Housing prices have been on the rise for years now. This is making it harder and harder for younger generations to afford to buy a home. The generations prior have put a heavy emphasis on being a homeowner. This is causing younger generations to feel as if they can’t achieve a big step in adulthood. The inflation of prices is making Gen Z and Millennials alike feel disappointed and not successful. The difference is that when their parents were financially stable they could afford houses with their incomes. Now young adults can’t afford the housing market. This has turned many young generations, specifically millennials into lifestyle renters. Millennials see renting as a good thing for the most part. They aren’t committed to staying in a specific area or even maintaining a certain job due to owning a house. This gives them a little more freedom.
In past generations it was typical for lower income families and young couples to rent, but now there is a change. Today a little over 50% of renters are making over 50,0000. Lifestyle renting is just becoming more viable for younger generations. Especially now since the Pandemic people are able to work from home. If you don’t have to ever enter an office why live somewhere that you aren’t happy? They can now live somewhere more desirable where as before they might have not been able to get a job in that location. This has caused many younger folks to not settle down, they can live wherever. So why buy a house?
This is great for people who have rental properties or are wanting to buy property and rent it out in the future. This surge will ultimately help you out. You can make a decent amount of money by renting out houses. If you are looking to get into owning a rental now is the time!