If we ever described the “American dream” with a sentence, it is to be able to work a good job, be married, have children, and then watching those children grow in a house in the suburbs with a yard, a dog, and a white picket fence.
For decades, this has been the goal for every working-class citizen when they enter the adult world, think of it as the endgame for everyone.
This dream which was once so common no longer has the same hold on people anymore. Trends from the last two decades point to a completely different thing.
People today are now choosing to not only delay marriage or not have families, but the number of people looking to buy houses has rapidly declined as well.
Numerous houses are waiting to be bought but no one seems to be interested in buying them.
If you are looking for a reason as to why this has been happening, then there are quite a few.
The biggest reason is the actual housing crisis of 2008 where many people were not able to make their payments and ended up losing their houses. Ever since the crisis, the housing sector has not been able to completely recover in the world of real estate.
Houses are still very expensive today, and a lot of people today no longer see the point in buying them.
However, there are many areas in which you can explore your real estate options.
Reasons Why People Are Not Buying Houses
There are many other reasons why people are not as interested in buying houses:
It is safe to say that the economy has not been thriving lately.
Unemployment is a different issue, but just finding a job can become very competitive. There are very few employment opportunities and there are a lot of people that are looking for work every year.
This means that a lot of people end up having to do jobs that are below their experience, and end up earning less.
Besides, the minimum wage is still feeble at most, and trying to make it through the month with such little earnings is already difficult enough as it is.
So, it is safe to say that finances are another reason why people do not want to invest in permanent property ownership.
A house requires having to move into the suburbs, which means moving away from the city.
Most adults happen to have their jobs in the city, so living in a house would mean having to buy a car, and then spend hours every week commuting to and back from work every day.
This means spending time, mental energy, money, and fuel.
This is not something that people want to do now. Living in an apartment near the city helps them avoid the added costs, stress or effort, so it makes sense for them to want to avoid moving away from the city.
Families Are No Longer a Priority
Houses are great for raising families, there is no denying that. However, a lot of adults today are not prioritizing having a family.
Most adults today are dealing with other problems, and are not looking to settle immediately.
Even if they do find a partner, having children is still not a priority a lot of adults today are choosing not to have children
So, for adults like these, the idea of buying and moving into a big house does not make sense because they would not be able to utilize all that extra space.
Houses are really expensive to pay for. Having to opt for a mortgage to be able to pay for the house means having to spend the next 10 years or over of your life paying off your mortgage.
Apart from that, the selling price of houses is drastically low, so even if you do buy a house, and you find yourself in a position where you have to sell it, then you will have to sell your house at a loss.
Now you have a better understanding of why people choose to stay away from investing in the real estate sector, more specifically, buying a house.
However, there are still some people that want to invest in permanent property ownership so they are buying houses.
If you want to invest in permanent property ownership but do not have the finances or do not see yourself buying a house, you do not have to feel discouraged.
There are other ways of acquiring permanent property ownership, and that is to opt for a condo instead. They are much cheaper than houses, and they are growing pretty popular amongst people as an alternative option.