Erdmann Housing Tracker • 421 implied HN points • 26 Dec 25
- Filtering describes how homes change hands over time, and while houses used to "filter down" to lower-income buyers, since about 2008 many places have seen upward filtering where higher-income families replace lower-income ones and pay more for land rather than better homes.
- Upward filtering forces people into hard compromises — renters face steadily rising rents and many families are pushed to move away from schools, jobs, and social networks to avoid being priced out.
- The shift toward upward filtering is tied to chronic housing undersupply and restrictive permitting, so much of the apparent rise in household wealth is actually land-value gains captured by owners, not broader improvements in people's living standards.