katarh t1_it8v9ji wrote on October 21, 2022 at 7:54 PM

Reply to comment by Echo127 in Many countries have a "hidden welfare state" for incumbent homeowners, as governments subsidize homeowners through the tax system. The homeownership welfare state is strongest in the US and other Anglophone countries, but weakest in the Scandinavian countries. by smurfyjenkins

Everyone should have the option of owning, but not everyone wants that, depending on where they are in their career or stage of life. Frequent job hoppers prefer the flexibility of renting. Some young adults want to minimize their responsibility, and renting lets them avoid some of the pitfalls of ownership with the downside of having a smaller space. (Specifically thinking of a bachelor friend who has no intention of owning - he is currently content in his one bedroom unit, living a minimalist life. That may change if he ever gets married and has a family.)

The issue we're running into is that individuals who do want to own are now getting priced out, due to lack of affordable housing inventory. New construction isn't providing enough starter homes, and the lack of supply has driven the price of the first homes out of reach for those who are ready to settle down.