Also, the nature of the economy today is more nomadic, where sometimes it is better to move to where jobs are at.
Finally, young gen does not see a house as a big deal as prior generations, and that is sometimes overlooked.
-—I don’t know how they measure home ownership. I don’t know if they consider having a mortgage as being a homeowner, which is vastly different than owning something out right.
.
.
.
Only a fool will ever “own” their home. I could have paid off my houses 40 years ago, but the tax credit penalty is too much to “own” a home. You are better off borrowing against it over and over again.
Write it off.
I can’t imagine anyone wanting to actually “own” their home.
Get it down to 20k and then borrow against it with such low interest rates. You get the write off and you can bank at least 10% off the market on your home loan. Silliness.
Never never never own your home. Even if you are so insecure as to think that “owning” your home provides security of some sort, think again, the feds will drop kick you like a mule when you are old if they think you “own” anything. Best put it in an SCorp, CCorp or LLC if you are that insecure. But never never never OWN your property.
I am not a lawyer, but I have many many lawyer and banker friends who would all tell you the same thing. The richest people I know OWN nothing.
Most young people see no point in being tied to a house if they have no children anyway; we traffick immigrants here to offset this trend (and replace the lost generations of children in classrooms as well as bedrooms).
This is quite true. I'm in my early twenties, and I would say that 75% of people in my age-range (that I interact with, at least) are not interested at all in home ownership, but seem to view travel as the big goal.
I imagine I'll buy a house at some point, but I'd want to make sure I've found the perfect spot before I tie myself to it.