Pros And Cons Of Home Ownership

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In today’s time, there seems to be a decrease in the younger generation becoming homeowners. This could be due to many things ranging from living through the Great Recession, not being able to afford it, or simply that the lack of motivation to obtain the status of being a homeowner. However, when exploring the meaning and responsibility of home ownership there is tremendous amounts of pros and cons. The housing market can be terrifying for the younger generations when they don’t necessarily understand it, which leads to all the cons when owning a house. The Great Recession brought about a lot of loss and changes in The United States. Many children had to go through losing their houses and their parents going bankrupt trying to pay their…show more content…
It also doesn’t help that the school system doesn’t teach children how to house hunt and what to look for when house hunting ranging from how to look for the right prices of housing and what luxuries come with the house. As far as the younger generation is concerned they know that home owning is way out of their price range and comes with an overwhelmingly amount of stress. When owing a house you are responsible for everything including things that break which also leads to spending more money, you have to furnish this house which gets extremely costly, and lastly the outside of the house should look as good as the inside and that too takes time and money. There is so much that goes into home owning that some people aren’t even motivated to start the process. Home ownerships should be looked at as a long-term contract. Owning a home is a long-term financial commitment that can be extremely straining at times because of the higher payments compared to the payments one would make when renting. The equity on a house can take a couple of years to build up and that is extremely important to think about when considering buying a house. If a person…show more content…
The younger generation may be slower on becoming homeowners which more than likely is due to the fear of failing. That fear is ultimately caused by not being educated enough of homeownership. With knowledge comes power and that is how the millennials will overcome the fear of being a
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