This post is a response to the question [“How do you feel about the housing market? Does this affect your confidence in your future homes?"] (@dilucadomain/week-14-questions-the-bigger-bubble) posted by @dilucadomain
I feel the suffocating housing bubble collapsing down upon my bright and shiny future. The increase of materials that are necessary for building homes is only building up metaphorical tents for more people on the streets of cities. The more homes that are built are being built with less square footage and lower sustainable materials that deteriorate in a couple of years, yet the prices are still increasing. Fancy varnishes on the exterior and interior of homes raise the curb appeal and therefore raise the prices. Apartments are becoming more in trend as people are no longer able to afford a downpayment on homes. The amount of time spent in debt from school and other expenses results in a gap in the housing market. People are realizing that they can do more with less and the price is more maintainable with the average income. I feel to really dive into this question people must first understand how the word home has evolved over time. When the first housing bubble arose the word, home, had an entirely different meaning than what I believe it does now. People back then, when they heard the word home, thought of a white picket fence with a yard and neighbors. Now to the younger generation home is where their "people" are. Where they feel safe. A place where the ones they love are. A home is a person, a home is a place, home is no longer about that American Dream. The rise in price for "homes" is concerning for me. After going through school and paying high amounts for five years, there is no way that I would be able to graduate and afford a downpayment on a house. When I hear the word home in relativity to an actual house, it resonates with the feeling of permanence. Whereas I hope to move around and see the world. A home is an investment a thing that you spend more money on to get a better selling price when you are ready to leave, but to me, it just isn't worth it. Houses, in my opinion, will continue to be built with cheaper, less sustainable materials and still be brought up in price. People do not realize what they are paying for in prebuilt homes and because materials are begging to cost more, builders will be more willing to cut expenses on materials to gain a higher profit. I have little hope for the future of housing. To turn it around we would have to begin to use materials that could be reused and make things that are 100% efficient in space, time, and money, real estate.