According to NerdWallet’s Millennials & Homebuying Study, the top five reasons young renters choose to own are:
#1. To Have Control over Their Living Space – 93%.
Many Millennials who rent a home before buying their own homes, dream of the day that they will be able to paint how ever they want and maybe even take on renovation projects.
#2 To Have a Sense of Privacy & Security – 90%
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 control over who has access ot your home and you’re able to secure it how ever you see fit!
#3 To Live in a Nicer Home – 81%
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.
#4 To Fell Engaged in Their Community – 75%
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.
#5 To Have Flexiblitiy in Future Decisions – 53%
Owning a home allows you to use your monthly housing coost 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 consider owning a home more sensible than renting for both financial and lifestyle reasons”