, My disclaimer, first and foremost, I am a licensed real estate agent, with a passion for financial planning. You know, budgets, goals, insurance, savings and investing. With that being said, I am always the first to advocate for the benefits of homeownership, so to hear that despite, credit scores being lowered for loan approvals, more funds being made available in the way of downpayment assistance, and the knowledge that student loan debt is not as much of an obstacle as it has been in the past, this information STILL floors me. The percentage of families who rent is at an historic high, the highest it has been in almost 50 years.
I know, right? Why, though you might ask?
It's not for the reasons you might think, or maybe they are if you think like me.
I have a few theories, that if you don't mind, I'd like to share. Feel free to comment back to this post to let me know your thoughts.
I think it's largely based on 3 things: large company movement, increased detachment of physical things and people and yes technology. Let me explain, larger corporations (think Amazon), are creating more corporate office across the nation, increasing the number of relocations, with those companies seeking to hire and promote from within, causing these employees to need temporary housing in the new and unfamiliar area. A detachment of physical things and relationships, especially millennials,(think tiny house), a larger demographic of people are becoming less concerned with putting down roots, and more concerned with experiences, in short, the less stuff you have the easier it is for you to move around. They would rather put those monies elsewhere instead of a mortgage. Last but not least, technology. Think, how much would it cost to update your house to the latest new thing and gadgets, every few years,( did you get the latest iPhone over Christmas?), how expensive would that be, most maintenance updates (especially in apartments), are covered by the owners.
Now, this makes no argument, for whether or not renting is the better option versus buying, this will always be an individual situation. But it does help to answer for the reasons for the increase.
If you are pondering this decision, especially, if you are relocating from another area, or just weighing out if now is the right time to buy, give me a call and let's talk about your options. Whether buying or renting, I am here to serve you.
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