Time changes many things and there is one thing that seems to have taken a big hit in the last decade: home buying. The millennial generation seems to be more interested in rentals than in buying their own home. There are many reasons why this is the case but here are five that seem to effect a lot of millennial’s decisions in buying vs renting.
Commitment
Buying a home is not something that you do on a whim. It’s a process and it requires great commitment. A lot of millennial’s want to have the freedom to move across the country in a moments notice, to accept a job opportunity, or do whatever else life has in store for them. They are not ready to settle down. They want flexibility.
Maintenance
Many people who are looking for a place to live don’t have the time or the skills to fix the problems that occur when living in a home. It is much easier and much less time consuming to call someone about a problem and have them fix it than to do it yourself.
Student loans
School is expensive and a lot of students have to take out student loans to attend their university. It can be difficult to get a mortgage while still having student debt. It is much more difficult to find a way to pay for a home when you still have student debt.
Trendy Areas
Some people like to live in populated, trendy areas that would be far too expensive to buy from. So instead of settling to buy a property in an area that is less expensive, they choose to rent in a area they prefer. This way they can live where they desire.
Postponing marriage
There doesn’t seem to be as big of a rush to get married. People are getting married later in life and because of this a lot of people aren’t buying homes. It is difficult to want to buy a home if you don’t know your future relationship status.
The trends of home-buying have changed greatly during the millennial generation. In the past many people had aspirations to buy a home, but that has changed and for many renting is a more desirable option. If you want to know more about rentals in the Cedar City area or if you have any questions about property management contact Real Property Management Cedar City at (435) 586-1777.