millennials are now delaying the purchase of their 1st homes as the affordability gas widens home values and income levels. i'm because 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 the 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 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 ilan musk, who lives in a $375.00 square foot prefab, tiny home. the tiny homes market is set to grow by $3570000000.00 between 2022. and 2026. 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, v, lighting, and solar 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 vac 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. 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 their subsidies. and some of these countries that allow for these affordable housing. yeah, the sucks are these take place and in the wealthier countries here, and you'll see more of those in the united states, the u. k. the more developed countries, they all 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, christie, 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 this 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 static, 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 live in a tiny house very effectively. absolutely, and if we're talking about single family homes is a 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 are just 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 was largely a baby boomer trend. i think that one has faded as energy cost increase, upkeep 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, oversized homes and, and much more than people will need going forward in the future. obviously, people aren't having children as much and demographics have changed. and so there's just a whole bunch of reasons that we have an oversupply of what they call mcmansions. yes, absolutely. and jason, is there a way to tackle the world's homeless problem? obviously a little different country by country. but currently there is about a 150000000 homeless people in the world. so how can those problem ever gets solved? well, it's a bad, a bad state of affairs for sure. and one of the things we need to do is look at it

as a mental health problem because a lot of it is just really a mental health and a drug abuse problem. unfortunately. but beyond that, it's an overall economic problem of people that were formerly middle class or lower middle middle class. people who don't have savings and a couple of bad things happen in emergency happens a medical problem, a car repair problem, a divorce. and they are on the street, maybe living in their car. so you know, they're not homeless on the street, but they're living in a car. and we're seeing that a lot more. unfortunately, one way to tackle the problem, other than fixing what i talked about already, is just to loosen up on the building regulations and the environmental regulations that make it harder and more expensive to build homes. we have reached a point where it has become so expensive and so difficult for developers

to build that. that is making housing just much more expensive than it needs to be. our homes today are constructed like tanks. i mean, i live in florida, and my home is unbelievably sturdy because it has all of the new hurricane codes. and most of that really is overkill. and it makes the costs of construction very, very high. and, you know, letting people build on more land, you know, not reserving so much land and not having such strict zoning requirements would make the market more accessible to more people. absolutely, thank you so much jason. jason, let's take a round because when we come back, china has a far different problem. when it comes to housing, we'll have more after the break with

ah, at the end of the 18th century, great britain began to conquer and colonize australia. from the very beginning of the british penetration to the continent, natives were subjected to severe violence and deliberate extra patient. according to modern historians. in the 1st 140 years, there were at least 270 massacres of local b. both any resistance to the british was answered with doubled cruelty. hundreds of natives were killed for the murder of one settler. indigenous australians were not considered complete people. no wild beast of the forest was ever hunted down with such unsparing perseverance as they are. men, women, and children are shot whenever they can be met with squatter. henry myrick wrote in

a letter to his family in england, in 1846. australia's past is rightly described as blood soaked and races. if at the beginning of colonization, there were one and a half 1000000 indigenous people living on the continent, then by the beginning of the 20th century, their number had decreased till 100000 people. despite the indisputable historical facts, the problem of full recognition of the crimes of white australians against the aborigines has not been resolved so far. ah, ah, ah . the welcome back we are discussing the cost of housing.

meanwhile, over in china, they have quite a different problem. while they have no shortage of housing, citizens have bought these properties for speculation and investment purposes. driving the cost a real estate up. i'm pricing out many of the low middle income citizens. china has around 65000000 homes standing empty in 2020, which to put it into perspective is enough to house the entire population of france . but while these apartments stand empty, most of them are actually owned. apartments are rapidly bought up by a homeowners who have no intention of moving in, but to use as an investment vehicle. the side effect has been the so called ghost cities in china. these are metropolis is that have yet to come to life as the property market deteriorates. some of the cities are yet to be completed, while others are fully functioning. but with very few residents and not enough tours to fill up the shopping malls. these home buyers believe that time is on

their side and that these cities will fill out over time and that the home values will just keep rising. however, china's house prices have plummeted in the last 12 months. as the property crisis is made worse by the pandemic suites, the country home prices in 100 cities fell for the 6 months in a row in december. as developers are hit by liquidity squeezes, delaying the completion of many housing projects which further undermines buyer confidence, china's housing regulators are struggling to re inflate the property bubble and keep housing supply and demand balance by making home prices stable and strictly curbing speculation. however, r u b. s. group estimates that the chinese real estate crisis will cost the banking system as much as 1.5 trillion r and b on loans, bonds, and other assets. this would translate to a roughly $600.00 and

a $2000000000.00 in housing activity erased. in europe, the real estate market has been struggling since 2022 on the back of the pandemic disruption and energy crisis, increasing inflation and tightening financing conditions. swiftly rising mortgage rates have drastically reduced home affordability has already reached unsustainable levels. in many european countries, especially as higher energy prices and inflation, further roads disposable income. but even as europeans are being priced out of their home real estate market, more americans have been relocating to europe, driven by the rising cost of living, inflated health prices and the surging dollar back at home. italy, portugal, spain, greece and france have been the most popular destination with requests from americans looking to move to greece, rising, 40 percent in the summer of 2022 compared to the us. europe provides

relatively cheap housing, particularly in smaller cities and towns. the rise of remote work has also made europe more attractive, particularly to millennials who are priced out of the us housing market. in europe, the average sale price of a new residential property in the u. k. was the most expensive in 2021 at $4900.00 euros per square meter, followed by austria, norway and frank. meanwhile, serbia had the lowest average sale price at $1520.00 euros per square meter, followed by portugal, lot via poland and croatia. that's compared with the us where the average cost per square meter would cost over $17000.00. and it's no wonder why so many are relocating to europe. and for more let's bring in again, jason hartman. so jason, what happened to the giant real estate corporation ever grand in china?

