Shifting Perspectives: Why More Millennials Are Opting to Rent Instead of Buy Property?
Investing in real estate, whether it be a property or land, has historically been a solid choice with its tendency to appreciate in value. Yet, in light of evolving economic landscapes, the Millennial generation may hold a different perspective.
When it comes to securing a place to call home, what's the favoured option for Millennials - buying or renting? Well, According to MLive millennials prefer renting more than buying. From their blog, 24.7% of millennials who are currently renting in 2022 plan to always rent (and not buy a home). That's much higher than 2018, when 13.3% of renting millennials planned to always rent.
But why?There are a few factors we’ve concluded.
Buying a property can be too expensive for some Millennials. This includes the money needed for a down payment, the regular payments for the mortgage and property taxes. Especially for those with student loan debt or other financial responsibilities, it can be too much. Renting may be a more realistic option in these situations.
Many Millennials choose to rent instead of buying because it gives them more flexibility and freedom to move around. They like to be independent, both financially and in terms of location, and they value experiences more than things. For them, things like travelling, and doing adventurous activities are more important than owning a lot of stuff.
Millennials who are in the early stages of their careers or who may need to move frequently for work may be more likely to rent, as it allows them to be more agile and avoid the hassle and expense of selling a home.
4. Different Perspective
Many Millennials don't care as much about owning a home and a car as their parents did. These things used to be seen as important signs of success, but that's changing. A lot of young people today don't think that owning things is as important as older people do.
Well, are you looking to rent a house? Buying a property can be too expensive with a big down payment and other costs, especially if you have student loan debt or other financial responsibilities. Renting is a more affordable option, and it gives you the freedom to move around and have experiences without worrying about owning material possessions.
For tenants, We have a solution for you with our zero deposit program. With BlueDuck, moving into your new rental can be easy, without the burden of a large upfront payment. Enjoy the benefits of renting with BlueDuck and experience the freedom you deserve!
But let us know your thoughts. What do you prefer, rent or owning a house? And why do you choose that?
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