here's another graph on that same topic, courtesy of @Scoresby 
https://stacker.news/items/1436212/r/denlillaapan

![](https://m.stacker.news/130917)

good reflections, sir. Maybe you should go do the hard work of figuring these things out!

I'm just a lowly commentariat, writing shit and posting stuff

If income gains since 2020 are concentrated amongst homeowners (not an unreasonable hypothesis), then price compared to income may not have changed as dramatically and it would suggest there's an income distribution angle to this story that's important.

As to the institutional share of residential real estate, from what I've seen it is pretty trivial. Although, I don't know how significantly it impacts the normal margins in this market. Homes don't change hands very often, so it could be true that it's both a small share of houses and a large share of transaction volume.

Undisciplined

a median income to median price comparison doesn't seem right. You'd want to compare whichever quantile of the income distribution represents the median homeowner with median home prices.

I agree with that... but that objection just as well for the 2010-2020 episode so whatever bias that creates, I think the graph still adequately conveys the message that there was a big-time structural shift circa 2021.

As for the houses and who lives there... some non-trivial portion investor/foreign/BlackRock stuff, plus I suppose average number of houses owned 

I'm just making general observations over here

Plus what you say, and there's no doubt we have a squeezed asset class on our hands

econ

Can't Afford a Home? Check Out, Work Less... and Gamble on Crypto

denlillaapan

>  a median income to median price comparison doesn't seem right. You'd want to compare whichever quantile of the income distribution represents the median homeowner with median home prices.


I agree with that... but that objection just as well for the 2010-2020 episode so whatever bias that creates, I think the graph still adequately conveys the message that there was a big-time structural shift circa 2021. 

As for the houses and who lives there... some non-trivial portion investor/foreign/BlackRock stuff, plus I suppose average number of houses owned _per household_ is higher today than ever. _I'm just making general observations over here_

Plus what you say, and there's no doubt we have a squeezed asset class on our hands