Renting: Why the New American Real Estate Dream is Renting
The American Dream has been portrayed in numerous ways throughout the years, but it often involved settling down in a home you can call your own and living out your life in a house that is yours. However, modern life has dramatically shifted the way we dream about our futures, with more and more people finding that renting is actually much more conducive towards the lifestyle of this generation as opposed to instantly owning a house as soon as you can support yourself.
In a report from Zumper from 2019, 32% of the respondents have stated that they don’t believe that the American Dream includes homeownership, and 20% have said that they don’t plan on buying a home throughout their lifetime.
While there are still some who believe that owning a home is part of the American dream, that number appears to be rapidly dwindling as changing times continue to emphasize how renting is in fact more advantageous than owning a home.
Home Ownership Back Then
Back then, the ideal life was finishing school, moving out from your parents’ home, and owning a home where you’ll raise your own family and ideally live in until the later years of your life.
Before the digital age, one could easily move to a different state or even a different city and have a completely different life. Everything you’d need can be found in where you live in and you can generally find stable work in one city where you can spend your working years in.
The Modern Lifestyle
Times are drastically different today. With the vast career paths available to today’s generation, there’s no guarantee that you’d only have one place to work in for the rest of your life. In fact, as highlighted by the pandemic, it’s now possible to work from your home without having to go to the office.
Now, it’s much easier to move out to a different place while still maintaining connections with your friends and loved ones through social media. With the increasing popularity of remote work, you may not even have to leave your job if you want to move to a different place.
Another popular career path with today’s generation that is propelled by the gig economy is freelancing. Freelancers are often not tied down to one place, as they could do work for someone from Los Angeles one day, and then work for someone from New York the day after.
Given how fast-paced everything is today, it is in fact a difficult decision to commit to a single place that you’d call home for the rest of your life. In today’s times, you could be presented with life-changing opportunities year after year that would require you to move to different places, and some people wouldn’t want to give that up by committing to owning a home. While you could always sell your home if you do decide to move out, it’s definitely a much more cumbersome process than by simply terminating your lease at the place you’re renting.
With how busy everyone is nowadays, it’s become increasingly difficult not just to commit to a single place and residence, but also to take on the responsibilities of a homeowner. Now, owning real estate has become more of an investment to make profits from instead of an achievement that will help you secure your future.
Why Renting is the Way to Go
There are plenty of reasons, brought about by how our people live today, that has made it more appealing to rent rather than to own a house. These are just a few of the reasons why you could consider renting better than owning.
The top thing that makes it better to rent is that it offers you flexibility. By renting, you aren’t committing all your present and future funds to a single property, as you can pull out if needed without having to go through the tedious process of liquidating your house. It’s also easier today to find a place to rent than to find a house that you could buy.
Thus, if you have an enticing job opportunity that needs you to transfer to another state, you’d have an easier decision to make if you’re a renter.
Less Financial Commitment
Furthermore, renting is much more friendly to the younger crowd who more often than not do not have the funds yet to make the life-changing commitment of buying a house. To put it simply, renting is much more cheaper than buying a house. Websites like Rentberry offer numerous choices and help you find the best match for your future rental home, you can learn more through visiting their website. Whereas the former normally only requires you to make an initial deposit worth a few months of rent, the down payment for a house is much higher, not to mention that you’d have to go through the process of finding a lender that you’d have to pay for the next few decades of your life.
If you choose to rent, you aren’t committing yourself to paying a loan that will take decades of your life to pay, and you could even use the money you could’ve spent on the down payment on other investments or on your savings.
Plus, if you’re a renter, you won’t have to worry about the commitments of a homeowner, such as the maintenance of the property, paying property taxes, and other responsibilities that would take up your time and your money.
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