They’re calling it Generation Rent. U.S. home ownership rates have been falling, particularly among younger Americans. Home ownership reached a 20-year low of 63.7 percent. Home ownership is falling fastest among Generation Xers in the 35-54 age bracket. Millennials exhibit the same trend, and will make up 31 percent of rental growth over the next decade. Some foresee a future where rental is more common than home ownership. Whether this emerges, renting is a reality for many young parents today, and families are adapting to adjust to the rental lifestyle.
How Renters Are Adapting
While those who aspire to traditional home ownership might see this trend toward renting in negative terms, younger Americans are bound to make the most of it, and many are even starting to see the benefits of renting, as NPR reports. For one thing, those who’ve seen their family and friends struggling to sell homes with diminished value count their blessings that they’re not stuck in this frustrating situation.
Others recognize the benefits of not taking on long-term mortgage debt or tying themselves down to one location. In an economy where jobs are increasingly mobile, many young professionals see the ability to move without having to sell a home as a career advantage.
Some like the safety of having many apartments or home together, or having security guards or security cameras onsite.
Not having to pay maintenance or repair bills or property taxes adds more incentive to rent rather than owning property. Renters also often have the advantage of access to amenities such as swimming pools or fitness centers that many homeowners can’t afford.
Excerpts - eurweb.com