Will most people OWN their homes in the near future?

Hi @Artemisia ,
I don't think there will be such a thing as home ownership in the future. I do however think there will be Realtors. By that label I mean wealthy people who own housing projects, gated communities and condos that they rent out.

What a scary part of this concept in the US is that the tax revenue that will be lost unless the realtor/ government plans to charge the tenants a tax of some sort.

Then again there has been much discussion about "air space" and high rise living. The premise being if landlords become skylords as well, then revenue would come from charging the "space owner" the tax.

What young and old alike need to notice is that we may take a leap into the past instead of the future with space owners being a Lord or Lady and tennants/peasants paying them, and the extremely poor given bits and scraps on the ground.

It's a worthy discussion.
 
I think the definition of home ownership will change. It'll become a luxury or stasis symbol to own your home. I do hope we'll see some reform happen as (we - I am one) millennials mature and start taking office. Debt is absolutely on my / our minds.
 
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As long as owning a home is viewed as being more of a liability than an asset/benefit, the trend will continue against ownership.
 
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Home tenure is a tricky issue because of multiple factors but having a home is a core need. It is not merely of social status but because humans are territorial and need this territory for stability and expression. Housing itself however is systemic and so it is possible to have a home without tenure but I presume the human need for security will continue to exist so I doubt it's realistic to continue a system where realtors are king. Should it continue, this pattern will burst at the seams and chaos will require inevitable systemic change. As to what form that change takes, we have yet to know. To me however, it is more possible to see an explosion of informal settlements than to believe in total that home ownership won't be necessary. Take the case of Hong Kong where the housing crisis is a serious root of chaos. To me, the absence of tenure is dystopic. It's a looming disaster.
 
I do however foresee that tenure issues are global and may drive migration issues to the worsts. What we would then have is a world not divided by race but by social status.
 
It's still possibly to own a home if you prioritize and budget. It's about priorities. Mortgages can be less expensive than rent, too.
I don't want to hear about income and generations. I started saving for my first house when I was earning @ $10 thou a year. The average salary at that time for a college educated person was $30 thou/yr and this was during the housing bubble in one of the priciest markets in the country. It took me eight years to save. I bought my house at age 29.

For some people, particularly extroverts, spending on experiences is more important than spending on a space to call one's own. That is a valid choice.

To do away with the concept of owning homes we will need a huge shift in consumerism and capitalism. As a whole, we will need to buy less because we'll have smaller spaces and we won't have "permanent" spaces. This will cause a big shift in the economy, industry, and politics. That is one reason why the concept of owning a home will endure. In general, though, the concept of renting could be better for consumers, not to mention better for the environment, so there is push and pull of who/what will benefit from the shift.
 
Pin said:
I want to own a home. If possible, many homes.

There's something fulfilling about owning private property.
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I hope the other homes are either vacation homes or you own enough rental property to hire a manager. I've been a landlord and the hassle is about equal to the money earned. If you want tips on how to get a second property or what to look out for when setting the rent, etc, I will tell you.
 
MINFJToothFairy said:
I do however foresee that tenure issues are global and may drive migration issues to the worsts. What we would then have is a world not divided by race but by social status.
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World is already divided by social class

Would contend socioeconomic division contributes quite a bit to racial divisions more than racial divisions contribute to socioeconomic divisions
 
Asa said:
I hope the other homes are either vacation homes or you own enough rental property to hire a manager. I've been a landlord and the hassle is about equal to the money earned. If you want tips on how to get a second property or what to look out for when setting the rent, etc, I will tell you.
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Damn, so that money is better spent on stocks instead?
 
ClevelandINTP said:
World is already divided by social class

Would contend socioeconomic division contributes quite a bit to racial divisions more than racial divisions contribute to socioeconomic divisions
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Good point. To be specific, I was referring to political territory currently being demarcated by conflicting dashes on sea and solid walls on the ground. Invasion/forced migration is already happening due to different factors. I am foreseeing a world where countries will no longer be dominated by predominantly yellow or brown skin, or white skin, but a good mix of races. Racial minority will be less a factor in income division. It's like shaking different colored sands together.

I think Informal settlement will reign if the income continues to be concentrated on the minority. People are creative. Unrest will lead to more creative unrest.
 
MINFJToothFairy said:
Good point. To be specific, I was referring to political territory currently being demarcated by conflicting dashes on sea and solid walls on the ground. Invasion/forced migration is already happening due to different factors. I am foreseeing a world where countries will no longer be dominated by predominantly yellow or brown skin, or white skin, but a good mix of races. Racial minority will be less a factor in income division. It's like shaking different colored sands together.

I think Informal settlement will reign if the income continues to be concentrated on the minority. People are creative. Unrest will lead to more creative unrest.
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I like you
 
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