"That's not optimism, that's cognitive dissonance..."

Really interesting take on it, Sophia. And, you're probably right. Cognitive dissonance is a real stumbling block for a lot of people in a lot of different ways right now, including paying for private college with student loans at 8% and thinking that $150,000 (or more) won't be much of a trick to pay off as you start your life.

"What's your sense of whether the student-to-buyer timeline is actually extending, or are we seeing more people simply exit the ownership aspiration altogether?"

The Realtors' research says the average age of a first-time buyer is now 40. I'd say the student-to-buyer timeline has been extended, as we've already pushed many of our major milestones: College in 6 or 7 years instead of 4; marriage and kids into the mid-30s (on average).

People want to own things. I just think GenZ feels like they never will.