The Urban Reconquista

The promise of the suburbs that once drew the middle classes from the oppression of the cities has now trapped them in a cycle of debt that most cannot escape. The inexpensive Craftsman houses which built the suburbs three generations ago are long gone. Suburban house prices (if a prospective buyer can even find a house to buy) have increased by an order of magnitude above median wages. According to the National Association of Realtors tracking, the median house price in 2019 was $254,700. By 2023 that number had ballooned to $410,200. As a consequence, mortgage and Home Equity Line of Credit (HELOC) debt now accounts for over 86% of the average American’s debt.

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-WiscoDave