Owning a house with a white picket fence is a dream for many, but a new study by Freddie Mac claims that nearly 80% of renters find that renting is a more affordable option. This sentiment is shared by renters spanning every generation, but this opinion has only increased in the last six months.
Among renters, seniors have become the fastest growing members in the market, but renters from each generation, from Millennials to Gen Xers, have begun to think that renting is more affordable than buying a home. In fact, nearly 72% of renters in 2014 were Millennials. This is in spite of rising rental costs that would lead people to think otherwise.
But why would people choose to rent than buy?
Flexibility
One popular reason people choose to rent instead of buy is the need for flexibility. Some people can’t imagine staying in one place longer than a year while others have to move constantly for work. Buying a house in a single location is an investment that many people simply don’t have time for.
But the need for flexibility is not limited to working professionals. Many parents prefer to downsize after their children leave the nest and older folks may prefer temporary living when they travel in their retirement. The need for flexible housing has become a desirable trait in an ever-fluctuating market.
The costs
Owning a home comes with a lot of extra costs that simply aren’t associated with renting. Owning a home results in the need for home insurance, fluctuating utility bills, home maintenance and upkeep, and a potential decrease in your property’s value.
By comparison, countless renters prefer to have a fixed rate for their utilities. On top of that, they won’t lose out on an investment by suffering from decreasing property values. And when something is broken in their home, they can rely on their landlord to get a maintenance technician to fix the problem promptly. Paired with lower insurance costs, renting has become a more affordable option despite the recent surge in rental prices. This is particularly popular among students.
There are countless reasons to choose to rent a home. When you want to check out pet-friendly student housing options in Delaware, contact the development group you can trust. At Lang Development Group, we offer the best Newark student housing available. Contact us today for a tour of our Newark student housing options.
