According to NerdWallet’s Millennials and Homebuying Study – yes that’s a thing – here are the top reasons young renters are choosing to buy:
- To have control over their living space – 93% gave this as the top reason.
- To have a sense of privacy and security – 90% responded with this.
- To live in a nicer home – 81%
- To feel engaged in their community – 75%
- To have flexibility in future decisions – 53%
- “The majority of millennials said they consider owning a home more sensible than renting for both financial and lifestyle reasons — including control of living space, flexibility in future decisions, privacy and security, and living in a nice home.”
- The top reason millennials choose to buy is to have control over their living space, at 93%.
- Many millennials who rent a home or apartment prior to buying their own homes dream of the day when they will be able to paint the walls whatever color they’d like, or renovate an outdated part of their living space.
Let’s go over these a bit more.
Homeowners have more control over their living space:
Many Millennials who rent a home or apartment prior to buying their own homes, dream of the day they will be able to paint the walls whatever color they’d like, or renovate an outdated part of their living space. Many have waiting to add a pet to their families. Owning gives the the freedom to make those choices.
Homeowners enjoy a sense of Privacy and Security.
It’s no surprise that having a place to call home, with all that means, in comfort and security is the #2 reason. As a homeowner, you have control over who has access to your home, and you are able to secure it how you see fit.
Who doesn’t want a nicer home?
When you purchase a home, you can choose to live in a nicer home, depending on your budget. You can also choose to renovate – even over time – and restore it to its original beauty. Owning allows you to accommodate your growing family or a family member who may need to move in. Perhaps your home was nice, but wasn’t big enough for mom. Mom may be renting or in a smaller place. Great grandmas can make great nannies and an added layer of security since someone would be home more often.
Owning a home allows you to become a more permanent part of a true community.
Renters come and go – those small communities change rapidly. Homes can be renovated, but it’s harder to renovate a community. Choosing a community that has what you are looking for, including great neighbors is something that comes with buying a home.
Home-ownership offers flexibility in future decisions.
Owning a home allows you to use your monthly housing cost as a savings account that can be borrowed against in the future. Having this option available during uncertain times is just one of the many reasons why homeowners feel more secure in their homes.
Are you a Millennial who is in the process of weighing the benefits of purchasing your first home? Contact us and lets discuss the pros and cons at this time in your life! There is no better time to purchase a home than right now!