure in rural Wyoming for $200k. What I can't buy for that price is a stake in an environment where I want to base my career and family life for decades. The latter is what is crushing millennials.