recent article in Keeping Current Matters highlighted the top five reasons why young renters choose to own, according to NerdWallet?s Millennials & Homebuying Study. It?s an interesting read, so without further ado?
- Control over living space. This includes everything from selecting paint colors to renovating living space to adding pets to the mix. Owning gives you the freedom to make your own choices!
- A sense of privacy and security. A homeowner has complete control over who has access to the property, and you are able to secure it as you see fit.
- To live in a nicer home. When you own, you have the ability to renovate and restore. Owning also allows you to accommodate your growing family or a family member who may need to move in.
- Engage with the community. You?ll value your home more once your home value is directly tied to the neighborhood and community in which you reside.
- Flexibility in future decisions. Owning a home allows you to use your housing costs as a savings account that can be borrowed against in the future.
To recap, most millennials consider owning a home to be more sensible than renting, for both financial and lifestyle reasons. Having control over their living space is the icing on the cake!