Abberly Grove Apartments

1160 Auston Grove Drive, Raleigh, NC 27610
Call: 833-779-8856 Email View Map

Opens: Monday-Friday: 9A-6P | Saturday: 10A-5P | Sunday: 1P-5P


Millennials Want to Rent - Raleigh, NC

Joseph Coupal - Wednesday, November 11, 2015

A survey conducted shows that millennials are not showing interest in the American dream of owning a house. Rather, they are choosing to rent apartments.

Many experts have argued about the reasons millennials do not want to own a house. Some experts argued that student loan debts, anxiety or fears are the reasons millennials seems to favor renting a home. Yet, other experts are of the opinion that the lack of commitment is the key factor why millennials are not buying houses.

Of a truth, millennials value homeownership, but first, they have to tackle the issues of making more money, settling down, having kids -- all of which rank higher in priority than the thoughts of owning a house. Millennials tend to ask themselves why they should own a house when they are not ready to settle down or start a family.

Reasons they are not buying

1. They want to move around because they do not like their jobs.

The purchasing power of the U.S. dollar is on a steady decline as the indiscriminate printing of money continues to water down the value of a dollar. To make matters worse, millennials are mostly underpaid and overworked, due to lower salaries, buying a house is the last thing on the mind of most millennials. Most of them believe they are under-paid and they will instantly jump ship if they find a better offer.

Therefore, most millennials want to stay light and mobile since it is not easy to move around when you own a property. You might be forced to sell the property at unfavorable terms if you relocate as part of a career move. In contrast, a rented apartment provides all the necessary social amenities and you won't have to worry about selling anything if you need to move.

2. Students loan debt

Millennials between 18-29 years of age report that they or someone in their household has student loan debt. With a trillion dollar in student loan debt, buying of house does not sound fiscally wise for millennials at a time when funds are low and debts are high. Most millennials are still struggling to pay off their student debts loan; therefore, saving for a down payment that qualifies them for a mortgage is not in anyways in their agenda.

3. Spending anxiety

Millennials were the worst hit during the 2007-2009 economic recessions because they had to contend with the effects of starting a career at the peak of the downturn. Hence, many of them have learned to be more careful with their money. An expert at WMOption notes that a house is no longer an asset and "traditional investments do not provide the kind of returns commensurate with alternative investments"; hence, millennials would rather rent a home and invest their money in other stuff.

The decision to buy or rent a home is as personal as it gets. The herd mentality suggests that most millennials would not buy a house. Explore your options, whatever you do, make sure it makes you happy and you can sleep with both eyes closed at night.

For more information on apartments in Raleigh, NC contact Auston Grove apartments.


Abberly Grove Apartments

1160 Auston Grove Drive, Raleigh, NC 27610

Call: 833-779-8856
View Map

Opens: Monday-Friday: 9A-6P | Saturday: 10A-5P | Sunday: 1P-5P