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Compared to prior generations, millennials have completely different lifestyles and possibilities. Their world is unlike the one their parents know, which results in different thinking than the older generation. This also includes the housing perspective – while being a homeowner was a top goal for most Gen X and Boomers, the priorities have shifted for millennials.
Nowadays, owning a home is often considered a burden, as it limits you in work and travel. Still, it also comes with responsibilities and expenses that are not as necessary for some.Renting a home has become increasingly common, especially for those living in developed areas of the world.
However, if you’re still indecisive about buying a home or becoming a tenant, check out why renting is the perfect solution for millennials in big cities before you make a final decision.
- Renting as a way of life
- The financial aspect
- The flexibility
- Lack of responsibilities
- It’s easier to find a home to rent
- It’s about living in the moment
Renting as a way of life
The perspective towards renting has dramatically shifted in the last 30 years. And this applies to all spheres of life rather than just housing.
Millennials have realized they can rent basically anything – from houses to vacation homes, video games, cars, fancy clothes, bikes, tools, and so much more. This helps them enjoy a certain activity or do a task without spending too much money or creating a long-term financial obligation. Such a perspective has led to this generation being faster and more productive, grabbing more opportunities in life than their older family members or friends.
This mindset is the first thing we should understand before getting the idea of why renting is a great option for those living in big cities such as New York, where many neighborhoods have been adapted to renters.
The financial aspect
There’s also one problematic reason why millennials are renting more. After the Great Recession in the 2000s, millennials faced a restricted job market and had higher student loan debts to pay off. This results in their ability to buy a home decreasing years after the financial crisis.
Even though this is not the only reason they rent more, these events have surely impacted the real estate market in the last few years. Renting has become a way to save money and enjoy life without a huge financial burden on your back.
The flexibility
The times are shifting so quickly, which is often why people can’t make long-term plans and commitments when it comes to their housing situation. Renting is the perfect solution for millennials in big cities, allowing them better flexibility and freedom. They can rent a home according to their current needs and preferences, which means they can shift to a more desirable or maybe cheaper neighborhood or look for a smaller or bigger home – depending on their current needs.
Let’s say you live in New York and get a great job offer in a different part of a city. Why would you waste so much time commuting daily if you could simply move closer to your office? Are you bothered with a space that’s too large, demands maintenance, or is too expensive because it’s close to Manhattan? Move to a smaller apartment in Queens and rent a storage unit. Ensure you find a secure unit in the area for your belongings. You’ll be more efficient and productive and be able to enjoy life a lot better.
Lack of responsibilities
While owning a home gives you a great feeling of security and belonging, it also comes with a huge set of responsibilities. Homeowners struggle with maintenance, repairs, HOA associations, finances, and so much more. Having your own home is a bit time-consuming, which many millennials consider a burden.
Renting is the perfect solution for millennials living in big cities as they leave all those responsibilities to the landlord so that they can focus on their career, social life, traveling, and more. It has become more convenient to pass all those homeownership duties to the landlord, so you can enjoy the free time and money you earned hard for more enjoyable activities.
It’s easier to find a home to rent
Investing your money in a property is never easy. You need to be financially ready and find a home that suits your lifestyle and budget. This can be incredibly difficult, especially in big cities that often have very competitive markets. Credit requirements are often very strict, and the whole process is overwhelming. You also have expenses such as property taxes, mortgage installments, and other costs that come along the way.
Millennials opt for renting for the simplicity of the process, as they don’t need to focus on their credit score that much and make financial plans that far into the future. It’s a short-term solution that seems to work well for this generation.
It’s about living in the moment
Millennials seem to have understood that life is short and that living in the moment is the only thing we can know for sure. This mindset is widely spread across this generation, impacting their lifestyle and housing decisions.
Living in a big city comes with fast-paced life that requires millennials to be more flexible and aware of their time and possibilities. For that reason, they often choose to rent a home, which is less demanding and time-consuming and allows them to truly dedicate their time to the present and enjoy it as much as possible.
Final words
Are you still thinking about your housing plans? Indeed, it’s not easy to make this decision, but carefully revising your lifestyle, plans, and preferences will lead you to it. All these were great reasons why renting is the perfect solution for millennials in big cities, but you need to figure out if they apply to you.
It’s all about your priorities, ensuring you build a lifestyle you’ll enjoy, and making the most out of your time and money wherever you are. For some, the sense of belonging and security is much stronger, so they opt for settling in their own home, while others enjoy the freedom of renting and the flexibility it comes with.
Choose a lifestyle you’re most comfortable with, regardless of what people around you do – it’s the only way to be truly happy with where you are.
