Real Estate and Young Generations Worldwide
What is so different and exciting about the young generations nowadays? Why are they often criticized and presented in a negative light when it comes to their way of life, their views and priorities? “When I was your age…” is the beginning of a subtle critique of life “choices” by many parents or grandparents who in their twenties probably already had a stable job, a house, and children. The truth is that their life “choices” and yours, if you are among this young generation of millennials, cannot be compared. And they are not really choices, hence the inverted commas. At Georgia Roof Pro, a residential roofing contractor in Lawrenceville, GA, we see that the opportunities then and now differ grossly, as does the world and the state of it.
The so called millennials were born in a fast paced technological and digital era that is constantly developing and moving. But they have also “grown up” in a time of financial instability, economic crisis, and job insecurity, which may be why they are hesitant or financially incapable of purchasing a house. That may be why they’re not eager to leave the stability of their parents’ house, or why they choose to rent instead of buying.
To Buy or Not to Buy?
The first obstacle Millennials face in the adult world is the debt which exists even before they start a job they were educated for. How is that possible? Because of college tuitions. It is a vicious circle in fact. If you want a steady job that pays well you have to go to college. If you want to go to college, you need money. If you need money, you should get a job. The solution is, in the end, a student loan, which often leaves Millennials buried in debt by the end of their education.
Many millennials consider renting to be an affordable and acceptable solution. If they have a job, they can leave their parents’ house and start living more independently, which is the main goal, after all, for both the parents and the millennial children. A large portion of their income is probably going to be spent on their housing. What is interesting now is that they would probably spend the same amount of money on their monthly mortgage payments if they purchased a house. So why not buy then? Because of the down payment. It is very high, and usually, more than the Millennials can afford or have in their savings. That is the real obstacle to buying a house.
So, much to the surprise of the older generations, millennials are not interested only in big-city, fast urban life, having fun and avoiding responsibility. The idea of owning a house has even grown on them, and their propensity to buy one has increased.
To Buy… But Where?
Living with parents or even grandparents can have its purpose. It can be a viable solution for a period, an opportunity to save money, hopefully enough for a down payment, but it is often not sustainable. When this major obstacle is overcome, then there is not much left holding them back.
Millennials are ready and willing to buy a house, if that is what they want in their future. They also need change and independence, a chance to start their own lives. Their “adult,” independent lives, however, do begin a little later, according to the standards of the older generations. They are getting married and having kids later in life, which may be odd to their parents but, in reality, that has become the new standard. And that is also a part of the reason why they hold off on buying. It is easier to come up with a down payment and buy a house with a partner, when there are two steady incomes.
The interesting thing then is where they buy. Since the price is a major factor, millennials have become more interested in the suburbs, where property prices are lower. They cannot afford properties in big city centers and urban districts, so they have settled with the suburbs. But where the millennials are, there is change and development as well. As millennials adapt to the suburbs, the suburbs adapt to them. It is transforming and developing according to their needs, adding many new amenities, creating a good living environment and becoming even more attractive.
Much like the world they were born into, millennials are a fast developing generation. They live with, and in what they have, they adapt to the circumstances and are no strangers to change. They wait for their opportunities and grab them when they can. If they want to buy a house, they will find a way, and they have. The percentage of millennials purchasing a house is on a rising streak, and they are slowly, but surely taking over the market. If you decide to move out and find yourself needing a new roof, feel free to contact Georgia Roof Pro, the best roofing contractor in Lawrenceville, Georgia.