How Home Ownership Has Changed Over The Years

In the past, homeownership has been a symbol of stability and success. But as the housing market has changed over the years, so have people’s attitudes about it. Some people choose to rent homes rather than buy them because they either don’t want to take on the responsibility of maintaining a home or paying more taxes every year.

Meanwhile, others choose not to buy a property because they prefer living from one area to another, especially when they’re not sure where to settle. However, there are still plenty of people who see homeownership as an investment—something that will provide financial security for generations to come. If you’re interested in buying a house you can call your own, you may visit informative real estate sites like to learn more.

Home Ownership In The Past

Not long ago, homeownership was the dream for many people. Many individuals would spend their whole life savings on buying a house and paying off mortgage until they’re 65 years old or more to live in it comfortably. They settle for this type of property investment as most didn’t want to worry over losing money from bad investments.

The way people obtain properties was also different before. People needed to save for years to buy a house and often receive help from family members. Couples were also often only able to purchase homes through the assistance of their parents.

Many also saw homeownership as a way of building equity and wealth. This was true in the past because homeownership rates seem to have increased steadily over time. Also, even after financially challenging times, if filed under proper conditions of the Chapter 7 bankruptcy, homes can be kept by families.

Others also treated homeownership as a part of heritage. There’s a sense of pride, stability, and security when you buy your own home. Many people see it as a place to raise their children, build memories, and feel more secure knowing that their next generations will already have their own home somehow. Others even use their homes as a part of the family legacy, passing them down through generations and never selling.

The process of buying and selling homes was also different before. Individuals interested in purchasing houses need to look for real estate agents to help them find the perfect home. These agents came equipped with all of the necessary tools, including relevant information on pricing and availability for homes in a given area. They would usually use print ads and billboards to attract potential homebuyers. After which, the realtors will recommend a lender if the homebuyer can’t get a mortgage.

Home Ownership Today

Homeownership has changed over time as the economy becomes more complex and unstable. This scenario is believed to be fueled by globalization, immigration, and changes in family life, which all play a significant role in this shift.

Many other factors are known to influence homeownership trends such as:

  • Higher prices on homes make it harder for people to afford them. Some have also experienced increasing home values in few areas, making it harder for people to qualify.
  • Rising mortgage rates, which may have been indirectly caused by changes in the Federal Reserve’s policies and programs.
  • Banks that have tightened their lending standards, making it more difficult for someone with a low credit score or insufficient income to get a loan. The rising interest rates and stricter requirements by financial institutions have contributed to lower homeownership rates than before.
  • Most insurance companies are no longer willing to give out loans as much they used to before.
  • The housing market crash in the mid-2000s and subsequent recessions have made it harder for people to afford homes, which has caused homeownership rates to drop over time. This trend was seen across many parts of America as well as other developed countries around the world.
  • This decline doesn’t seem to show signs of stopping anytime soon, and more people are renting homes instead of buying them. Renting is seen to be more affordable than homeownership. The percentage of renters is expected to increase as well, as more and more people find it more difficult to buy their own homes due to higher housing costs and their inability to qualify for or afford loans.
  • Also, one-stop-shop homeownership has been on the rise today. This means that one can buy a home, and get the financing and insurance for it all in one place.
  • When buying a house, people are now more inclined to look for online resources that can help them find the best home loans and mortgage rates in their area. They can also search for information about properties directly from the comfort of their own homes or offices using listings found on websites.
  • A cultural reason is that the mentality towards property and land has been changing globally with people not wanting to own something in one place. Instead, more people want to be able to travel freely.


Homeownership has changed over the years due to economic, social, cultural, and political factors. The good news is that homeownership remains a great investment for most people because it provides stability in one of the most expensive asset classes out there.

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The views expressed in this article are those of the authors and do not necessarily reflect the views or policies of The World Financial Review.