- 28 Aug 2023 07:51
#15284647
Starter homes have gotten so expensive, many young professionals are opting out of trying to obtain homeownership instead of saving to buy a house.
(Which means they're probably just going to pay a higher price to rent a more decent and less small living space, rather than trying to save for the big purchase of a future home)
In the U.K., 42% of adults under 40 who do not own a home do not see themselves buying one in the next decade, according to a survey from Zoopla. 38% percent of those adults earn over £60,000 annually.
A somewhat similar situation is going on in the U.S., with many homeowners choosing not to sell their old houses since they got locked in at a low interest rate on their mortgage, and rates have since shot up.
'Guppies' are the latest real estate phenomenon: young people giving up on ever buying homes, Jordan Hart, Business Insider, Aug 2023
some related threads that might be of interest:
New York Times complains about lack of affordable "starter homes"
Millennial homeowners renovate instead of moving up
Housing affordability over time (19 July 2023 )
The rise of the professional class in big cities - and others getting pushed out (24 Dec 2021 in Economics)
(Which means they're probably just going to pay a higher price to rent a more decent and less small living space, rather than trying to save for the big purchase of a future home)
In the U.K., 42% of adults under 40 who do not own a home do not see themselves buying one in the next decade, according to a survey from Zoopla. 38% percent of those adults earn over £60,000 annually.
A somewhat similar situation is going on in the U.S., with many homeowners choosing not to sell their old houses since they got locked in at a low interest rate on their mortgage, and rates have since shot up.
'Guppies' are the latest real estate phenomenon: young people giving up on ever buying homes, Jordan Hart, Business Insider, Aug 2023
some related threads that might be of interest:
New York Times complains about lack of affordable "starter homes"
Millennial homeowners renovate instead of moving up
Housing affordability over time (19 July 2023 )
The rise of the professional class in big cities - and others getting pushed out (24 Dec 2021 in Economics)