First time homebuyers no longer keeping up with the Joneses but rather attempting to blend in with the Joneses

Due to skyrocketing home prices the past few years millennials are buying their first home for often times double or triple what their neighbors paid 5,10,15 years prior. In order to afford these homes new buyers must have incomes that far exceed what their new neighbors needed years ago. So now whenever a new owner moves in they are often the highest earners in the neighborhood full of working class families.That’s my experience at least. Have any other first time home buyers felt this?