The take that anyone who is buying is an idiot just cracks me up. Someone who cannot even generate enough income to buy a 600k house is supposedly smarter than someone who has made millions due to their intelligence or skill in something ( inheritance aside ). There may be some exceptions to this, but in general I doubt very seriously that median income people have more intelligence than above median income folks do.

Probably people making more are smarter than average. Not as much as you’d like to believe. Nevertheless, MOST AREN’T BUYING NOW.

Most of the wealth created in the last 10 years in Southern California is from housing appreciation. Everyone I know who bought a decade ago is shocked at the current prices. That’s called luck. Not exactly “intelligence or skill in something”.