The Pros And Cons Of Buying House

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Recent trends have shown that Millennials are increasingly shying away from buying houses. Perhaps the commitment of homeownership is too much. Perhaps Millennials do not want to be homeowners. Millennials watched their parents struggle during the pop of the housing bubble in 2008 and pursued careers with this struggle in mind. Some factors that suggest why Millennials are not buying houses include the fact that a substantial number of Millennials cannot afford to own homes, may be moving around a lot depending on their jobs, have not yet started a family, etc. There are many factors as to why Millennials are not rushing to buy houses. Part of this is because Millennials are redefining the American Dream. However much of the reason is due to experiencing the hardships of the Great Recession. From the perspective of Millennials, the pro of owning a home is just that – owning a home. They wouldn’t have to deal with the noise of an apartment complex or wait forever to get something fixed in their rental. The interest taxes and property taxes could …show more content…

Millennials flat out just cannot afford the down payment and recurring large house payments on top of that. Their jobs are paying too low or they’re afraid their pay might change. What if they want to switch jobs? What if their company somehow goes under, just like their parents’ company did during the Great Recession? Millennials grew up in a highly unstable economy. Their afraid to choose incorrectly and be stuck in a commitment that doesn’t work out at such a high cost. Most Millennials are still paying off debt from school, and adding to it in order to buy a house does not seem reasonable in their minds because things could go wrong. Also what about Millennials that did not go to school? They are either living at home still or working a ton and paying rent. They are not going to buy a house right away if they could not afford to attend

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