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It’s amazing how the same thing can feel totally different depending on your perspective.

Take housing: How can today’s market be so rewarding for those who own a home yet so punishing for those who don’t?

The short answer: The pandemic. Property values that shot up after COVID are still high, but mortgage rates that fell to record lows aren’t still low. That means that most Americans who bought or refinanced at ~3% rates in 2020 or 2021 have not only seen a surge in their property values but have built equity in their homes more quickly than higher rates allow. Meanwhile, many who don’t have a house to sell can’t afford to buy otherwise.

As Jessica Lautz, the deputy chief economist at the National Association of Realtors® (NAR) recently put it, the housing market has become “a tale of two cities.” Property prices are 54% higher than at the start of the pandemic, so existing homeowners are making large down payments and all-cash offers while would-be buyers struggle just to break into the market, she said.

Data from NAR’s latest annual survey bears this out: Repeat buyers — older than they’ve ever been at a median age of 62 — are benefiting from the surge in home equity, with 30% paying for their next house entirely in cash this year. (That’s just shy of last year’s record high.)

At the same time, only 21% of buyers were buying for the first time this year, the smallest share ever (and down from at least 30% in the years prior to the pandemic and 40%+ before the Great Recession of 2007.) In fact, compared with 2019, roughly 1.8 million more renting households can’t afford a typically-priced home, according to a separate analysis by CBRE Research.

Remember, home equity is how much of a home you own, so it grows not only when the home becomes more valuable, but as you pay off your mortgage. And since over half of mortgaged homeowners in the U.S. are paying a rate below 4%, a smaller portion of their monthly payment goes toward interest, so they can build equity more quickly. Collectively, home equity in the U.S. is up 72% to $35.8 trillion over the past five years, according to Federal Reserve data.

In short, the options have expanded for property owners but shrunk for renters, making housing a classic example of what some are calling a “K-shaped” economy. On the upper arm of the “K” are higher-earning households who are more apt to own real estate or stocks that have surged in value during the AI market rally. On the lower arm are people whose purchasing power is being eroded by inflation and higher interest rates.

So what?

Today’s real estate market favors those who already have a seat at the table.

If you own a home, your equity is your superpower. You can use it to continue to grow your wealth, or if you decide to move, hopefully reduce (or maybe even avoid) a new mortgage. You can also borrow money against your home equity to pay for renovations or other expenses.

And if you don’t own a home, keep in mind that the traditional path to homeownership is shifting. The median age of this year’s first-time buyers reached a new record high of 40, which means many buyers may have a shorter timeline for building equity in a starter home.

On the bright side, once you’re a homeowner, you’ll have a new appreciation for rising property prices. And the market is slowly rebalancing: Buyers are starting to have more bargaining power on price, especially in the Southeast. Plus mortgage rates, while still over 6%, are lower than they’ve been most of the past year.

If you want to jump in sooner rather than later, consider tradeoffs like buying a smaller property, getting a fixer-upper, or moving to a less competitively-priced area. You may also want to explore asking relatives for help with the down payment.

Related Reading

Why Waiting for a Housing Crash Could Be Costing You Money (Investopedia)

A Potential ‘Second Spring’ for Homebuyers (SoFi)

I’m a Real Estate Agent: 5 Housing Market Trends To Prepare for in 2026 (GoBankingRates)

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As parents age, roles often reverse: They need the support of the people they once supported.

They may need their children to help them manage their day-to-day lives, take care of them when they’re ill, or help them navigate their finances and retirement income. Whatever type of support they need, this shift is a common reality: An estimated 38.2 million people in the U.S. provide unpaid care to adults 65 and older.

Eldercare can be especially hard for the so-called “sandwich generation” — typically, middle-aged Gen Xers who are not only helping their aging parents but also raising children at home, too.

Certified Financial Planner Beth Pinsker, author of My Mother’s Money: A Guide to Financial Caregiving, is a member of the sandwich generation and recently spoke to Liz Thomas, Head of Investment Strategy at SoFi, on The Important Part podcast.

Here’s what she learned from taking care of her mother’s finances when her mom was ill, including three tips you may not have heard before.

Getting older should mean spending with purpose, not saving with fear

Many folks are so focused on saving money for later in life that once they actually get to later in life, they’re stuck in saving mode, Pinsker said.

The goal is to have money when you need it, but some people end up depriving themselves of comfort and aid..

“When I was taking care of my mom’s finances, I realized that she was saving, saving, saving for a rainy day. And she was living in a downpour,” Pinsker said.

Financial caregiving is often about helping parents manage the “decumulation phase” so it’s clear how and when to spend their hard-earned savings, she said.

The best financial decision Pinsker made when her mom was sick was “choosing to spend money where it would have impact,” she said. This included hiring people who could help take care of her mother, add to her quality of life, and keep her safe.

Caregivers need Power of Attorney (and maybe a joint account)

If you’re going to be a financial caregiver, you’ll want to have a Power of Attorney (POA) drawn up so you’re not powerless in a crisis.

This legal document will give you the right to act on your parent’s behalf if they become incapacitated. But it must be presented to your parent’s financial institutions and filed with their legal departments before you’ll have access to their accounts, Pinsker said.

Pinsker learned this the hard way after her mom had surgery and was too ill to sign any checks herself.

“I didn’t have the power of attorney enacted at her bank, so I couldn’t sign the check in my name for her… I was stuck,” she said.

Pinsker said people may think setting up a joint bank account with an older parent is enough, but it’s not. In fact, while a joint account can be convenient, it can also cause problems. If your teenage children are applying for financial aid to college, for instance, the funds in that joint account will be included in your assets. Same thing if you’re getting divorced. Then again, a POA isn’t valid after death, so Pinsker suggests a joint account with a small sum of money in it to ensure some funds and bank records are accessible, including after death.

Your parent should set up a “legacy contact”

If a parent becomes incapacitated or dies, it may not be enough to have shared the passwords to their financial accounts, Pinsker said. Given how often our phones are used as part of two-factor authentication, it’s important to grant access to their phone too.

“Your phone now is your key to your entire life,” Pinsker said.

Setting up what’s known as a “legacy contact” can be done right in most phones (instructions here.) Essentially, you designate a person — like you would a beneficiary to your 401k — and the phone will generate a printable QR code and instructions for that designee to use if something happens. Then you print that out and keep it in a safe place with other important papers.

Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.

The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.

SoFi isn't recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.

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