I think Millennials will be the last generation to eek by on the notion of buying a house. We’re the last generation that were able to still buy homes. By the time Gen Z becomes the largest home buying demographic, the idea of home buying may be too far fetched - prices too high, rates too high, higher demand, low supply.
But I think I have a good solution to this problem. It’s work from home. If the US can successfully shift to it over the next decade, many Gen Z’s will become happy homeowners.
The reason home buying is hard is because of low supply in high demand areas. One of the key reasons that those areas have high demand is because they have a high concentration of jobs, and the closer the house, the easier the commute. The further you build out, the less demand, because the commutes start becoming unrealistic. Other nations combat this by building high density and commuter rail, but that’s doesn’t really fit into the American ethos. And I’m saying we don’t need to, to try to work with other countries’ solutions. We can keep our big houses, large cars, big box retailers, malls, drive thrus. We would just have to keep building them out in vacant land. The biggest barrier to young folks buying homes further away is distance to work. Well, we have a solution for that - WFH.
Current and future homebuyers face the problem of not being able to buy homes. WFH can solve that.
Not to mention the economic benefit of building new population centers, without the need to worry about job commutes.
Ps: this is not a veiled attempt to propagate WFH for convenience reasons. Its a thought on resolving one of the toughest issues today for homebuyers, with no clear improvement in sight.
[link] [comments]
source https://www.reddit.com/r/RealEstate/comments/16oagic/wfh/
Comments
Post a Comment