Understanding the way Americans buy — or don’t buy — houses can give fascinating insight to how the country’s culture and way of living is evolving.
And according to a recent CBS Money article, the millennial generation is increasingly impacting the housing market — but not as homeowners. Approximately 35% of adults rent their living space — and because many millennials are saddled with heaps of student debt and other financial worries like job stability, more and more young people are choosing to rent apartments and lofts rather than buy homes.
This is for good reason, considering the many financial advantages a young person can benefit from by renting a luxury apartment instead of buying a home. Here are just a few of the reasons why more people are moving into luxury apartments to rent:
Luxury apartments are extremely affordable.
The cost of owning a home has continued to increase in recent years. In the last 12 months alone, home prices went up about $30,000 on average across the country. Luxury apartments, in contrast, offer a stable, flat monthly rental rate that makes it easy for young professionals to include in their budgets.
Luxury apartments have a lot to offer.
For their price, luxury apartments come with a variety of great benefits. Many luxury rentals come with access to swimming pools and fitness centers, in addition to a beautiful, high-quality apartment interior. When you rent one of these living spaces, luxury living is both accessible and affordable.
Luxury apartments are safe.
Luxurious apartments are frequently located within gated communities, meaning your living space and belongings will be protected from theft or other crimes. You will also benefit from having neighbors close by who will likely notice if something doesn’t seem right.
Luxury apartments offer flexibility.
Today’s professionals are expected to change their career path several times throughout their lives. As a result, owning a home might not be the best choice, because your job might take you far away in a few months. By renting, you can go wherever your career takes you without having to worry about selling a house and buying a new one. More like this blog: www.postrents.com