Globe and Mail: CARRICK - Don't believe the hype on home ownership
The housing boom of the past decade has given young adults a whole lot of debt and some pitiful gains in net worth. The twenty- and thirtysomethings of Generation Y who are entering the market today are in for worse treatment. A mindset for those who choose to buy a house: It's about lifestyle, not making an investment. Home-ownership boosters base their argument that homes are a good investment on the fact that resale prices have increased more than 6 per cent annually since 2000, triple the inflation rate. This gain helped power a rise in household net worth that has been much talked about lately because it suggests households are financially strong.