Capstones
Graduation Date
Fall 12-13-2022
Grading Professor
Fredrick Kaufman
Subject Concentration
Business & Economics
Degree Name
Master of Arts (MA)
Abstract
Waiting for the Crash
By David Westenhaver
Abstract
America’s housing market is in disarray. Housing prices have been skyrocketing to levels that are unaffordable for many young people. This has led to a generation of renters who are unable to purchase their own homes, even as they see their parents and older generations benefiting from the high prices.
One factor contributing to the high prices is the low supply of available homes on the market. This is due in part to a lack of new construction, as well as a trend of older homeowners staying in their homes longer rather than downsizing or moving. This has created a situation where demand for housing far outstrips supply, driving prices up.
Another factor is the role of speculators and investors, who have been snapping up homes as a way to make a profit rather than as a place to live. This has further inflated prices and made it harder for ordinary people to afford a home.
The high prices are having a ripple effect on the economy, as young people struggle to save up for a down payment or take on large amounts of debt in order to afford a home.
As a result, an increasing number of young people are rooting for a housing crash, hoping that a drop in prices will make it possible for them to finally afford a home of their own. It’s convenient timing, as talk of a housing crash has been widespread for much of the year. Unfortunately for millions of millennials and Gen-Zs, that housing crash isn’t likely to occur any time soon. That will leave tens of millions of young people waiting for the crash.
The following article includes original in-depth reporting and research, a custom-built website, and a handful of data visualizations built by the author with data from a variety of sources. The piece also includes one original photo that was shared by a source (who gave his permission to use the photo) and one purchased stock image.
The piece can be viewed at the following link:
https://watkins-west.github.io/Westenhaver-Capstone/
All of the code for the website, including images, can be found here: https://github.com/watkins-west/Westenhaver-Capstone
Recommended Citation
Westenhaver, David W., "Waiting for the Crash" (2022). CUNY Academic Works.
https://academicworks.cuny.edu/gj_etds/583