however, there is one demographic that isn't sold on this dream. millennials are now delaying the purchase of their 1st home as the affordability gas widens home values and income levels. i'm because p i and you're watching the cost of everything we're today. we're going to be taking a look at the housing market. it's affordability, and the rising trend of tiny home popping up for those who want a minimalistic lifestyle. me the so what does it cost to own a home in 2023. what is causing this decline in home ownership and millennials? while home ownership is declining, amongst millennials not just in the us, but everywhere around the world. the home ownership rate fell to 63 percent in 2016 . the lowest rate in half a century and down from the all time high of nearly 70 percent by the end of 2005,

the likelihood of only a home by the age of 30 increases for those already married with children. but today, younger people are in no rush to wed and have kids. and now the median age were 1st, marriage is closer to 30. student debt is also another factor in explaining the declining home ownership. average debt at graduation is currently around $30000.00 up from $16000.00 in the 1990 s. but while the cost of only a home is high at a medium price of $425000.00 in the us, how much does it actually cost to even just build a home? just a home, not the real estate, which is where most of the cost is from the average cost of building a new home is actually between $50.00 to $400.00 per square foot. depending on the cost of material and how fancy you want to get with the marble and tiling. so you

can actually build a house on a budget and have a 1000 square foot home completed for under $50000.00. but even if the cost of an actual house, it's merely $50000.00 depending on the location and the real estate value. that same house could cost over $500000.00 because of the area, the city and the neighborhood. so because of the outrageous cost of real estate is putting a burden on the younger generation, many are looking to tiny homes. tiny homes are living quarters that are usually between a 100 to 400 square feet, made trendy by icons like elan musk, who lives in a $375.00 square foot prefab, tiny home. the tiny homes market is set to grow by $3570000000.00 between 20222026. a survey discovered that 86 percent of respondents would move into a tiny home due to its affordability,

and tiny homes also allow people to travel and pick up your home and take it with you. bringing along all your personal belongings. this is especially popular among millennials who already have high student debt. baby boomers who are retiring also find tiny homes appealing because of their reduced expenses and portability and ease of downsizing in their later years. many are also finding these tiny homes to be trendy as they are extremely energy efficient made with installation technology . utilizing l e. d lighting, and 4 panels. tiny homes are compact and able to be shipped anywhere with the goal of promoting a more sustainable way of living and making housing trip caustically more affordable for the world. these tiny homes all have completed kitchens, bathrooms, electrical, plumbing, and h back completed in factory before it's shipped out. so when i arrive at its final

destination, the home just needs to be unfolded, attached to the foundation and utilities before it is ready to be moved in. not only are these tiny homes affordable for consumers and eco friendly for the planet, there are also time cost and labor efficient to create homes in factories rather than individuals designed and built. and these could potentially solve many of the housing shortage problems in certain parts of the world as factories can turn these out effortlessly and less than half the time it takes to build with the help of an automated and standardized process. so now let's bring in jason hartman, chief executive officer at empowered, investor. so jason, which country still has the most affordable housing and what policies are in place that allow it to be still? well, you know, some of the wealthier countries have quite a few social programs that help with housing costs and so forth. but those markets

are generally very expensive. and, you know, we see some of the less developed countries, of course, have much more affordable housing, housing, central and south america. lots of affordable housing, mexico, of course, you know, certain places in asia and so forth and, and eastern europe. housing can be very affordable in these places. but again, you have to take into account and, and adjust for the size of housing, the quality of the housing, and that varies quite dramatically by country. and are there subsidies and some of these countries that allow for these affordable housing? yeah, the sucks are these take place in the wealthier countries here and you'll see more of those in the united states. the u. k. the more developed countries, they'll have various housing subsidies, some have rank control programs and so forth. but rank control is usually

a fake affordability, it seems like it makes housing more affordable, but what really doesn't make it more expensive in the long run because it creates shortages and scarcity. and it never really works long term. but initially it sounds good and gets politicians elected. now what country has the least affordable housing and why are the global housing prices so high to begin with? yeah, well you know, as you would imagine, christy the, the more developed countries where there's lots of wealth, lots of money, some western european countries, certain markets in the united states, very, very expensive, of course, hong kong, very expensive and, and singapore and so forth. all the use these countries, i just have a lot of currency units in the u. s. s. case dollars. it might be the euro,

