Millennials. Are we a generation with commitment phobia?
We rent our dresses, share our cars, and download our movies illegally so we can view it just the one time. Even our music, through applications like Spotify, is accessible without the commitment of actually owning our favorite artist’s music. If all signs point to our generation having a fear of ownership of something so simple like a handbag, then are we really that surprised that Millennials are known as serial home renters?
According to Forbes.com, the homeownership rate for our generation, anyone between the ages of 18-34, has fallen to a new low at 13.2%. Our country is seeing more renters than ever, which is directly influenced by our peers. Furthermore, the nationwide rent costs have jumped 14 percent since 2010 and are expected to increase an additional 3.3% this year! Yet Millennials, continue to take our monthly income and hand it over to management companies or other homeowners.
Is it time to change our mindset and come out of our homeownership hiding spot? I am guilty of living among the serial renters. Seriously, what’s not to love about roof top pools, work out facilities, parking garages, and wait for it… ON CALL MAINTENANCE!
As a licensed Realtor, I am starting to see the pluses and minuses of homeownership and renting. What I have come to realize, is that many of my peers continue to renew their twelve month lease, because they don’t really know that much about the basics of buying a home. Is this one of the reasons why so many of us continue to rent?
I am here, as a peer, not to sway my audience that buying is better than renting. Rather, it is my goal over the next couple of weeks to bridge the homeownership gap and hopefully provide more information so we can all make better buying/renting decisions.