What Are The Pros And Cons Of Homeownership For Millennials?

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There are many pros and cons of homeownership for Millennials. There are many perks and fewer troubles for millennials wanting to own a home. There are many apartment buildings, especially in recent years, that offer various luxury benefits. Everything from swimming pools to physical fitness centers, and outdoor tennis courts to storage units, rental buildings offer many benefits. Whenever something happens in your unit, like a broken faucet, a faulty stove or rusty balconies, the building owners will immediately repair it. All of this stuff is included in the rent. Meanwhile, when owning a home, there are fewer perks and many troubles. Another perk is that renting provides more flexibility. If you’re tired of your community you can move. If…show more content…
With jobs and opportunities scarce, many were forced to return to school or take refuge by moving back in with their parents. The idea of buying a place of their own seemed impossible. This is one of the factors that could decrease homeownership among the generation. Another factor that could decrease homeownership is that the housing market itself faces powerful headwinds. Changes in demographics and in the industry have held back demand and supply. Neither is likely to be unleashed any time soon. The last three years of recovery and job growth have raised hopes that millennials will soon be crowding open houses and kicking the slow-moving home-building industry into higher gear. A resurgence of residential construction would provide a big lift at a time when the recovery has lost momentum because of economic turmoil abroad. This can increase the homeownership among the generation. Millennial-generation home buyers have not emerged in expected numbers, in part because they are staying single or getting married and having children later in life. The share of 18- to 34-year-olds who are married and with kids has fallen steadily to 20% from almost 50% in 1970. That means fewer people feel compelled to go out on their own or move out of apartments they share with friends and other roommates. For whatever reason, millennials are also staying
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