4 ms·
Why millennials are renting rather than buying homes
- Mountain_Skies 6y agoMight also be a side effect of the desire to live an urban lifestyle. Throughout my 20s and 30s I saw large numbers of fellow young urban workers cycle through a circuit of city centers, moving every two or three years. Seattle, DC, Austin, Portland, Chicago, Atlanta, and on they'd go. Dealing with purchasing and selling a home every couple of years is a huge hassle and unless you're savvy about selecting the right area with increasing property values each time, transaction costs can end up eating up a good bit of wealth. It's much easier to sign a lease and then decide to renew it or not depending on if you want to move on to the next metro that year. Most of us are in our 40s now and regardless of family formation have found an area to settle down in. Perhaps Millennials will follow a similar pattern once they've been through the circuit of cities and found the one that fits them best.
- solarkraft 6y agoI remember seeing somewhere that ownership only starts to make when you stay in the same place for over 10 years, which I definitely wouldn't want to lock myself into at a young age.