by Sydney Baker
Investopedia wrote an article fairly recently titled, "The Real Reasons Millennials Aren't Buying Homes." Not only did the title intrigue but someone really intelligent recently brought up a good point in relation to this. If we want to live missionally for the Lord, buying a home straight out of college is going to hold us back. Don't get me wrong investments into your future, and if you're married, your family's future, are great. However, take some time to yourself, or with your partner and explore. Don't just explore out of sheer beauty, or bragging rights, proclaim the Gospel abroad!
What better time then now young people! In one of my many interesting and highly debated Sociology classes, we discussed why people our age are scared to buy homes. Some say this is due to the economic peril in 2008 that left an imprint in our brains that buying a home equals debt. My father had always taught me growing up to buy , never rent, unless you're renting to buy otherwise it's a waste of a good investment. People my age often see a home as debt, and unnecessary. In some way, they may have a point.
Below are the top 5 reasons Millennials aren't buying homes-
1. They are not married/ partnered yet
2. Student Debt
3. Twenty Percent! "Remember that the bulk of the current 25-34 year old cohort started their careers during the financial crisis and early stages of the recovery, when the economy and labor market were fragile," Bank of America said. In other words, homes may be more expensive these days-
4. The Lure of Bright Lights- from 2004-2015 those in the age range 25-34 were more likely to rent over time as opposed to owning a home.
5. The Bottom Line- The ability to own a home has grown slightly more difficult for Millennials ( increased percentages) however, " data show that the myth of massive discretionary spending on entertainment and meals out is just that – a myth."