Let's say yo have the money and the resources to build a home. Within a few months, it is completed. Is it happily ever after? The answer is no because there will be a few other challenges ahead even the places where their is no decline in home building.
When you have built your home, one thing you have to deal with is the property taxes and this could range from $1,000 to $ 10,000 depending on where you live. Take note that this does not yet include mortgage expenses if you have not paid yet for the house in full. The only consolation is that you pay for this on a fixed term.
While most home values go up after how many years, in some cases like during the financial crisis, its value could go down. Some analyst said that the average home value has only kept up with inflation over the last few decades so you don't really gain that much.
If you are employed and you told that you have to relocate, it will be hard to move right away since it takes time to sell a house.
Should there be any problem with the house, you can not call your landlord since there is none. You will have to find a specialist to figure out what is wrong in order to fix it.
But these things should not deter you from considering building your own home even during a time when home building is on the decline. Why? Because building a home is a one time investment unlike rent where you pay a fixed amount per month and this could up the following years.