There was a time back in the 80’s, 90’s or even early 2000’s where it was a dream or a goal-setting for many to get a good job, get married and have children and to own a house of their dreams. This goal-setting though has slowly dwindled in the past five years or so with the latest crop of young adults today having various goal objectives and owning a house is not in their future plans.
Many young adults today unlike their older generation don’t want to settle down early in their life, they are more determined, they wish to invest, start up their own business, travel the world and visit and learn and appreciate other cultures. They are more adventurous and filled with zeal and excitement to explore. They believe in a simple logic that life is too short to settle down, instead make the most out of it.
Apart from the younger generation today being free-spirited and carefree, there are also other reasons why they prefer to rent than actually own a house of their dreams.
The youth today are held up with a lot of personal expenses and the major expense would be their education loans, as they are stuck having to pay huge sums of amounts to the banks for their higher education, they do not feel the need to invest in any more personal investments like purchasing a house.
One of the other reasons why young adults don’t see the need to purchase their own home is because of their ever increasing personal expenses, it is hard for them to create any personal savings and one of those savings would be a down-payment on a house. The personal income of many young adults today doesn’t even qualify them for many bank loan approvals.
There is always this classic home for less rent dilemma where many experts suggest it is better to buy a house than rent one as in the long run it proves to be a cost effective solution, but as discussed earlier, the younger generation finds it better to rent as they don’t want to add on to another personal expense and also most don’t even qualify for a bank loan approval long term investments.
In foreign countries like the US many young adults choose not to buy their own house because most of these houses are located in the suburbs which are far off from their workplace and they prefer to rent out apartments in the city, which is a close commute to their work.
Another reason why the youth today don’t see a need to purchase a house of their own is because they feel they might get hoodwinked from the builder or seller before or after possession of the house. And if any young adult who has faced this similar kind of issue can share their opinions or thoughts at propertiesreviews.com
And with this trend increasing year on, we will not find the younger generation buying a house as they would opt to rent a place and live life to the fullest and be more self-determined and proactive in their life approaches.
With the world moving at a fast pace and technology advancing rapidly, young adults today are more interested in venturing into more daring things rather than settle down and buy their own house.