It’s Not Just Millennials: Reasons for Renting Over Buying a Home

What do you envision for yourself when you turn 25 and decide to leave your rented apartment for a home all to yourself? In some parts of the country, owning a home for yourself has become a taboo. A sincere moment of crisis riled up the US nation when the foreclosure crises came about. While you may think that more and more Americans prefer to live on a lease than to own their own home, you are wrong. These Americans are in the grave minority as many desire a home but just do not have the means to purchase one at the moment. Perhaps our generation, the Millennials, are more financially astute than other generations will let us on to be. We are aware that putting all of our savings with no emergency cushion into a down payment is not a realistic or safe idea. We like to have fun, but we also don’t want to pay two times the amount on cleaning our homes with a service that although affordable such as Handy, can accumulate if you repeatedly hire the cleaner.


The Funds Just Won’t Qualify

One of the main reasons, somewhat easy to guess, is that Millennials are only now getting into the market with careers in the entry-level line. With that comes a lower salary, and especially for those who live in grand metropolitans, this can be expensive. While Millennials or other potential homebuyers may not be able to afford either a down payment or a mortgage or both, it is safe to say that they have a reason to save up with a lease in the meantime. With a market that has creeped up the ladder at more than 37% from 2012 to 2017. Mortgage interest rates don’t help the cause as they too are rising upwards—handy enough for those darn banks but not for the people who are using them!


A Bad Credit is Disliked by Banks

Want to qualify for a mortgage? You need to have had good credit to get accepted for a mortgage. Thinking again that Millennials are to blame? Actually, Generation X individuals were the ones with the greater credit issues of the two packs… Not the handiest money bunch when you think about the slacker generation.


The Upkeep is to Blame

It’s a world of difference when you decide to buy a home versus rent one out. When you are on a lease, it’s all on you. No need for a Handy handyman to come from your own wallet when the toilet breaks down or the faucet is no longer working. Electrical problems? You need to pick up the bill when you are a homebuyer! And sadly enough, it often happens that everything breaks down at the same time.


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