Young renters are ready and willing to purchase real estate. Here are the top 5 reasons why:
1. To Have Control over Their Living Space
Many Millennials who rent a home or apartment prior to buying their own homes, dream of the day that they will be able to paint the walls whatever color they'd like, or renovate an outdated part of their living space. Many others who have waited to add a pet to their families daydream about the day that they'll be able to go pick our their 'furever' friend. Owning your own home gives you the freedom to make those choice
2. To Have a Sense of Privacy & Security
It is no surprise that having a place to call home, with all that means, in comfort and security, is the #2 reason. As a homeowner, you have control over who has access to your home, and you are able to secure it how you see fit.
3. To Live in a Nicer Home
Similar to the #1 reason, when you purchase a home, you can choose to live in a nicer home or choose to renovate a home & restore it's glory. Owning also allows you to accommodate your growing family or a family member who may need to move in.
4. To Feel Engaged in Their Community
Owning a home in a community is one of the major reasons why residents become more civically involved. The stakes are raised once your home value is directly tied to the neighborhood and community in which you live.
5. To Have Flexibility in Future Decisions
Owning a home allows you to use your monthly housing cost as a savings account that can be borrowed against in the future. Having this option available during uncertain times is just one of the many reasons why homeowners feel more secure in their homes.
"The majority of millennials said they consider owning a home more sensible than renting for both financial and lifestyle reasons - including control of living space, flexibility in future decisions, privacy and security, and living in a nice home."
Source: Keeping Current Matters