What are your thoughts on home ownership for the future?

Question

With this new generation of young people, have you ever given the thought about owning a home? You know get married have kids, house etc... I know houses are very expensive and be rest assured that this highly inflated obese real-estate market is going to topple over and yes... people will loose their homes... Has this affected your outlook on life in general? Maybe even leaving the country for more affordable housing? I honestly don't understand why so many people from India and Pakistan, Chinese etc.. find Canada so appealing? It's so bloody expensive and if they come here thinking that a job here is going to help open the doors to paradise?

gridb2bagency · Accepted Answer

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WindAtMyBack · Accepted Answer

One thing you have to remember. The only way for houses to rise in price is if people can afford to pay it. Both rent and buying are self correcting (although there may be a delay).

Housing prices are skyrocketing because people have tons of money at their disposal. When money gets tight, housing prices get stagnant or even drop.

What's interesting is that the richest first world countries have some of the lowest home ownership rates. I think that's probably because in many/most of those rich countries, kids move out of their family home and go get their own place. Whereas in many poorer countries, people live in the same home generation after generation.

If you look into it, many of those countries that have cheap houses are not really a good comparison. Sure, they may be cheap, but they are nowhere near the same type of houses as in the first world countries.

LazerBean · Accepted Answer

Foreigners come here for a better life because it works. Many other countries have property rates that are just as expensive as America, but the people are more poor. And their healthcare is worse. And you're more likely to get kidnapped, mugged, or murdered. That's why they come here.

Anonymous · Accepted Answer

I don’t think I’ll ever own a home. It so expensive, not only to buy (and the mortgage etc) but also to keep it up and renovate when necessary. The salaries aren’t enough and the requirements to even get a mortgage are very high here so yeah, I just assume I’ll never own a home.

matchrestore · Answer

I bought my house almost 10 years ago, have put a bunch of money and sweat equity into it, and between improvements and increased valuation of real estate in general it's proven to be a very good investment. Real estate is not as inflated here as it is in most of the country, and weathered the 2008 crisis quite well. Values have steadily increased but not at the insane rates of some areas of the country. I'm not worried about a housing bubble pop, at least for this region, and I have enough equity that I wouldn't be sunk if there was one.

I know real estate is tough for young people to get into, but if you have the opportunity I highly suggest you take it. It's still one of the best ways to build wealth.

BonzoInBitburg · Answer

A lot of immigrants from 3rd world or developing countries are moving back to where they can't from because they can't save here. My kids are in their 20s and are homeowners but I also made them start working when they started high school so they've got the work ethic that most of their friends don't have

paledreams · Answer

It's not something realistic for me or even if I did, it'd either be paid off from future sale or land sale minus fees, to buy a cheaper smaller house lol - "declining living standards haha" sounds like the West capitalism world alrighty lol 😆 or just rent

Darkchild25 · Answer

I live in England. I used to be a home owner but due to changes in my life I sold and now rent. I can now only dream to be a home owner once more. Even so. The house would be tiny. The economy is tragic. The rich only gets richer, and not much is being done to even things up

AdolfWasRight1488 · Answer

The young people are growing in both numbers and ignorance. They keep voting for who Jack Black tells them too and home ownership becomes more and more a myth. Maybe next year I'll sell my 1900 sq ft house that I bought for 150k 5 years ago to one of them for half a million. Lol. I fucking love having assets in half a century of run away inflation

Anonymous · Answer

i don't know when it will be a good time for people to buy a house again. prices are way too high compared to wages and if you buy a house now you'll never get your money out of it if you ever want to sell

Dinklex3 · Answer

I’d like to buy a nice condo in the future when I figure out where I want to live.

exitseven · Answer

It is pretty difficult today with the high interest rates. However, when I bought my first house the interest rates were 12.5%.

MicahRaine · Answer

It's difficult and nearly impossible for most people, but it can be done with careful planning if you have good discipline and low expenses

NathanDavis · Answer

I own it today... hopefully, they're still there at future time, lol

Dargil · Answer

I own one fully paid now. I don't expect that to change.

Anonymous · Answer

Any hope of being a homeowner, or even an apartment renter is beyond lost. The population will have to reduce by no less than 96% for their to be hope for the future

DarkLegacy · Answer

Owning your own home is becoming a thing of the past here in the UK

In_Trance · Answer

Sadly this is true

Anonymous · Answer

It'll be banned before long by the likes of BlackRock buying all the real estate in the crash The economy crumbling is good for business

pethouse · Answer

I wish I could live in a isolated area.

Pterodon · Answer

I’ll never own one and never have

What are your thoughts on home ownership for the future?

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