Is this the beginning of a structural economic change - or just another bubble waiting to pop?
To avoid paying high rent, most people would prefer to own their own houses. Real estate could act as a hedge in my country, where inflation is high and there are no other investments opportunities in a developping country.
It's not just about money to own a house; freedom and comfort are also important. Owning your own home provides you with privacy and peace of mind because people who offer houses for rent can be difficult to deal with. So, since houses are regarded highly as an inheritance in my country, it should come as no surprise that the majority of parents wish to acquire additional residences, even as a retirement plan.
This is not applying to all if someone is having good job with high salary he still loves to live on rent instead of having own home because this is now expensive even not affordable for many while if someone try he had to be bounded huge funds for this which are not ideal.
Few decades back having home or luxury flat was social Simbel but now its changed peoples love to live freely and want to have money in investment or trading which give them better income, and they can live much better life developing countries are also now turning into this concept.
Few countries are having too much migration from rural to big cities which are also creating chaos while few countries where things are balanced its also problem which encouraging peoples to live on rent and keep things more manageable with money.
I guess you are talking about lifestyle in some countries, while i mean the concept adopted in middle classes whatever the country. Let me give you a clear example of my country which is a developping country that has a lot of economic problem causing poverty and jobless. Despite this, and as a small country where about 10 millions living in about 162k klm², my country is considered one of the best rates of citizens living in their own houses. A great majority owns more than one house and here i am talking about the majority which is middle to upper class. How to classify it according to your analysis?