Have most Renters/Families pretty much given up saving for first home?
A decade back I encountered vastly a higher percent of renter families saving up tens of thousands of dollars and moving out of their apt within a few years into their first homes.
These days I rarely ever come across a family that is even interested in saving to close on their first home. If anything, I more often come across families who used to own but cashed out around a decade back and now have little/no savings nor interest in ever owning again.
Perhaps it might have to do with this area, Socal (well, LA & OC) being bought up by investors?
What I do see is even single and 2-family homes rarely even owned by the occupants these days but instead by 'Investors' many of them from overseas (ie, China) with portfolios spanning dozens to hundreds of rental properties per person.
I do see to a vast extent that these neighborhoods that were once 'Owner' occupied have taken a turn for the worst (as far curb appeal, quietness, cleanliness, safety, etc) as they become vastly 'Renter' occupied.