Why Millennials Choose to Buy a Home
According to NerdWallet’s Millenials and Homebuying Study, the top 5 reasons why millenials choose to buy a home are:
Many Millennials who rent a home or apartment prior to buying their own homes, dream of the day that they will be able to paint the walls whatever color they’d like, or renovate an outdated part of their living space.
Many others who have waited to add a pet to their families daydream about the day that they’ll be able to go pick out their ‘furever’ friend. Owning your own home gives you the freedom to make those choices.
It’s no surprise that having a place to call home, with all that means, in comfort and security, is the #2 reason. as a homeowner, you have a control over who has access to your home, and you are able to secure it how you see fit.
Similar to the #1 reason, when you purchase a home, you can choose to live in a nicer home or choose to renovate a home and restore its glory. Owning also allows you to accommodate your growing family or a family member who may need to move in. As we all learn, the only thing certain in life is change.
Owning a home in a community is one of the major reasons why residents become more civically involved. The stakes are raised once your home value is directly tied to the neighborhood and community in which you live.
Owning a home allows you to use your monthly housing cost as a savings account that can be borrowed against in the future. Having this option available during uncertain times is just one of the many reasons why homeowners feel more secure in their homes.
The majority of millennials said they considered owning a home more sensible than renting for both financial and lifestyle reasons.
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