Does Nobody Want You to Own a Home?

Accessing homeownership is due to a perfect storm of economic and social factors, not a conspiracy. Market financialization, fixed-rate mortgages, and neighborhood opposition explain scarcity and high prices.

## The Rental Trap and Investment

It seems like nobody wants you to have your own home. Or at least, that's how it feels when you see the prices and the difficulties in accessing one. But it’s not that there is a conspiracy of wicked elites, believe me. It's more like a mixture of how money works, how we make decisions, and how we behave in society. Think of it as a system that has unintentionally created barriers.

One key point is how the market has turned something as basic as a roof over your head into a financial product. Large investment funds, the ones that move billions like **BlackRock** or **Berkshire Hathaway**, have entered the real estate market aggressively. They buy thousands of homes, taking them out of the private market. The result? Less supply and sky-high prices. And if you can't buy, you have to rent, and that’s where they also profit by raising rents. And it's not just the big players; small investors have also opted for subletting or prefabricated homes to generate returns, further complicating things for those seeking only a home.

## The Lock-in Effect and Mega Homes

Then there is the issue of mortgages. During the **ELbichito** era, interest rates were rock bottom, between **2%** and **3%**. Many people bought then and now have fixed-rate mortgages at those prices. What happens if they want to sell and move? They would have to apply for a new mortgage at much higher rates, like **5%** or **6%**. So, they simply don't sell. This, combined with low supply, causes prices to skyrocket and financing, tax, and insurance costs to become astronomical.

And let's not forget how our expectations have changed. If you compare a typical house from the 50s, around **83 m²**, with what is sought today, which can range from **185 to 280 m²**, the difference is vast. We want more space, more bathrooms, air conditioning, luxury finishes. Builders, logically, build what benefits them most, and that is large, expensive homes. The basic, entry-level housing segment has almost completely disappeared.

## Neighbors Say "No"

Finally, there is the famous NIMBYism: “Not In My Back Yard” or “No en mi patio trastero.” Most people want affordable housing, but only if it’s not near their own home. Why? Because their own assets depend on houses being scarce and expensive. If more are built, or if smaller apartment buildings are constructed, the value of their property drops. This leads to local governments hardening zoning laws, prohibiting small or high-density housing construction. Neighborhood pressure is immense.

All of this hits hardest among those with fewer resources. Retirees on fixed pensions watch inflation erode their savings and maintenance costs soar. Young people trying to establish themselves or start their careers face an inaccessible market. And those with health problems or disabilities are pushed out onto the streets or into precarious living conditions.