It’s been said time and time again: Millennials are not interested in buying homes. But we have slowly started to see this myth unravel, with more 23-34 year olds entering the housing market.
Most experts agree that 2015 looks to be the year millennials finally flock to home ownership. If you find yourself in this group, and feel the call of finally owning your own home, here are a few reasons to make that jump in 2015.
Securing Financial Equity
Owning a home is one of the easiest ways to secure financial equity. Most homes appreciate in value over time, especially in areas that are experiencing infrastructure growth. Owning a home also allows you access to a line of credit that can be used for renovations and remodeling as well.
No More Paying Rent
The main reason millennials rent is because it’s cheaper than owning a home, right? Not necessarily. With the cost of rent projected to raise over the coming years, all of that money you are spending on rent is only making your landlord rich. By shifting your housing allotment from rent to a mortgage, you’re putting those funds into something that you will own.
Peace and Privacy
Renting an apartment may be convenient, but it’s seldom peaceful. With dozens of people living on top of each other, it can be loud, invasive, and frustrating. One of the great things about owning your own home is the peace and privacy it affords. You don’t have to worry about getting woken up at 6am by your upstairs neighbors arguing, and you don’t have to worry about tiptoeing around late at night.
Enjoying the Fruits of Your Labor
Owning a home is still one of the greatest indications of social status. Many people believe that student loan debt is the main reason millennials aren’t buying homes, but that will change as the debt is repaid and their education affords them better paying jobs. What better way to reap the rewards of that hard work and diligence than with homeownership? It shows the world that you are successful, and remains one of the major milestones in a person’s life.