Purchasing or Renting for the Millennial Generation?

Millennials are faced with a tough decision come graduation. The Census Bureau reported in the Young Adults: Then and Now report that nearly a third of all 18- to 34-year-old are still living at home with a parent. web hosting ip . As the younger generation looks to move past the effects of the recent recession and find a place of their own, they are faced with the tough choice of purchasing a home or renting.

The younger generation in Springfield, Missouri faces the same dilemma. There are many options for affordable houses and apartments in Springfield.

Renting a Home

While many younger singles or couples could rent a house, most choose not to. Renting a house is often a financial setback with monthly rent payments close to the cost of a mortgage payment. House renters are not able to set back much in savings, yet they do not end up with any asset to show for their efforts. Renting a home does provide renters with more space and does not require the same kind of credit score or financing as those looking to buy a home.

Purchasing a Home

Of course, many believe that purchasing their own home is simply part of a successful American future. Perhaps home-owning is in the future of many, but it isn’t a sure step towards happiness or success. how to search domain names . Many Millennials today prefer to be mobile and homeownership ties them down. Homeowners must cover expenses that arise with the home and cannot easily change towns if they suddenly feel the urge to travel or change jobs.

However, owning a home means owning a physical asset that can be sold later as an investment if the right property is purchased. This often makes any adult able to afford a home choose to do so. Some Millennials choose to find housemates to rent from them, covering a part of the mortgage and helping them pay off the house faster.

Apartments in Springfield

Often, adults in the younger generation look for a well-placed apartment in Springfield to serve as a transition between their parent’s home and their own home. Millennials can use apartment services in Springfield to find the right place for their needs, including monthly rental fees, utility costs, location and amenities. Renting an apartment often provides adequate space to a single adult or married couple, allowing them to save up with the money saved on utility costs, insurance premiums, home upkeep costs, addition dues and more.