Looks like the US will have a European style housing environment.

[noob_trad3r]

http://www.nbcnews.com/business/eco...-home-weak-economy-keeps-adult-kids-1C7291460

In Europe/UK Housing is so expensive that it is normal for multiple people renting and sharing one flat or people living with parents.

Looks like the US is heading in that direction. With the push to make housing expensive as a way to "Help the middle class" I see the next generation living 4 to a flat.

 

[Grandluxe]

Europe is so small, the United States has so much land.

 

[Mueytor]

LA and NY are already like that. Will be the new normal.

 

[noob_trad3r]

Quote from Grandluxe:

Europe is so small, the United States has so much land.

Yeah but the majority of that land is in the middle of nowhere.

 

[dandxg]

Quote from noob_trad3r:

Yeah but the majority of that land is in the middle of nowhere.

True and while housing is dirt cheap in Iowa, the jobs also pay less than in NY or CA so it's all relative.

 

[dandxg]

Quote from Mueytor:

LA and NY are already like that. Will be the new normal.

I disagree. I know a lot of Europeans and am married to one. I grew up in OC, CA so I can speak to both points.

Europeans, due to high taxes, and a focus on vacation rather than material items/how much money do you make mainly live in apts. Those flats are not shared by multi generational families unless there is a sick grandparent. Each family lives in their own flat and they are well built compared to the majority of junk apt. blng. built in America. Now Europe is a broad term so Russia is much different than Scandinavia and so are their standards of living.

Now people living in So Cal often share a SFR so they can drive a car they really can't afford. I know of many people that esp. in their late 20's and 30's had three roommates and all of them had some leased vehicle they could not afford. If they were driving normal cars they could easily afford a 1 bedroom apt.

The two categories are not comparable at all.

 

[Grandluxe]

Nothing wrong with multi-generational families if you can't afford to move out IMO. The Japanese, taiwanese, Hong Kongers, South Koreans,Indians,etc all do this.

 

[Random.Capital]

Nothing wrong with multi-generational families, period. It's the time-proven way of maximizing effective use of capital.

 

[noob_trad3r]

Quote from dandxg:

True and while housing is dirt cheap in Iowa, the jobs also pay less than in NY or CA so it's all relative.

But that is like paper trading. no one wants to move into some podunk town where there are 20 jobs paying 6 bucks an hour and nothing to do in the town.

You cant just say oh, everyone move to Iowa. because no one is moving to Iowa even if the homes are dirt cheap.

 

[dandxg]

The Europeans I know that own homes are almost all multi-generational living situations, but that comprises a small percentage of people in Europe, as most live in flats.

The other thing I have personally experience in Europe is homes are built much better ( concrete/brick ), much better sound proofing so that affords privacy with 3 generations living under 1 roof. On top of that many multi-story European homes have multiple entrance ways so it's almost like having your own home because 1 generation will take 1 floor and so on.