> That left the housing market with a serious shortage of homes, just as millennials have begun getting married and having kids — traditional hallmarks of home-

> That left the housing market with a serious shortage of homes, just as millennials have begun getting married and having kids — traditional hallmarks of home-buying interest. That works only as long as the new generation is money to buy a home from the older generation. I do not know too much about the situation in the US, but in the UK for many young people new in the workforce, buying a house is not affordable any more, and the future might see a large number of aged sellers facing a shrinking number of young buyers which, due to shrinking real wages, can pay less and less while mortgages rise. In other European countries, the situation might be even more complicated, since real estate might have become a substitute for forms of money like treasuries, in other words it might have become a form of money and this might have become much stronger coupled to inflation than it was in the past.