Been stuck for an hour reading a Twitter thread about the productivity-wage gap that is wider now, which keeps the new generation from owning homes.

In a nutshell, this is one huge reason why:

Owning homes before was a lot easier because land was more affordable/plentiful in my parents’ generation. My parents, lowly state university teachers with four kids in private elementary school, were able to own their first home (after renting in Makati and later on in my hometown) in 1979 when they were 30 years old. Home loan through GSIS was easier. However, money was tight–very tight–because they were paying off their mortgage. They sold that bungalow to build a five-bedroom, two bathroom house in a 250-300 sqm lot within the university perimeter. They paid it off in 15 years through GSIS. Money was still tight but we could afford a few luxuries then as my parents earned their PhDs.

That said, home ownerhship was not impossible.

I moved back home because I cannot afford a house in Metro Manila, not on my income alone. The prospect of being in debt for 30 years for a condo with perpetual association dues scares me. I also cannot really own the unit because I only have air rights. If an earthquake destroys the building, I would literally be homeless. I would not own land to rebuild a home. If I lose my job and won’t be able to get the same salary level I have now, I would also become homeless because I won’t be able to service my debt. Yeah, you also have to take into consideration that I’m a solo parent who is also the sole provider of my kids’ needs and education.

The good thing about my situation is that my mom is generous, helping me out with my house as I was provided with a place to plant myself, allowing me to take my share of the assets she will pass down to us in the future. It was possible for me to move to an area with lower cost of living because my job is remote and my salary is above local standards.

But without these concessions, it would be impossible for me to own a house. Even a small house.

So going back to the tweet about home ownership in the US, my generation (Gen X or Xenial) and the millennials have it bad. The housing situation there is worse. I had been watching tiny house videos and read threads; reading personal finance blogs and news articles over the years about cost of living and how screwed the healthcare system there is–a simple surgery there without insurance can bankrupt you. Canada is worse when it comes to housing costs, followed by Australia. I did research these markets as candidates for a possible migration for me and my kids but it seemed difficult.

Let’s not talk about Singapore for a moment because citizens there have their HDBs. It’s a different story for foreigners though. Hong Kong, meanwhile, is absurd so we’re going to write that one off when we talk about home ownership.

Speaking of home ownership, the construction around my house is done. My contractor cleared the garden and everything else today.

Meanwhile my laundry/utility area is easy to work with.

One thing, I’m glad I’m already out of Metro Manila. But that doesn’t mean I no longer have to prepare. The rainwater reservoirs we have here may not be enough if we’re facing a long dry spell. These are only good for flushing toilets and washing rags, cleaning floors, and watering plants. Should we have more tanks???