Why Young People Choosing To Rent Homes Over Buying

Before, people would do anything to buy their own house but these days, millenials have a different idea where living is concerned. They're gearing towards renting rather than buying and here are some of those reasons.

Buying A Home Means More Debt

A lot of graduates have existing student loans they need to pay for and many of them wouldn't have money for downpayment that's why they choose to rent instead. They also stay away from additional debts that come with house ownership; in short they want a simpler way of living and to them renting is much simpler.

Renting Is More Affordable

Owning a house is a dream come true but with it comes the responsibilities like payng for property taxes, maintenance and repairs, utilities, association fees aside from the mortgage so for a millenial who can't be tamed, rent and utilities are easier to shoulder.


Apartment Amenities

Millenials are opting to rent because most apartment complexes have attractive amenities like gym, concierge and pools. They're taking advantage of the perks of living in a complex because it's like paying for multiple services plus rent for the price of one which is a good deal.

They Want To Enjoy The City

Millenials tend to love the city and why not? Everything is in the city; different cuisines to try out, exhibits to attend, art galleries to visit, people to meet and watch, the possibilities are endless and this has a certain appeal to young people because they like a busy and fulfilling lifestyles.

Freedom

Millenials love their freedom and it's not that they're being indecisive; they just want to enjoy their lives for the meantime since owning a home also comes with different responsibilities.
Most young people also love traveling that owning a home has become last on their priorities. They also consider renting easier because they can move out sooner than owning a house.

The Landlord's Responsibilities

Like what was said before, owning a house can be harder for millenials because there are maintenance work involved but with renting they're not forced to shell out any money because it's already included in their rent.
This is also particularly advantageous to them because they won't need to allot any of their time for repair and maintenance work because it will all be handled by their landlord so this gives them more free time.

They're Not Rushing Into Settling Down

For millenials, freedom is a gift and most of them enjoy being single or being on the move. They're not eager to settle down, get married, have a family and move into the rural areas and manage a farm; most are into partying, traveling and simply having fun. They're enjoying it down to the last drop.
Bottomline, millenials have a different mindset and that's not to say that their choices are bad ones or the elderlies have more sound choices because at the end of the day it is always about how happy you are with your situation; with or without owning a house.