Catch-up to any Millennial and ask them where they are on the property-ladder, and the answer you’ll typically get is that they’re nowhere near where they feel they should be at this stage in their lives and certainly nowhere near where they’d like to be. Things have changed dramatically over one mere generation with regards to the universally measured milestones of life, such as property ownership. The face of the typical property owner has changed quite dramatically when we compare this generation to the previous one and it all makes for some very interesting reading, either way.
More young adults living with their parents
Kudos to that generation which parents the Millennials though – Generation X, for they are fully up to speed with the rapidly changed world some of them are still sharing with their children and in some instances even with their grandchildren. That’s why you’d find many more young adults than in previous years, still living at home with their parents and there’s indicatively nothing wrong with that, provided they’re visibly making an effort to make their own way in life. Buying a house is no longer a priority, or perhaps it might very well have been, but it’s difficult prioritise as a matter of practicality.
It’s very interesting how if you visit a home on the outskirts of the typical economic-hub-city you often find what is essentially the bedroom of a “grown kid”, as we sometimes do to complete just another interior design project (mostly re-decorating or refreshing a dated look). Even if the young adult who still officially lives at home with their parents perhaps has an apartment closer to their workplace, generally they identify with their parents’ place as their primary home.
Who owns all the properties, then?
I stumbled upon a rather interesting rant on the internet about a full year ago to the day, through which the visibly livid bloke was going on about how remote workers (Digital Nomads) are part of the problem of the average person who may very well be a really hard worker will indicatively never be able to afford buying their own property and so they will never make it beyond where they are on the property ladder – right at the bottom. According to this fellow, because of short-time “vacationers” such as these remote workers, big money capital is buying up all the properties and in the process inflating the price so much that the average person is priced right out of the market.
They then rent all these properties out via platforms such as AirBnB and the likes, which in turn creates dynamism around related markets and services such as getting condo insurance.
All the core and periphery of markets which have anything to do with the property industry, what is now required is somewhat of a specialist approach to their arrangement, which is why something like getting insurance for your condominium should probably be something you assign to a specialist. You want to make sure you have the right cover, even if you’re fortunate enough to be amongst those who can afford to either buy their own property (if you’re busy paying it off) or if you’re just renting with no intention at all of ever buying.