Quote:
Originally Posted by Chef
But when single family homes become rentals the same structures and the same urban design still exists, it is just that the wealth generated from them goes to investors rather than individuals. Becoming a nation of renters erodes the middle class and exacerbates wealth inequality. Nothing about this phenomenon changes the built structure of the country, just the wealth distribution.
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I know many wealthy millennials who have no interest in buying a home/condo even though they easily could. This notion that renting is always bad and owning is always good is just not true. How many people got totally wiped out and lost their homes in 2008-2009? Over incentivizing home ownership was a cause of that crash in the first place.
Just because home ownership has historically been a good way to build wealth doesn't mean it's the only way, or that it's going to continue to be as good as it has historically been. Additionally, the family structure has changed significantly with less kids and more flexible work arrangements that can change the rent vs. own decision making process.