Although home buying is down across all age groups, there is reason to believe millennials want to own their own homes. Millennials are now adults and many are wanting to start a family or have already done so. It is only natural, then, that young renters would have a desire to purchase their own home. Several other reasons exist that make homeownership for this generation attractive and they include the following.
Desire for Privacy
Young renters have a desire for privacy. This is something that is difficult to come by when you’re renting an apartment or sharing your living space with roommates. Owning a home allows you to have your own private space where you can relax and unwind and do what you want with your space.
Have Control of Your Space
When you rent there are usually limitations on what you are allowed to do with your living space. Some landlords have restrictions on pet ownership, painting of the walls, landscaping and other things you want for your home. The millennial generation is independent and self-motivated. This makes them want to express themselves and the best way for them to do this is to own their home.
Wanting a Nicer Home
When you purchase a home, you can choose options you must have. You can choose a home that really appeals to you. When you rent, you don’t have this option. With so many people renting, it is difficult to find something that you are happy with.
Feeling Connected to the Community
Owning a home cements your space in the community. Nerdwallet reports that 75 percent of young renters wanted to own a home to feel connected to their community. Because of this, you can see how important it is to be a part of a community that you can call home.
Flexibility in Future Decisions
When you purchase a home, it makes you feel grounded. You have control over your finances and you’re building equity with your investment. This gives you more control over your future decisions. Building equity in your home will allow you to upgrade to a larger home in the future should you need more space. Alternatively, you could use the equity in your home for home improvements or other large purchases.
If you are a young renter who is thinking about buying a home you can get a mortgage through a bank, like General Electric Credit Union, that will fit your budget. It is best to consult a mortgage professional who can walk you through the process of obtaining your mortgage that will allow you to live the American dream.
