I wonder if this is true. There is significant risk in price changes for renting (or even HOA fees for condominiums), such that many middle class people might feel more secure living in their home with a near zero interest rate mortgage, if not a paid off mortgage.
On top of that, most jurisdictions (in the US) subsidize property tax rates for senior citizens, so there is a lot less price volatility for simply remaining in one’s home (or even moving to a different, but smaller detached single family home).
Unless a person specifically wants an urban lifestyle in a shared building, I don’t see much impetus to move out. Worst case, they get to stay in their home they have gotten used to and have space for visitors, best case they save a bunch of money and sleep easy knowing their costs are more controlled.
I was talking about renters moving out of larger apartments or shared homes into 1/2 bedroom apartments.
Middle class homeownership is basically dead in California due to the absurd price of housing. Almost everyone young who didn't inherit wealth or earn 90th percentile income is renting
On top of that, most jurisdictions (in the US) subsidize property tax rates for senior citizens, so there is a lot less price volatility for simply remaining in one’s home (or even moving to a different, but smaller detached single family home).
Unless a person specifically wants an urban lifestyle in a shared building, I don’t see much impetus to move out. Worst case, they get to stay in their home they have gotten used to and have space for visitors, best case they save a bunch of money and sleep easy knowing their costs are more controlled.