The aurora was visible for me and it was remarkable how much better it looked through my phone. What were faint grey lines, at first not even something I would think was the aurora if it were any other day, came out as vibrant green and purple through the screen; reminded me of the They Live glasses.
"Affordability" usually refers to cost of ownership, generally as a proportion to some sort of income metric, not the full value of the home.
If home prices don't fall in unison with increased rates sufficiently then of course monthly mortgage payments (or imputed rent) goes up and affordability metrics worsen.
I don't think this is making economists scratch their head so much, if so it's like how "experts don't know how the pyramids were made" -- we know many ways it could happen, we just can't prove which one. Even in the simplest model of valuation, it's not the current interest rate that determines the home prices, it's the full expected rate over the lifetime of the asset. Of course if interest rates are 5% today but expected to be 1% next year, the price will be based mostly on the 1%. The longer term bonds and hence longer term mortgage rates can capture a consensus expectation, but there can still be divergence of expectations by the marginal seller. My dental hygienist on selling her house "The government needs to cut rates back so that people can afford to buy my house" with unsaid portion as I heard it "at my arbitrary zero-interest-rate-phenomenon based expectation of value".
regarding the stat redfin uses: homeownership" is only counting those that are head of household (which is who is responding when filling out a census), e.g. if there are ~100 genZ's, consisting of 96 that live with their parents, 3 that rent, 1 that owns their own home, the stat just takes those last two numbers, ~1/4, and redfin then reports "26% of GenZs owned their own home".
Op was surely referring to [Jim] Simons' medallion fund and those like it - where it's closed except to family/friends, and in Simon's case fellow colleagues', personal funds, where often a single founder holds a bulk of the interest.
https://www.nature.com/articles/s41467-024-49753-5
which for that factoid links to
https://pubs.acs.org/doi/10.1021/acsenergylett.1c02602
which for that just links to a BBC article with a doctor saying the "value everyone quotes is about"
https://www.bbc.com/news/business-56574779