Royal Bank of Canada report, 26% of Canadian households can't afford to buy a house

 -- High rates and prices make it less affordable to own a home in Canada, Royal Bank of Canada

In some markets, 80% to 102% of median income is required to own and maintain a house.

OTOH, in the US the Wall Street Journal reports on "The Rise of the Forever Renters."  The two reports discuss very different phenomenon.  One group can't afford housing at today's prices.  The other group, younger maybe, prefers access to amenities and programming.  

“We thought this was going to be a transition to owning, but in fact it’s not, it’s become a lifestyle choice,” says Ark Chairman Jordan Kavana.

From the article:

Americans who would traditionally be homeowners have become long-term renters, including some with no plans to ever buy a home. Renters are changing savings patterns, sparking new developments, and inspiring businesses, from contractors that help out with renovations for renters to high-end fixtures that are easily removed from one dwelling to the next.

... Sustained high interest rates in the U.S. have made mortgages unpalatable to many, though the Federal Reserve recently signaled an end to more rate hikes. There has been a dearth of inventory of homes for sale and there are more rentals available with luxuries that make life seem easy. About 64% of people in the U.S. are homeowners compared with about 89% of people in China and 72% in Brazil, according to a Euromonitor analysis.

Real-estate investor GID, which owns and manages about 50,000 apartment units across 30 markets in the U.S., says nearly a quarter of its residents earn over $200,000. 

“Not an income you typically would have associated with a renter versus homeowner, but that is increasingly the case today,” says GID Chief Executive Greg Bates. The influx of higher-income renters has in part led to a decline in the number of lower-priced rental properties available in the U.S.

... Brian Alvarez, the chief executive of a finance consultancy, pays about $3,200 a month including parking and utilities for a one-bedroom apartment in Tampa’s high-end Water Street complex. He appreciates that the building has a rooftop lap pool, dry-cleaning pickup and a concierge service to help residents secure restaurant reservations and event tickets. And he loves being across the street from the Amalie Arena, where he frequently sees concerts and goes to hockey games.  ...“This is a relatively low price to pay for all the things I want,” says Alvarez, 36 years old. 

... There were nearly 103 million people living in rental housing in 2022, according to an analysis by the nonprofit trade organization the National Multifamily Housing Council, a 15% increase from 2007. 

For decades, renting was merely a steppingstone for the upper and middle class before it was time to buy. And a home was considered a key asset that would appreciate over years and help its owner fund retirement. 

New subdivisions full of single-family homes for rent—all but nonexistent a decade ago—are springing up from coast to coast. More rentals are advertising themselves as kid- and pet-friendly and permitting renters to make extensive modifications to their spaces.

... Couch says her daughter, Mikayla, loves that the development they live in is filled with other children and offers two swimming pools, a packed calendar of social events and a clubhouse. Couch and her husband appreciate that it is located in a great school district—and that they don’t have to mow their own lawn.