The Era of the Illiquid Millionaire


It would take a -38% drop in home prices 
OR a +60% JUMP in household income 
JUST for affordability to go back to 2019 levels

https://www.reddit.com/r/EconomyCharts/comments/1nqyw2u/an_affordability_nightmare_it_would_take_a_38/


Almost one-fifth of US households have a net worth of more than $1 million, with one-third of them gaining that status since 2017.

Most of that wealth is on paper, due to a soaring stock market and increasing real estate values, making America enter the Era of the Illiquid Millionaire.

This illiquidity is partly due to retirement accounts and housing, which are encouraged by policy choices, but can make Americans feel richer than they are and increase vulnerability to economic shocks.


Americans’ wealth is the result in part of a soaring stock market (up more than sevenfold from the bottom in 2009) and increasing real estate values (up 125% since 2009).

Selling a home involves substantial transaction costs, and people who sell their house have to find somewhere else to live.

Allison Schrager Bloomberg 17 October 2025

https://www.bloomberg.com/opinion/articles/2025-10-17/housing-and-retirement-millionaires-are-taking-over-the-us


När man frågar någon bekant, som haft framgång på bostadsmarknaden och nu har en bostad värd ett antal miljoner, om en inte skall casha in, får man som regel svaret att man måste ju bo någonstans.

Men arvingarna har inte det problemet. De bor redan någonstans, kanske i en bostad som de kunnat köpa med hjälp av föräldrarna. 

Bostädernas värde handlar om väldiga belopp som skall överföras till nästa generation.

https://englundmacro.blogspot.com/2022/05/arvingarna.html


Reavinster bostäder uppskov 500 miljarder

https://englundmacro.blogspot.com/2025/07/flyttskatterna-uppskov-500-miljarder.html



Americans Have $35 Trillion in Housing Wealth

https://englundmacro.blogspot.com/2025/10/us-may-be-resting-on-risky-wealth.html



Americans’ Home Equity Surges to Over $35 Trillion
https://englundmacro.blogspot.com/2024/10/americans-home-equity-surges-to-over-35.html



Why the bulls are running and the consumers are buying 
Consumers and investors feel rich because they are rich.
https://englundmacro.blogspot.com/2023/06/why-bulls-are-running-and-consumers-are.html




Things might be different this time, skall bli titeln på mitt nästa storverk







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