The housing wave: wave three, 2029 to 2030.

Wave one was the squeeze. Wave two was the spread. Wave three is the one nobody's actually prepared for because it's not just a housing story anymore. It's a labor story colliding with a housing story at the exact same time. Here's the setup. The national price-to-income ratio is already sitting at 5.08, nearly double the healthy 2.6 benchmark, and that's before you add what's happening with AI-driven job displacement hitting white-collar income at scale. Both trends are running simultaneously. Hypothetically, you get a scenario where the income side of that ratio doesn't just stagnate. It actually shrinks for a meaningful percentage of households at the exact moment the price side stays elevated. Run that forward, and hypothetically, you get the first generation in modern American history where the math literally does not work without one of two things. Dual six-figure incomes that are becoming harder to guarantee in an AI-disrupted job market, or inherited equity from a parent or grandparent who bought in at a 3x ratio decades ago. This isn't a collapse scenario. That's not what I'm saying. Nobody's saying prices crash to zero. It's quieter than that. It's a redefinition of what owning a home even means, shifting from a milestone most working households could eventually reach to something closer to a lottery ticket reserved for whoever already has generational backing or whoever builds an income stream that isn't dependent on a single employer's payroll. That's wave three. If you had to bet on yourself right now, dual income, inheritance, or building something independent, which one are you actually betting on?