what was the fall out from all of that? well, in one word, debt. that's what happened to ever grind and, you know, the fall out continues. we will see how many of those buyers end up with completed homes or recover deposits. it does not look good. you know, to some extent, there was a sort of a version of a ponzi where, you know, the companies being financed by people putting in deposits and so forth. but you know, debt in a cooling market and just being on the wrong side of everything. that old saying a rising tide floats all ships. well, you know, companies that don't make sense and are really dysfunctional. can sort of hide a lot of that in a market where you've got demographics growing in your favor and interest rates in

your favor and the general market and economy in your favor. but when those things turn, they can become very, very sensitive to any minor changes. and that's one of the things we see over and over again, not just with his company, but with lots of different companies. absolutely, and jason, the property market has contracted by as much as 7 percent year over year, causing it to become a significant dry on the chinese economy. how does this affect every day chinese citizens who actually spend a significant portion of their wells investing in these properties? well, you know, in china it's, it's very interesting because the market due to the one child policy in the past has become so really imbalance in terms of males and females. and if a man wants to find a partner wants to find a wife in china, he has got to own a house. and, you know, we,

we've all heard the stories of the chinese go cities and people buying houses. they, they never live in and so forth. but you know, china does, does not look good in terms of its demographics. it has a major demographic problem. and i don't think it can really recover from this. it's going to take a few more years for this to play out. but unfortunately, it will continue to be a drag, in my opinion, and with all the great stuff china has done over the past couple of decades, which have been truly amazing. no one would deny that it is now moving into a time where the population pyramid is demographers call. it is in balanced and there just aren't enough young people and the birth rate is so low. it has just completely crashed there, not enough young people to pay for older people. and that's what has to happen in

every society. you have to have children to pay for the people who are aging out of the workforce. and unfortunately, many countries have the same balance pyramid. it's not just china. japan is already experienced it ahead of china in this way, russia, western europe. but china is coming right into that situation over the next few years. so how does the in balanced and demographic affect the housing market and subsequently the economy? and you don't think this downturn is nearing its end anytime soon. you think it's going to get much, much worse as the bubble burst that over the next 2 years. so right, oh yeah, i think it's going to get to magically worse. china has had a great ride, but things have changed and, and did it is it is over largely now the,

the saving grace could possibly be some great technological innovation. i mean, china's doing a lot of things, right, in terms of investing in infrastructure, artificial intelligence, belton road initiative, etc, etc. you know, in the investments spreading its footprint in africa and developing projects there and so forth. but, you know, the old saying demographics are equal destiny, right? and, and you, you just cannot fix a demographic problem. that is this big and this severe and you know, not to mention the authoritarian government and the bad p r of late they're, they're just, there's just a lot lot of headwinds in china. well, they are trying and unfortunately it's just too little too late with, with the demographic issues, you simply cannot fix those quickly. i mean,

obviously we all know how it works. right. couples have to get together. they have to have children. those children take a long time to grow up, and they don't really become very productive until they're into their mid to late twenty's. and that is a very long wait. so china is way behind the curve. and of course, japan, you know, further ahead of china in this bad way. russia same situation. so you just cannot fix a demographic problem. it's fixable problem. it, you know, unfortunately it has a multiplier effect. when demographics are going in the way that people are having too many children and there's not enough resources for the population growth, but it also has a reverse multiplier effect. and that's what we're experiencing now. so it's,

it's an untestable problem. thank you so much, jason, for joining us today. it's hard to say who the winners and losers are when the real estate economy very so drastically from country to country. but overall, it seems like the younger generation is losing as so many are price out of owning a home due to the rising cost of living and wages not keeping up with inflation. rents are also rising faster than wages making it hard for renders to save for a down payment. this means that more than 9000000 home buyers in america have been priced out of the housing market. on the other hand, millennials also value mobility. so they shun against the traditional model of putting down routes to early on before they have established their careers. they are the primary drivers of the tiny homes trend which makes home ownership more affordable and offer unique experiences. they provide convenience and quality over

size. and these tiny homes offer a nomadic lifestyle for and millennials working remotely. and as they view it as a new kind of rich where experiences are valued over material things. but while tiny homes are catching on, many still view this as a fad for one. a tiny home built on a trailer isn't real estate even if you own the land that it's parked on tiny homes on wheels or personal property. and like other personal property like cars and r v, they depreciate over time. real estate on the other hand usually appreciates over time. and in the event that you want or need to sell your tiny home, finding a buyer won't be easy as a target audience is very nice. i'm christy. i thanks for watching. and we'll see you back here next time on the cost of everything. ah

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