Millennials on Home Ownership
October 11, 2019
In the past the dream for younger Americans has been heavily geared towards owning a home, but now, a new trend is making residences like the luxury apartments in Riverside, CA, more popular than ever before. According to a recent article from Business Insider, more than a few Millennial Americans are sticking with rentals instead of opting to buy their own homes, and the result is a shift in the entire real estate landscape. What's the cause, and what are some likely outcomes of this apparent trend taking hold? That's exactly what we'll be looking at today, as we delve deeper into the topic and what's guiding (some) Millennials' preferences.
How Millennials Have Altered the Game
Hearing that Millennials are renting longer and buying less, your immediate thought might be, "because they can't afford to?" That assumption, it turns out, might be the root cause for some of the increased renting, but certainly not all. In fact, according to Business Insider's reporting, many Millennial renters can afford the costs of a home, but instead prefer to rent because they don't don't want to deal with the added costs, time, and headache of maintaining a home. Here's a quote from the CEO of AVH communities, including in Business Insider's findings:
"The millennial household formation, they're not really dialed into taking care of a home, they want to go out and do the same thing that the boomers are doing, which is enjoy life, not work hard for their house."
Those "hidden costs" of homeownership can start to add up and be a real pain for some. There's the cost associated with buying furniture, for instance, paying monthly fees like property taxes, homeowner's insurance (and HOA dues, in some cases), then there are all the costs of maintaining a home and the appliances within (and that list can go on and on for some). Rather than put up with the added stress, they're taking to the comparatively simpler rental route in significant numbers.
This shift, according to some, will change the landscape of the traditional "American Dream." Homeownership, it seems, may be less common than it was in previous generations, and even those that do opt for home buying might not be going for the larger homes of yore, instead preferring smaller, more manageable properties. Renting, it seems, is a new and long-term way of life for some, and may well continue to be so for well into the foreseeable future.
There's a Reason the Luxury Apartments in Riverside CA Seem so Enticing
Communities like Altana are taking off, and for good reason. Here in downtown Glendale, it's like a renter's dream. Access to amazing Southern California gems — restaurants, shopping, and the like — combined with a whole host of fabulous resident amenities, spacious living units, and a community that emphasizes the finer things in life (like your convenience and comfort). You'll have to experience it to believe it's real, so be sure to check out everything that Altana has to offer, then drop us a line to learn more about making these fantastic apartments your new California home.