It’s no secret that the housing market took an astronomical hit during the Great Recession of the mid-2000’s, leaving thousands of homes in foreclosure. The housing market has made a strong comeback and is even thriving in some areas of the country, with an abundance of high quality yet affordable homes for sale.
For example, America’s heartland, particularly several of Texas’s metropolitan areas, have a variety of local houses for sale, in addition to a wealth of high-paying jobs. As such, the area’s populations as surged over recent years, as eager newcomers flock to the area.
However, times have changed. Millennials — or student loan debt — have completely redefined the American Dream, molding it their fit their ideas of success. Once synonymous with having “made it”, home ownership rates are on the decline, especially among those ages 24-35. While there are plethora of affordable houses for sale, millennials just aren’t taking the bait. In fact, they’re a generation of renters, preferring apartments and rental homes over home ownership.
Crushed under large sums of student loan debt — and poor credit scores as a result — the majority of millennials simply aren’t in position to purchase a home, and would rather live in a house for rent. This provides all the benefits of living in a home, without all the financial obligations and responsibilities of owning one.
They’re not alone in feeling this way. Some former homeowners who lost their homes during the recession would rather rent than own a home, having been burned so badly. Luckily, rent to own homes provide the best of both worlds.