whatever it is, whatever the currency unit is, a lot of a lot of currency chasing a limited supply of housing. and especially in the areas that are either geographically constructed. hong kong would be a good example of that, or the areas that have masses environmental restrictions. and california would be a good example of that wherever you cause a shortage either by policy or by just natural land barriers and land masses, or oceans. you have a concentration and an buildable markets where housing gets very, very expensive. now what do you make of the tiny homes trend? do you think it's a good idea or do you think it is more glamorize than it actually is? you know, it's an interesting question and i think it's sort of a style jack. maybe cute. i don't think it's

a long term trend. i think it's, it's kind of fascinating. you know, a lot of the tiny homes are portable to one degree or another. and i think millennials have been very interested in that. a lot of them are built around small, tiny home communities. of course, the minimalism trend is, you know, our reaction to usually parents that were the opposite of minimalist, you know, they had homes full of junk and garages, full of stuff and all of that. but i don't think it's a long term trend. i mean it's very hard for people like that, especially if they want to grow family. they obviously can't. we're going to tiny house very effectively. absolutely, and if we're talking about single family homes, is the trend these days to build bigger or build smaller and is the average square footage actually getting low smaller now? well, you know, in the 1970s the average home size was about 1500 square feet and

today it's about 2300 square feet. so and i'm talking about the us home size. so you've seen a 157 percent increase in home sizes, right. so it's a very significant difference, and when people try to say housing is so much more expensive, it was today that was for your parents or grandparents that sort of true on its face. but when you really drill down, it's actually much less expensive than people think. when you adjust for inflation and home size and home quality, real estate, at least in the u. s. is really not that expensive overall. so but, but to answer your question more directly, the mansion trend. that is largely a baby boomer trend. i think that one has faded as energy cost increase up,

keep cost increase. i think you are going to see a lot less demand for mcmansions, especially as economic times get tougher and, and people become more conservative and more careful. and a lot of those mcmansions are built, right? so there is more than enough supply of big, giant oversize homes and, and much more than people will need going forward in the future. obviously, people and we're seeing that a lot more unfortunately than fixing what i talked about already is just to lose you ations and the environmental regulations that make it harder. and we have reached a point where and so difficult for developers to bill that is making housing just much more expensive than it need a are constructed like tanks, i mean, is unbelievably sturdy because it has all of the new at really is overkill. and it

makes the costs of construction, you know, letting people build on more land, reserving so much land and not having such strict zone would make the market more accessible to more people. then jaison stick around because when we come back child, when it comes to housing, we'll have more after the break. ah ah, nice to come to the russian state. sti does on the north lansky with 55 with fan in the european union. the kremlin media michelle day and school ortiz spoke, they're given our video agency, rough with

her. ah ah ah, ah, welcome back. we are just, meanwhile, over in china, they have quite a different problem housing citizens have bought these properties for speculate, a cost of real estate up and pricing out many of the low middle. and i has around 65000000 homes standing empty, and 2012 is enough to house the entire population of france. most of them are

actually owned. apartments are have no intention of moving in, but to use as an investment vehicle in the so called ghost cities in china. these arbitrators, as the property market deteriorates, some of the cities are fully functioning, but with very few residents and not enough tours. these home buyers believe that time is on their side and that be and that the home values will just keep rising. however, did in the last 12 months, as the property crisis is made worse, but home prices in 100 cities fell for the 6. as developers are hit by liquidity squeezes, delaying the complete, which further undermined fire confidence. china re inflate the property bubble and keep housing supply and the price is stable and strictly curbing speculation is that the chinese real estate crisis will cost the banking system early in r and b on loans, bonds, and other assets,

