Why Many Choose to Rent instead of Own
For many people, the idea of renting a home after you graduate from school has been the dream, however, many millennials have started to see the difference in this, and they’ve learned that renting is the better option. Almost all households are renters these days, and many people are looking for the real link as to why many more people are choosing this option. In many cases as well, many of the people that are renting are successful and qualified enough to have a home, and many have the income and credit score to get your average home on the market, however, the housing and homeownership is still falling, and many are still looking to rent as well.
Why is that?
The first is a down payment, which many can’t afford. In many markets, the down payment is more than your average rent in some cases. However, with renting, you can go to new locations, and you’ll be able to travel while working to pay off credit cards and other debts. It’s an option for some, but down payment is often the major issue in some cases.
Then there is the job market. T eh real link here is the sheer amount of jobs as well in some cases. In some of the best and most qualified areas, there aren’t a ton of homes going up, nor are there great jobs and strong markets. It’s one of the reasons why many renters are shying away from home buying and choosing to rent there. Because of that, they’re able to keep their jobs, and while the American dream might be a major factor, it’s also something that is more realistic for people these days.
Then there’s the sheer nature of how fast the housing market changes. For many, the real link is because when one person might move to one market because of the housing market, and their ability to buy, it doesn’t mean that it’ll always be like this. Some markets are great as seller’s markets, and they’re not ready to buy. However, for many people, the sheer speed of this is something that many people are afraid to throw down on, and because of this, it’s why many choose not to.
For some, the fast market means that they won’t get a chance to really see what the area around is really like before they buy, because they need to scramble up fast, and many people choose to see what the area is like first before that commitment, which is what gives them a reason to wait before buying.
For many, the idea of buying instead of renting is not palatable, and this article went over why more people than ever before are actually looking to rent instead of buy. It might not be everyone’s reasoning, but it’s a lot of people’s, and it’s part of the reason why the state of the home market is the way it is today.