aah! with a home ownership has always been a part of the american dream and it's the biggest investment that many people plan for in their life times. however, there is one demographic that isn't sold on this dream. millennials are now delaying the purchase of their 1st homes as the affordability gap widens between home values and income levels. i'm christy, and you're watching the cost of everything we're today. we're going to be taking look at the housing market. it's affordability,

and the rising trend of tiny homes popping up for those who want a minimalistic lifestyle. ah. so what does it cause 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 for 1st marriage is closer to 30. student debt is also another factor in explaining the decline in homeownership. 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 marbles 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 is 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 2022. and 2026. a survey discovered that 86 percent of respondents would move into a tiny home due to 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 a 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 it arrives 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 individual 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 and 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 yet the such are these take place and in the wealthier countries, you know, 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 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 again, 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 warehousing. good. 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 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 a family. they obviously can't live in a tiny house very effectively. absolutely, and if we're talking about single family at home, 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 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 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 oversize 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 all? well, it's about 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, 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, stick around because when we come back, china has a far different problem when it comes to housing, we'll have more after the break with a russian station. oh never. i've studied us on the most landscape with within the 55 when. okay, so mine is 2000 speedy. when else with we

will ban in the european union. the kremlin. yup. machine. the state aunt rush up to date and r t sport that even our video agency, roughly all bam, to on you to a with what we've got to do is identify the threats that we have. it's crazy confrontation, let it be an arms race is on, often very dramatic development. only personally, i'm going to resist. i don't see how that strategy will be successful, very difficult, time. time to sit down and talk ah,

i feel that focused on these are still working. a street, the journey all developing and identity and national identity various, you know, we talked earlier about the vibrancy and the dynamics of the media. well, all sorts of hughes and narratives have a chance to debate and come to the for. but that also has a downside in that. everything is up for debate. nothing is agreed on the news. ah, 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.

vehicle. the side effect has been the so called ghost, our metropolis is that have yet to come to life as a property market geez, are yet to be completed, while others are fully functioning. but with wars to fill up the shopping malls, these home myers believe, and that the home values will just keep rising. how as the property crisis is made worse, by the pandemic suite, the country a month in a row in december, as developers are hit by the checks which further undermined fire confidence and keep housing supply and demand balanced by making. however, u b. s. group estimates that the chinese real estate crowd 5 trillion r and b on loans, bonds, and other $2000000000.00 in housing activity erased plenty to on the back of the pandemic disruption and energy crisis. swiftly rising mortgage rates have drastically reduced unsustainable levels in many european countries income. but

even as europeans are being priced out of their home, getting to europe, driven by the rising cost of living, inflated how did only portugal, spain grease and france looking to move to greece, rising 40 percent in the summer of 2000. and 12 of we cheap housing, particularly in smaller cities and bar tractor, particularly to millennials who are priced out of the you. a new residential property in the u. k. was the most expensive and 20, followed by austria, norway, and france. me $120.00 euros per square meter, followed by portugal us where the average cost per square meter would cost over $17.00, locating to europe, and 4 more or less than what happened to the giant real estate corporation ever grand. well, in one word, debt, that's what i can use. we will see how many of those buyer recover deposits. it

does not look good sort of a version of a ponzi, where and so forth. but, you know, debt at old saying a rising tide floats all ships. well, don't make sense and are really dysfunctional. can sort of hide along in your favor and interest rates in your favor and the general market. they can become very, very sensitive to over and over again, not just with his company, but with lots of different companies, acted by as much as 7 percent year over year, causing it to be nice economy. how does this affect every day chinese citizens of their wells, investing in these properties? market due to the one child policy in the past has become really imbalanced in terms of males and females. find a partner wants to find a wife in china. he has got to own a chinese go cities and people buying houses they, they never, but you know,

china does, it's demographics. it has a major demographic problem. it's going to take a few more years for this to play out, to drag in my opinion. and with all the great stuff, amazing. no one would deny that it is a margaret 1st call. it is imbalanced and there just aren't enough completely crashed there. not enough young people to society. you have to have children to pay of the workforce. and unfortunately, many countries have experienced the head of china in this way, russia into that situation over the next few years, sarkis and subsequently the economy. and you don't think this downturn bubble burst that over the next years. so right. oh, yeah. has had a great ride, but i think now the, the saving grace could possibly technological innovation. i mean, china's doing

a lot of things, right. on televisions, the belt road initiative, etc, etc. africa and developing projects there and so forth. but cool, destiny, right. and, and you, you just cannot severe and, you know, not to mention there, they're just, there's just a lot, lot of china is trying to fix the many crises. they have graphics crisis. are they doing anything to fix it or trying? and unfortunately, it's just too little too late, lee cannot fix that was quickly. i mean, obviously we all know how often those children take a long time to grow up. and they really, and that is a very long wait. so shiny japan, you know, further ahead of china in this bad, you just cannot fix the demographic problem. it's, you know, and unfortunately it has a multiplier effect to many children. and there's not enough resources for the and

that's what we're experiencing now. so you so much, jason, for joining us today on a me very so drastically from country to country, but many are price out of only a home due to the rising cost of living are also rising faster than wages making a hard for renters. this means that more than 9000000 home buyers in america have been pills also value mobility. so they shun against the traditional careers. they are the primary drivers of the timer ship more affordable and offer unique experiences. and these tiny homes offer a nomadic lifestyle for millennials would have rich where experiences are valued over material homes are catching on. many still view this as a fad fate, even if you own the land that it's parked on tiny v, like cars and our v's, they depreciate over time. and in the event that you want or need to sell your tiny

home. i'm christy. i, thanks for watching and once the, the i was at the trade in china this hard drug causing addiction and businessman from the foggy albion. however, the illegal trade which provoked the wrath of the london business community to seize and plunder chinese coastal forts. the barley armed was unable to provide adequate resistance. the jing and all over to england and open its sports for trading. the lethal brands and the united states joined in the robbery of giant hoops defeated the chinese occupied beijing and committed destroyed and blundered. the wealth of the un,

ming you and was led to the transformation of the celestial empire age of humiliation. and the sale of opium took on cult millions of ordinary chinese ah, as that call team, i mean the 2nd day of heavy fighting between the power minutes have country even at least 56 people killed and 100 who with relations with russia has entered a new era as he tries to find a.