You probably grew up thinking that you should get a job, have a family, and buy a house, right? Chances are you’ve probably always thought that renting was for college students and young professionals, but in order to really settle down, you had to own your home. Well, home ownership is moving out of the norm and can actually be a bit risky in today’s economy.
Throughout this year, we can expect that trends will change, especially when it comes to renting your home. The tools available to renters will even evolve as the year goes on. So, what does this mean? Should you move out of your house and into a rented apartment?
New American Dream
Renting used to be a last resort, but today it is actually more financially responsible in some areas. Today, we see more and more people moving into apartments and renting by choice rather than necessity. As the housing market continues to flip flop, many Americans are losing valuable equity in their homes. Fiscally responsible people will begin to view the American dream a little differently – focusing on happiness and health rather than owning a home.
Lifelong Renters Will Start Buying
However on the flip side with home values continually declining, we will also see a lot more people who have been lifelong renters, buy homes. As jobs grow, the housing market may still continue to decline, even in some of the few appreciating markets. Interest rates will also be an attraction for those who have never bought a home and can afford it. You’ll see plenty of people moving from apartments and into their own homes.