A lot of millennials I know bought homes during the 2020-2022 boom cycle. Some a little before 2018-2020, and if they did then, they all refinanced during 2021-ish for the lower rates. This was all before inflation got really bad. And the inflation in the home price was offset by very low interest rates, which is the only reason they could afford the expensive homes. The monthly payment was low. Now they are all sitting with 300k+ in equity, but they are stuck because even if they took out their equity, their monthly payment for a new home at current rates with no decrease in home values makes it all unaffordable. The irony of having more money, but nothing you can do with it.

I'm on the other side of that coin, I have been saving and saving, and I never wanted to take the risk of stretching myself too thin by buying an expensive home. My salary has gone up a lot over the last 8 years, but it did not keep pace with the rate houses went up in price. So, now I have a lot of savings, a good job, high rent, and no chance of affording a home. The irony of having more money, but nothing you can do with it.

It's a great example of the problems in the fiat world.