Morgan Housel

Italy going down the list.

Spain.

They're all absolutely terrible demographics.

A lot of that is a very long history of the richer countries come, the fewer kids people want to have, which is why you go to Sub-Saharan Africa, they have 10 kids.

You go to Manhattan where people will make $5 million a year, they have two.

So there's a very long history of that.

And I think we've just supercharged that back to maybe become first full circle to housing.

You know, it's more expensive to raise kids these days.

And if half your income is going to rent or a mortgage payment, you'd be thinking less.

The statistic that I started with, if you can't buy a house, you're less likely to get married and have kids.

There's other factors going on here, but it's all kind of fits into that puzzle too.

The boomers had a lot of kids.

The millennials are a big generation.

Yeah, but I'm saying boomers are about to die.

And currently doing it.

Yeah, so is that going to free up housing?

Maybe to some extent.

But for the millennial generation, for a lot of them, I'm a millennial.

And I think statistically my parents will be alive for another 20 or 25 years.

statistically.