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I just had a discussion about this with my family, and I'm in your camp of living small and avoiding the painful adjustments that might come in future.

If I wanted to, I could get a house or buy an apartment, but it would require me to put in most of my wealth to cover the mortgage.

Currently in a rent-controlled apartment, so my housing costs after buying would go up about x5 with the interest rates we're seeing now. And then my utilities, insurance and other maintenance costs on top.

I feel I'd need to earn 2-3 times what I'm earning now to be comfortable with that level of spend. I would feel trapped if I'd have to sustain property ownership on my current salary level, as it would force me to keep working certain jobs and long hours.

But many of my peers seem to have made a different choice