roughly $682000000000.00 in housing activities in europe, the real estate market has been struggling since 2020 to sion and energy crisis, increasing inflation and swiftly rising mortgage rates have drastically reduced home prices have already reached unsustainable levels. in many your play is higher energy prices and inflation. further roads, disposable and car being priced out of their home real estate market. more america, europe, driven by the rising cost of living, inflated house product at home. italy, portugal, spain. the most popular destination with requests from americans looking in the summer of 2022 compared to the really cheap housing, particularly in smaller cities and tower, has also made europe more attractive, particularly to millennials closing market. in europe, the average sale price of a new was the most expensive and 2021 at 4900 followed by austria, norway,

and france. meanwhile, l priced at $1520.00 euros per square meter via poland and croatia. that's compared with the u. s. will cost over $17000.00 and it's no one getting to europe . and for more let's bring in. so jason, what happened to the giant realist? i know what was the fall out from all of that. well, that will happen to ever grant and we will see how many of those buyers ins or recover deposits. it doesn't, you know, to some extent, there was a sort of a ponzi where, you know, the companies being finance worth, but, you know, debt and a cool light of everything. that old saying a rising tide floats, all shipped companies that don't make sense and are really dysfunction out in

a market where you've got demographics going in your favor in the general market and economy in your favor. but window, they can become very, very sensitive to any that's one of the things we see over and over again, not just with his company, but with absolutely and jason, the property market has contract year, causing it to become a significant drag on the chinese every day chinese citizens who actually spent a significant portion of properties well, you know, in china it's, it's very due to the one child policy in the past has become solely imbalanced in terms of males and females. and hartner wants to find a wife in china. he has got to own a house, you know, we've, we've all heard the stories of the chinese go cities and people been and so forth. but it does not look good in terms of its demographics. it has a may, and i don't think it can really recover from this more years for this to play out.

but unfortunately, in my opinion, and with all the great stuff china decades, which have been truly amazing, no one would be moving into a time where the population pyramid is demography and there just aren't enough young people. and the birth rate is really crashed. they're not enough young people to pay and that's what has to happen in every society. you have to have show the people who are aging out of the workforce. and unfortunately on the pyramid, it's not just china. japan has already expired, russia, western europe. but of that situation over the next few years, so how they affect the housing market and subsequently the economy hearing it's anytime soon you think it's going to get much, much worse as the bubble. oh yeah, i think it's going to get dramatically worse. had a great ride,

but things have did it is it is over largely now the, the saving some great technological innovation. i mean, china's doing in terms of investing in infrastructure, artificial intel, etc, etc, you know, in investments and developing projects there and so forth. but these are equal destiny, right? and, and you fix a demographic problem that is this big and this of the not to mention the authoritarian government and they're, they're just, there's just a lot lot of are. but how do you think china is trying to fix the many housing crisis, the demographics crisis, are they doing? well, they are trying and unfortunately, with, with demographic issues, you simply, i mean, obviously we all know how it works right. how couples have children take a long time to grow up and they don't really become their mid to late twenties. and

that is a very long way behind the curve. and of course japan had of china in this bad way . russia seems that you would, you just cannot fix the demographic problem. it's, it's, and it, you know, and unfortunately it has a when demographics are going in the way that people are having too many of resources for the population growth. but it also has and that's what we're experiencing now. so problem. thank you so much, jason, for joining us today, hard to say who the winners and losers are when the real estate economy for you to country. but overall, it seems like the younger generation are priced out of owning a home due to the rising cost of living. inflation. rents are also rising faster than wages me for a down payment. this means that more than 9000000 home out of the housing market,

on the other hand, millennials they shun against the traditional model of putting down roots true early honors. they are the primary drivers of the tiny home more affordable, and offer unique experiences. quality over size, and these tiny homes offer a no mad moly, and as they view it as a new kind of our valued over material things. but while tiny home view this as a fad for one, a tiny home build on it, even if you own the land that it's parked on tiny homes of a like other personal property like cars and are v's they depreciate state on the other hand, usually appreciates over time, sell your tiny home, finding a buyer won't be easy at the target. i'm christy, i thanks for watching and we'll see you back re thing. the the

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