The Pros And Cons Of Millownership For Millennials

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Being a millennial myself, I can attest to the fact that our generation is not as driven to own a house as our parents were. We don’t see an immediate need to buy a house as soon as we can. We may have other priorities or other plans that may affect the timeline of buying a house. A con of homeownership for millennials is that it forces people to remain in one area for a long period of time. Owning a house is a huge commitment and it requires that the homeowners stay in that area and directly limits the area where they can work. They cannot just pick up their stuff and move to a new city or state if they are offered an amazing job in another area. If they want to move, they have to go through such a long process. They have to have…show more content…
Many millennials either have a college education, to some extent, or are currently getting a college education. As the years go by, college tuition is increasing at a rapid rate. Most people cannot pay for the tuition up front and have to take out loans to pay the tuition. As college tuition goes up, the amount of loans taken out also increases, meaning that more and more college graduates are graduating with a lot of loan debt. With all the debt looming over their shoulders, millennials do not have a strong incentive to buy a house. They already have a payment to make for their loans, why would they want another payment to pay a mortgage? If college tuition was decreased, it would mean that students had to take out less debt and therefore would have more money to spend, once they get jobs, on a house mortgage. College tuition prices being lowered would increase the amount of millennials in the market to buy a…show more content…
I think that millennials are forming a new way of life and new American Dream. Millennials are starting to realize that they don’t need to work every day of their life for 60 something years in order to retire with a nice house in Florida or somewhere warm. They see that each person’s path of work and life is different and it can be tailored to fit each person’s needs and wants. If someone doesn’t want to buy a house right out of college, that is ok. They are just being cautious in case something goes wrong and their plans change. If someone only wants to work 3 days a week in order to spend time with their family or work on a passion project or something, that is also ok. They realize that their mental well-being and happiness is more important than the amount of money they will be making. Millennials aren’t hurting themselves by not buying a house. They are getting a sense of how they want to run their lives and how things work in the world before they commit to anything. Millennials are redefining the American by living their lives as they see fit and not to conform to the traditional way of living by buying a house as soon as they

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