Re:U.S. house prices are rising exponentially faster than in...
by freddie_mercury on Saturday October 30, 2021 @11:50AM
(#29049725)
It isn't unique at all to post-war America.
I live in Vietnam and it is exactly the same here and always has been.
Just go to Wikipedia's page on home ownership by country and you'll see that pretty much every country is the same. People think they should be able to own their own house. It's a human thing.
The US isn't even in the top 40 when it comes to home ownership rates.
Re:U.S. house prices are rising exponentially faster than in...
by honkdaddy on Sunday October 31, 2021 @10:54AM
(#29057395)
I think there's a big difference between home ownership and house ownership, no? The quintessential American Dream usually involves owning a house with a lawn and a garage. This is the type of living with I think is less accessible to the middle class in the rest of the world, even countries with high home (apartments, typically) ownership rates like Romania, but Americans and Canadians like myself grew up believing was expected with a middle class income.
Re:U.S. house prices are rising exponentially faster than in...
by nazgulnarsil on Saturday October 30, 2021 @03:54PM
(#29051838)
At first I thought this was confusing because it would seemingly be in competition with the stock market, but most of the world doesn't have or only recently gained reliable access to international markets and thus RE has been the primary investment vehicle.
Re:U.S. house prices are rising exponentially faster than in...
by jeabays on Saturday October 30, 2021 @01:14PM
(#29050425)
> In most other countries (and time periods throughout history), there is a landlord class and a renter class.
And we hope more go the path of land reform, destroying the parasitic landlord class and returning property to the people.
https://www.numbeo.com/property-investment/rankings_by_count...
And by city:
https://www.numbeo.com/property-investment/rankings.jsp
You have to scroll very far down to get to any U.S city. Price-to-income ratios in top Chinese cities are about 40; ratios in top Californian cities are about 8.
Much of this is because of Federal housing policy that's very deliberately designed to subsidize homeowners. America has a cultural belief dating to the immediate post-WW2 period that everybody should be able to own a house; this is unique to this period and country. In most other countries (and time periods throughout history), there is a landlord class and a renter class.
This trend, if not explicitly reversed, has a long way to run.