While striving for the ultimate American dream of homeownership is something we have all been programmed to do, is that the only possible dream for US citizens? We are all aware of what is happening in the real estate market at the present time, with multiple factors influencing what is bound to develop into a housing crisis in 2022. Still, with homeownership, such an unattainable goal, living in an apartment becomes more and more appealing.
It’s easy to say that living in an apartment comes with the sole benefit of being more affordable, but that isn’t the only reason why apartment living is becoming more popular. Becoming a homeowner is different from becoming a renter, and the responsibilities that come with it result in many people thinking twice before making the downpayment. So what are the benefits of apartment living? That’s what we’re here to find out.
Benefits of Apartment Living
While homeownership was at 65% in the first quarter of 2022, which is high, there was a decrease since the previous quarter in 2021 of 1.53%. Currently, approximately 35% of Americans are renting their homes, and plenty of benefits continue to attract many of those seeking to move out of their parent’s homes, intend to live on their own, are in a relationship, or in a group for the first time. So let’s figure out what makes apartment living so appealing.
It may come as a surprise, but there’s a kind of freedom that comes with living in an apartment. Simply put, you are less likely to have to deal with bank fees and commissions on loans if you rent because you don’t need that large sum of money actually to purchase the property. You are also more independent and have no strings attached, other than the lease agreement that is renewed every year but that you can get rid of if need be under the specified conditions. If you get your dream job in a state on the opposite coast, you can just put in your notice and move out. You won’t have to deal with selling the property and all the hustle that comes with real estate transactions. On the other hand, there is also the freedom from maintenance, meaning that when something goes wrong, you need only to inform the landlord or the agency that you use, and they will take care of everything.
Bigger isn’t Always Better
Buying a home usually leads to people buying a property that will cover all their needs when it comes to space. This can result in people buying homes that are much bigger than what they need, which will be more expensive to maintain and cool or heat up. Apartment living comes with some limitations, and while some may look at this as a downside, it isn’t really as it decreases the level of dependence on things, objects, and items that would otherwise clutter your home. Owning fewer possessions means that you will live a more economical lifestyle. Becoming aware of the fact that we don’t need as much to live is a benefit that won’t only make life easier for the renter but for the planet as well. Also, when you own less stuff, it’s easier to pack up and move when the need arises.
Downpayment is the biggest drawback and hindrance to homeownership for many younger generations. As it is becoming more difficult to save up in today’s economy, not having to pay for it is a benefit. Still, you won’t end up owning your home, which is why many choose against renting. But when it comes to young professionals who are starting their lives, probably in a new city away from their families, renting is a suitable option whether it is long term or short. Aside from downpayment, if you purchase a home, you also need to cover closing costs, appraisal fees, home inspections, insurance costs, taxes, and those mortgage payments. None of that is required from renters.
Living in a condo or apartment building comes with more neighbors than the one on your left and the one on your right. This lifestyle means more neighbors, which means more people will come into your life.That’s the rule of the numbers: more people living close to each other, higher the chance of seeing each other at least from time to time. Apartment living can bring new aquaintances or even friends into your life, and as for young extroverts, it can be paradise itself. There’s perks of having more neighbors, even if you’re not that social, because there’s always someone nearby, if you have a problem or need a hand.
Your neighbours might change often, as you might change apartments multiple times too. There’s always a nice flow of people around you, so renting an apartment can always bring surprises. Sometimes they will be unpleasant, but it’s part of the game. Imagine being stuck for life with neighbours you hate! If you’re renting, you can choose to change apartments without attachments or obligations, if the situation gets really bad.
Although it is possible to live in the same apartment for many years, the truth is it’s highly unlikely. Even if you’ve found a good place, there might come a time when the landlord wants to sell or renovate, and you have to move out. There are undoubtedly many benefits coming from living in the same place, if it’s a good apartment, in a good location, serving your life goals, and, most importantly, you like it there. While a change can be uncomfortable, it’s worth considering that it can also be good for you. A change can come as a very refreshing thing in your life, keeping your mind open and encouraging you that it’s good to get out of your comfort zone from time to time. And who knows? The new apartment can end up being even better than the old one, so staying open and curious about what life brings your way is definitely good.
There are many other reasons why people choose apartment living over homeownership. Access to amenities provided in the apartment complex, a diverse social circle, and proximity to exciting activities in big cities are just a few others that are worth considering. Still, the benefits of apartment living should be taken into consideration based on the individual’s needs, financial possibilities, and plans for the future. If financially able and with no plans to relocate for the next five to ten years, homeownership shouldn’t be avoided even simply as an investment opportunity, but make sure you consider your motives and make an informed decision before you sign the lease.