Hello World! Welcome Friends! Buying a home is undoubtedly one of the most significant investments. It helps build equity and is considered one of the major milestones in life. However, according to a survey, not many millennials prefer buying houses. Instead, millennials are more interested in renting.
The report concluded a survey carried out on 1,000 renters between the ages of 18 and 34. The conclusion – nearly 8 out of 10 millennials don’t plan on trading their apartments for homes.
Why is it so? Why are millennials not buying homes but instead renting?
In this article, we’ve explained some of the possible answers to these questions. Keep reading to learn more.
Renting Is Budget Friendly
It needs no mention that most millennials have student loans to repay. Buying a house would usually mean adding an additional debt in the form of a mortgage. On top of that, the closing costs, home insurance payments, and property taxes add up further expenses. In such situations, renting offers a short-term frugal solution to this problem.
Millennials Love The Idea Of Traveling
Over the last decade, social media has been flooded with wanderlust and travel posts. According to some reports, it is one of the most popular niches on the internet. Besides, millennials always love the go as they please. Be it for work or just leisure, millennials prefer the idea of being able to pick up and just leave. This could possibly be another reason why the generation is more interested in renting or buying a home.
Affordable Luxury Within Reach
One of the key benefits of renting is, it makes desirable areas of the town accessible to millennials. For example, The Fountains Apartments is one of the most luxurious neighborhoods in all of Dallas. Renting possibilities for millennials means more amenities and luxury services within their budget. And if the renters don’t find the rental property as per their taste, they can quickly pack and move to another apartment.
Zero Maintenance Expenses For Rental Properties
As a homeowner, the cost of maintaining the yards, repairs, and upkeep of the property would all need to covered by the millennials. Whereas renting does not come with all these expenses. And not to mention the hard work and labor that comes with these tasks. Usually, all these chores are property manager’s or the homeowner’s headaches. The renters do not need to worry about these tasks but only bear the expenses.
The Final Verdict
As a homeowner, though, millennials can build equity and save a lot in rent. However, renting offers more freedom and debt-free life. There’s no objective answer to whether millennials should buy homes or rent. It is purely a matter of preferences. And we all know now that millennials preferably choose to rent houses over buying one.
Now, coming to the current situation – the Covid Pandemic – the aftermath is not seemingly as simple. Whether the millennials would continue to rent houses, or would they soon shift interests into buying properties? Only time would tell, and we can only wait and watch.
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