Real Estate Has Finally “Bottomed,” Says Top Investing Expert

Quick Overview

The top investing expert, Ben Miller, suggests that while real estate has not fundamentally bottomed out yet due to lagging wage growth and high asset prices, the widespread adoption of AI is likely to cause a deflationary environment by suppressing wage growth and potentially leading to a significant downturn in housing affordability in 2026.

Key Points: Ben Miller, CEO of Fundrise, believes the real estate market has not yet bottomed, citing a lag in wage growth compared to asset price increases. Miller predicts that AI will act as a deflationary force by suppressing wage growth, potentially leading to a scenario where most people make less money. The impact of AI is expected to be most keenly felt in white-collar, administrative, and analytical jobs, with estimates suggesting 20-50% of these roles could be replaced or significantly altered. In the housing market, this AI-driven deflation could cause housing affordability to worsen for the average American, even if overall asset prices remain high or increase. Miller suggests that the greatest risk in the near term is not inflation but rather a 'super deflation' if AI adoption rapidly depresses wages. He recommends investors focus on assets that benefit from wealth creation and productivity gains, such as high-end real estate in economic hubs like San Francisco and New York, rather than struggling middle-class housing markets. Fundrise is actively using its proprietary AI to analyze deals and market trends faster than traditional methods, which he believes will become increasingly valuable.

Context: This video features an interview between podcast host Dave Meyer and guest Ben Miller, the CEO of Fundrise and a prominent voice in real estate technology and finance. The discussion centers on Miller's economic predictions for 2026, focusing heavily on the disruptive impact of Artificial Intelligence (AI) on the job market, inflation, wage growth, and the subsequent effects on the real estate investment landscape.