http://www.theatlantic.com/business/archive/2012/02/the-end-of-ownership-why-arent-young-people-buying-more-houses/253750/
Article from The Atlantic- why don't young people want to buy homes? Because they'll suck the life out of us! Well, not really...unless the house was built on top of an Indian burial ground. Then you're screwed.
Many of us young folks (pretty soon I won't be able to call myself that...) are struggling with developing a new view of our world. We grew up seeing/hearing/etc that being successful meant owning a home. But today, I think I'd rather rent and save for retirement and pay off my debts before I think about that. We've seen an economy tank- so of course we will be cautious. We can't find decent jobs that will last a lifetime (honestly, I can probably count on 2 hands how many people I think will stay in the job they have now for the rest of their lives). I feel like I'm hustlin' through life- just trying to find something so I can get by.
I guess I look at the prospect of owning a home and all the money it takes to do so, and it doesn't excite me as much as it "should". I have anxiety attacks thinking about my student loans- handling those with a mortgage? Uh...no.
But once/if the economy bounces back, will we just fall back into the old routines, the old ways? Or is there a fundamental culture shift going on right now that is causing many young people to re-evaluate the importance of home ownership? Is there shame in renting for much of your life? Is there shame in raising a family while renting? I think these are questions many young people are trying to answer.
I am halfway convinced that our KC house was built on an indian burial ground that was built on a pyre where they literally burned money. Too many bad stories to get into here.
ReplyDeleteThat said, being a homeowner has its ups and downs, just as renting does. I think the real change is that people are no longer looking at houses as investments (because so many people got screwed in the housing bubble), but just as another place to live. Not being beholden to a landlord is great, and the tax writeoffs for home ownership are also nice. It is definitely expensive on a profound level, but hey, renting appears to be pretty darn expensive in the cities too. I probably couldn't get a nice, dog-friendly 2 BR apartment with a garage in Uptown for what my mortgage costs.
The things I miss about renting? Not having to fix things and being able to do all my laundry done in parallel.