It’s no secret that the housing market has been making headlines for a while now. We’ve seen prices skyrocket and inventory shrink, which has played a significant role in buyers’ decisions to rent instead of buy.
In this blog post, we’ll explore four reasons why more people are choosing to rent apartments instead of buying their own homes.
In many areas of the country, buying a home is a lot more expensive than renting. In fact, when you factor in all housing costs (home price + taxes + insurance + maintenance), buyers can spend two to three times as much per month compared with renters who typically only pay for their rent and renter’s insurance.
As a result, buyers may choose to rent instead of buy in order to save money and purchase their ideal home later. This is especially true for first-time buyers who might not be able to afford the down payment or qualify for a mortgage on their own yet.
Renting gives you the flexibility you need to move around without being tied down. For example, if your job takes you on an extended two-year assignment in another state or even another country, renting is a great option for housing since it allows you to pack up and leave whenever necessary.
Buying a home, on the other hand, locks you into that property, and if your career path takes you in an unexpected direction, it’s a lot more difficult to pick up and move. Renting allows you the freedom to go wherever life takes you.
Renting is a lot less responsibility than owning. For example, with renting, you don’t have to worry about the maintenance of your home or yard (and if something goes wrong, like a plumbing issue, while you’re away on vacation, there’s always someone who can fix it).
With homeownership comes bigger responsibilities, and when something goes wrong, it’s on you to fix it. This can sometimes mean high, unexpected costs and big headaches.
Stay Out of Debt
One of the biggest reasons people decide to rent instead of buy is that they want to avoid getting into debt. With such high housing prices and low inventory, it can be difficult for buyers in some areas to qualify for a mortgage on their own (i.e., without co-signing).
As a result, many people have decided to rent until housing prices are more reasonable or until they can qualify on their own.
In summary, there are many reasons why more people are choosing to rent apartments instead of buying their own homes.
Whatever your reasons, The Legends has the perfect luxury two-bedroom apartment rentals for your needs. Schedule a tour!