The Stock Market vs Real Estate

About 62% of U.S. adults have money in the stock market. However, most own stocks indirectly, through IRA's, 401k's and other such funds. Only about 20% of families own stocks directly. Ownership is concentrated among those with higher incomes and education. Most stockholders do not seriously research their investments, nor attend stockholders' meetings, nor try to get management to change the way they do things. This contrasts with real estate, where 66% of families own a home and 55% invest in REITs. About 90% of millionaires made their fortune through Real Estate investment. Most are strongly in favor of zoning, building restrictions, and limitations on who can move in near them. This explains why affordable housing is such a problem. With a house being the primary investment of most Americans, they will protect that nest egg by using any means available to prevent a decline in value. Different kinds of construction, smaller size houses being built nearby, low income neighbors moving in, mobile and factory built homes, even building more new homes at all, will be strongly resisted. Housing will become more affordable only when it's attractiveness as an investment is decreased. No other method has or will succeed.