What Are The Pros And Cons Of Millownership For Millennials?

Many residents living in the United States are driven by the famous “American Dream” of owning their own home; however, how does this dream apply to millennials? Due to the devastating housing crisis that occurred in 2008, is the “American Dream” still alive as far as homeownership is concerned, especially for millennials? It has been established that numerous important factors could be the driving forces that would help in determining whether millennials are likely to embrace homeownership like past generations or pursue other options. This paper will address these issues, along with the pros and cons of homeownership for millennials. The Pros and Cons of Homeownership for Millennials To determine a comprehensive conclusion on the issue of homeownership for millennials, further diverse research may be necessary. Numerous articles have claimed that millennials have, in the past several years, delayed or stayed away from homeownership, while others have argued the exact opposite. Thus, what are the pros and cons of homeownership for millennials (Dickerson, 2016)? Under the current situation with the housing market, most consumers in the United States have decided that renting homes rather than purchasing them would be the more sensible option. This has been the case, especially for …show more content…

It is quite simple for a renting millennial to move to a new neighborhood. When owning a home, various costs are incurred before, during, and after the home has been purchased. For a millennial, these costs are way too much, and they may necessitate efforts that could be put into more productive use. However, owning a home does have its advantages, notably because the monthly rental fees incurred by a tenant are reduced. Additionally, homes nowadays come with numerous leisure and recreational facilities that would require additional money while renting a home (Smith,