If given the choice, most people would probably err on wanting to own their own home – not just for the perceived security that comes with home ownership, or the investment potential, but because it provides us with a home: something we can call ours.
When it comes to Millennials however, the renting versus ownership preference debate isn’t all that clear cut. Not least because the current economic times isn’t conducive to allowing us to save enough money for a house deposit, but because we’re grown up in an era where we’re resigned to the fact that renting might just simply be what we do for the rest of our lives. For some of us, it’s incredibly disappointing as we feel ripped of what was once considered an essential right or adult milestone. Others, however, have shifted perspective and see it as a benefit – leaving us detached and commitment and (less) debt free.
For those of us however, that do want to purchase a home, the ongoing frustration of said economic times weights heavily on our shoulders, as we find ourselves left in a state where we feel our hands are bind – stuck between a rock and a hard place. As a result, what has become common is that Millennials have been, and are, choosing to live at home with their parents – as it allows us to save on rent and expediently save for a down payment.
What this situation does present, is an interesting conundrum for the housing market and what may result in a stale mate situation with Millennials. If we can’t afford to buy homes, and are needing to live with our parents longer – therefore preventing our parents from selling the family home and downsizing because we’ve not yet “left the nest” – then who’s buying the houses?
The impacts are worth considering – at least until the economy changes, or the government and banks step in to help us out…
The below article talks more of the issue and provides an interesting assessment of the situation.
*Image courtesy of the articl
*Image courtesy of the article.