Are you still searching for your dream home, or are you looking to rent an apartment or townhouse instead? An increasing number of young Americans are opting out of the bills associated with home ownership and choosing to rent apartments for years or even for decades. What is the upside of renting an apartment? Millions of Millennials are changing the face of American home ownership.
Millennials want, more than anything, to be mobile. Owning a home is something that they associate with their parents, that is seen as being dreary: stuck in a suburb, never to live in the big city. These young American workers were all born after the mid-90’s. They have always had internet access and cell phones, have always been able to research new cities before moving there, and consistently report that they would rather rent a smaller apartment — or room — in a larger city than own a home in the suburbs.
Of course, living in a larger city has its benefits: nightlife, cultural activities, entertainment. But in this era of the remote worker, why not live somewhere cozier and safer and just telecommute? You can avoid thousands in repair bills by renting instead of buying, but once you have children, you may feel differently about owning a home. Property management companies should have local rental and home ownership options: talk to a trusted Realtor about your options. Some married couples rent until they start having children and then move to a home where their children can have a yard and local friends.
People who grew up in larger cities may think that they wouldn’t like to live in the suburbs: what is there to do? In general, suburbs offer a more relaxed pace of life than a larger city. You can commute to work via bus, bicycle, or car instead of by crowded subway, and you can actually talk to your neighbors. The potential for making a lifelong circle of friends in the suburbs is high; there aren’t any of the distractions and busy-ness that you find in major cities. Often, local groceries are well-stocked, and local theater companies offer entertainment for a discount price.
Whether you decide to own or to rent, living in the suburbs can be a lifesaver for nature lovers. A property management company can help you find the perfect rental near a national park, for example, and can steer you toward local fishing, hunting, and hiking attractions. You could save thousands every year just by cutting down your commuting time to outdoor activities; children whose parents take them camping consistently report high levels of satisfaction with the natural world and the “great outdoors.”
Find a local property management company to help you figure out where you want to live most. Local association management companies can help you meet with condo boards and neighborhood associations until you find the home or rental that is perfect for you. Some people will never give up their fast-paced city lifestyles, but others find that living in the suburbs or even in rural areas is more suited to their long-term goals. Children can grow up happy in a major urban area or in the suburbs. You just need to figure out what would make you happiest: you can work from anywhere.
If you’re torn between the city and the countryside, rent a home or apartment for six months to a year. You’ll get the feel of your neighborhood, make some friends, and see what mowing a lawn every week is really all about. If you — and your family — decide that you miss the pace of the city, then contact a property management company or condo management company that can help you make the move home. If you adore living in the suburbs and wouldn’t trade it for anything, then a property management company can help you explore long-term rental and purchase options.