In This Country, Most People Rent for Life. Is That Really What They
Want?
At a time when many young people in places like California and New
York can't see a path to buying a home, Switzerland offers a glimpse
of a post-ownership society.
In any other country, Philip Skiba, a well-paid analyst working in the
finance industry, might not hesitate to buy a home. But in the town
where he lives, on the outskirts of Zurich, even the ugly houses, as
he describes them, go for millions.
Last year, a simple, beige stucco home in his neighborhood went up for
sale. The price: 7.5 million Swiss francs, or about $8.3 million.
"My first thought was, this is ridiculous, it's almost an insult,"
said Mr. Skiba, 41, who shares a rented apartment with his girlfriend.
When the house sold several weeks later, it reinforced for him the
reality of homeownership in Switzerland these days. Buying a
single-family home anywhere near Zurich is not just a luxury.
"It's beyond luxury," Mr. Skiba said. "Two kids, a house, a garden,
two cars - I don't know anybody who has that."
Switzerland's nine million residents are some of the wealthiest people
on the planet - and they are mostly renters. Increasingly, even urban professionals here find themselves locked out of the real estate
market. The average price for a studio apartment in Zurich is $1.1
million, according to the research company Wuest Partner. On a
square-foot basis, Zurich is about 80 percent more expensive than
Paris.
https://www.nytimes.com/2023/11/06/realestate/zurich-switzerland-renting-homes.html?smtyp=cur&smid=tw-nytimes
--- SoupGate-Win32 v1.05
* Origin: fsxNet Usenet Gateway (21:1/5)