Owning a home is considered to be the American dream, but can take a while to
accomplish: you have to work on your credit score, get a mortgage, make a down
payment, and move in with all your worldly possessions. So, why are millions of
millennials choosing to take this route? Is it because they feel that the benefits of buying a home outweigh hassles and the headaches associated with the homeownership process? Below is a discussion of the reasons why millennials are choosing to buy homes.
To secure their Financial Future: To millennials, buying a home is an investment. Unlike paying rent, paying a mortgage can be compared to depositing money in a savings account. After clearing the
mortgage, they totally own their homes, and you can even borrow against their property or even sell for a profit.
Engage with the community: In rental properties, it very difficult for millennials to socialize with neighbors let alone engage them civically. Therefore, there are Millennials who buy homes to make it easier for themselves to engage with the community. Buying homes tie millennial directly to the communities and the neighborhoods in which they live. For instance, it enables them to impact their communities and have a voice in how things are run in their neighborhoods.
Have Privacy and Security: Millennials who have lived in rented apartments fully understand the value of privacy and security. The tragedy is that there is little they can do to enhance their security and privacy in rented properties. On the other hand, buying allows them to make the necessary modifications to improve privacy. For instance, they can put up fences for
maximum security and privacy.
Have total Control over the Living Space: When you live in a rented apartment, you sometimes feel like there are things that the owner could have done better. However, it is the landlord who calls the shots. You may not even keep pets nor repaint the walls without the permission on the landlord. Most millennials choosing to buy homes want to free themselves from such restrictions and have living spaces in which they have total control.
The Takeaway: Overall, it is apparent that the dream of owning a home is one of the most significant among millennials. This can be attributed to millennials’ quest for the feeling of “home”, privacy, and power to control their living spaces. Millennials are also buying homes because they believe that owning a home is an excellent investment and give put them in a better position to engage their communities and neighborhoods.