5 Reasons Millennials Are Buying Homes
The preference for personal space and ownership has led millennials to become the fastest-growing segment of house buyers today. The recent changes in the economy have rebounded employment figures and caused interest rates to drop steeply, thus introducing multiple personal growth opportunities such as the ability to purchase a house. Keep reading to learn five reasons why people are buying homes.
1. Build Equity
Property ownership is a long-term investment that allows you to increase your net worth, build wealth, and become financially stable. The alternative option to this is renting a property, and in the way the rental rates are increasing, it makes more sense for millennials to invest in a home and build their own equity than do it for someone else (landlord).
2. Want to Settle Down
Another common reason why people are buying homes is that they want stability in their life. After living paycheck to paycheck every day for over the last decade, millennials are now at a stage where they finally want to settle. They want a house for themselves and a place to establish their lifestyle, put down their roots, and call home.
3. Life Stage
Millennials are reaching their prime house-buying years. In simpler words, they are at a stage in their life where they need more space to move. Thus, purchasing a house is the wisest decision that they will make.
4. The Desire to Have a Private and Personalised Living Space
Owning a house gives millennials a sense of freedom, allowing them to customise a living space however they like. Whether they want to make small upgrades or extensive renovations, millennials will be the king of their property, and they can do whatever they want, however they see fit.
5. Rising Property Value
Despite the recession, the real estate market has significantly increased in value. This has made the millennials realise that if that great value for their money, they must invest in real estate, and purchasing a house gives them the best of both worlds – a roof to live under and an asset with a higher resale value.
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