The former, just about everyone is buying with an ARM and expects rates to fall this year, but with that not likely to happen they're mostly just setting more m

The former, just about everyone is buying with an ARM and expects rates to fall this year, but with that not likely to happen they're mostly just setting more money on fire than they would be renting at the moment. Boomergeddon is a fun thought experiment for y/z but the US has made it far too difficult to build affordable housing at a rate matching the population growth of the country. The more likely effect IMO is y/z will just never see the levels of net worth growth the boomers did.