I think at least two reasons contributed to the lower home ownership in the west:
- Nomadic lifestyle of western Europeans. Something that is opposite to far east Asians. Instead of living in comfortable bed of the apartments, western europeans truly enjoy living in RV, minivan or cars and move around. Something that I simply CANNOT understand. West Europeans are truly the frontiers and adventurers. They love to build their own houses in the middle of nowhere in the wild and live a self-sufficient life (away from civilization, sometime alone by himself). It seems like they are constantly trying to escape from hustle and bustle (their current surroundings?) and to find an unexplored land to achieve their ultimate inner peace? Something I can never do…
- The tremendous workforce mobility under capitalism makes it very difficult to stay at the same place for more than 5 years. As a matter of fact, lot of people change jobs every single year, voluntarily or involuntarily, which means workforce were in constant move. Pro: Vast workforce distribution and redistribution helped the development of the advanced capitalism. Con: Employees lack job security and hence the loyalty to employers.
Western europeans love renting apartments. They don’t seem like the idea of staying at one place for a long period of time and don’t have a strong desire to own properties like Asians do. That’s why the housing price was relatively low before Asians come to buy houses in US.