Millennials are changing the housing market. Unlike their predecessors, the Baby Boomers, the millennial prefers renting to buying a property. Many millennials saw the housing market crash in 2007 and are now hesitant to invest in a house. Meanwhile, others simply do not have enough money to buy their dream home. There are a number of other reasons why millennials prefer renting over buying. Here are just a few of them:
Millennials love flexibility
Renting provides flexibility to many millennials. Jobs nowadays require employees to move locations a lot. This generation is also known for not staying in one place for a long time. Renting guarantees millennials can move easily from one property to another, and won’t be tied down by financial responsibilities.
Convenience
Maintaining your own home is hard work and it is something that busy millennials don’t have much time for. Owning a house means you actually have to keep it in good shape.Renters are able to keep maintenance fees and work out of their way since the landlord and property manager are usually the ones who maintain the property.
Access to a better lifestyle
Properties that are located in hip neighborhoods are usually more expensive than traditional homes. Millennials can access a work and play lifestyle by renting these properties instead of buying them. This is what makes renting so great. It makes better properties more accessible to the entire public.
Purchasing may cause debt
Let’s face it, getting a mortgage is hard and it’s even harder when you’re a young adult. Some millennials are still paying off their student loans, others are busy in providing help to their families. Getting a property right after graduation can put them in debt. Most millennials prefer to build a more stable financial statement before taking on a mortgage.