The Pros And Cons Of Home Owninging

803 Words4 Pages
The “American Dream” of one day owning a home is not alive and well among Millennials. The cons of home owning are beginning to outweigh the pros because the society we live in is changing rapidly. My family was trying to relocate to North Carolina from New York, and the “Great Recession” impacted our ability to move at an appropriate time. My father had to move to North Carolina a year before me, my mother and two brothers could move once we sold our home. This recession affected many families and Millennials in their opinions of homeownership. Because of this recession, Millennials are re-defining what the “American Dream” means to them. Millennials have been slow to adopt homeownership and factors such as more expenses and commitments…show more content…
People claim that we are now in a “new market,” but recessions are always a possibility. Millennials don’t know where they will be in their lives when or after they make a commitment to buying a home, and the effects of a recession with owning a home seem to outweigh the other benefits. Millennials are also not educated enough on homeownership. The long-term benefits of owning a home will not be evident if people buy homes that they cannot afford. Homeownership is not for everyone, and renting could be a better option for more Millennials and their ways of living. There are many pros and cons to homeownership when compared to renting. Generally, homeownership is the better investment over time, but everyday life is changing with society and technology. Millennials don’t seem to have the time for the financial commitment that home owning comes down to. They have been affected by this “Great Recession.” In the end, the lack of homeownership among future generations may benefit their lives and help them find a new “American Dream.” People in society and their dreams are forever changing into something with a smaller time and financial
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