Will most people OWN their homes in the near future?

[Gadsden Mountain Ranch]

I'm a millennial and proudly have 2 houses. Take my keys from my cold dead hands

However, I've come to the conclusion that half of millenials are woke as fuck

The other half will go with whatever CNN says...welcome to Costco, get your vaccines that will kill you, live in this tiny house and drive a Prius because it's cool and trendy

No thanks...I'll have my 5 acres, read the warning labels, and have my 339 cubic inch motor to enjoy because I'm not mindless

So, if the status quo is to live in small trailer homes that look like cheap plastic cabins, rent, move for jobs then half will go with it

The other half learned from their elders and will stay in their ways

 

[Asa]

I am currently in the process of building my own home.

That's awesome! Much respect. We considered doing that, too.
Now we want to build a barn. Hahaha.

Damn, so that money is better spent on stocks instead?

I'm not sure. I've watched our stocks go up and down over the years. The fluctuation is tied to politics. This will make you care a lot more about politics.
To make owning rental properties worthwhile you need to overcharge. You will later find out that the price you thought was overcharging was fair.

I hate the concept of "Millennial" to define a generation. I think it's a term that fits mostly with white and privileged children of the 80's and 90's. It's just hard to relate to "millennials" in general.

Example: "Millenials: the Me, Me, Me Generation"

I felt that way about Gen X when I was younger. I didn't identify with the stereotypes or cliche lifestyle.
In reality, it is just a title for a group of people born during a certain time.
There is a thread called Generation Wars where you could post about this, or read about it, if you want.

 

[SpecialEdition]

Well, hard to say. I'm technically considered a millenial and don't own a house though most of my friends do. Many of them bought before our market went insane. We're just coming out of a correction and some people who were idiotic and basically gambled with real estate lost a lot of money. Even now after the correction housing prices in my area are very high and the cost doesn't really reflect the quality of what you're getting. Part of the downside of the housing boom we had was that there were a lot of people investing in flipping houses so they were trying to do a quick turnover with shitty or low quality renovations that LOOK nice but won't last, so the price is artificially high.

Renting in my area is also unreasonable. I got into my place before the markets went up as well. They are renting smaller units for more money than I pay now and I have the largest unit in my block. I guess I got lucky there.

The type of house I'd want to live in long term that doesn't require a ridiculous amount of upgrades and that's in a decent neighbourhood will easily run over 600k. If I don't want to pay a bunch of mortgage insurance I have to have a 20% downpayment. That doesn't include about 10k or more in other fees that go along with buying a home like what we pay to the real estate agent, land transfer taxes, lawyer fees, etc. It's a LOT of money up front.

Would I like to own a house? Yes. Why? Because I want something of my own to treat how I choose over a very, very long period of time. I want something to build equity in over time. I want something that I can pay off before retiring. I want something that, when it comes time to downsize, I can sell for a profit. Obviously it wouldn't be my only investment but it would be a nice asset to have provided there's not a massive crash that never corrects.

At this time in my life home ownership is out of the question for the next few years.

Something else that's problematic with housing in my country is that there's a lot of money laundering that filters through real estate here. Right now there's a bit inquiry going on about that. We have so many FUCKING CONDOS that have absurd condo fees and no one lives in them because everyone wants an Air BnB business now. So if you buy a condo chances are your neighbours are all renting theirs out for a profit and you have no expectation that guests are going to shut the fuck up and not ruin everything.

At the end of the day I'm not sentimental about home ownership but I know a lot of people who are. If I find a good house at a good price in an area that I want to live in, great. If not, great. But I'll have to die in this house I currently rent otherwise because rents are skyrocketing right along with housing prices. I don't know what other people my age or younger plan to do but I don't think it will be buying a house without a significant contribution from their parents.

 

[Bird]

No. I do not. Simply from a semantical point of view. Looking at censuses globally it appears that
most homeowners are couples and the majority of deeds and mortgages have both spouses
names on it.

If someone else's' name is on it: you're a co-owner, but not a full owner.

If we overlook that semantical detail we need to start looking at statistics and what the housing
market is like on a global level. Buying a home in Japan is much different than in the US.
We also need to consider the time-line. When you say future, what does that mean? We need
a more exact frame of time to really be able to evaluate current details in order to "predict" a
future. Humans only live so long, countries with the average citizen of a mature but not elderly
age are likely to have a stable if not growing rate of homeownership as their current homeowners
continue to own their homes forcing more housing to be built to accommodate their children.
Especially if their birth rates have been higher than their death rates. This brings into question:
is there room and is it affordable to build new homes? Which we would then need to evaluate the
economic (as well as political) well-being of the nation, the particular region, and the median
citizen of that region.

This is just too broad of a question to really be able to answer well.

 

[Ren]

I want to own a home. If possible, many homes.

There's something fulfilling about owning private property.

How about building your own house? Dat sounds cool.

Personally I'm stressed at the very idea of owning property already, but then I'm a bit weird.