Back in the day, owning a home was a symbol of maturity; you were out of college, working hard and living the American dream.
Today, the American dream may have lost some of its luster for a new generation that wants or may need to be more mobile, have more discretionary income and not be tied to a place that may one day need a new roof or furnace.
Nationally, home ownership rates have steadily declined and are dropping most rapidly among younger people.
Whether it’s a sign of economic times, the result of homes lost to foreclosures, more stringent financing rules, new and more upscale rental properties or a fundamental sea change for the American dream remains to be seen.
The belief that home ownership is a form of savings and preparing for retirement has become a myth.
Home values have dropped, qualifying for a mortgage is harder than it used to be, and people need and want to be more mobile. They don’t want to be tethered down to home ownership.
And the new generation of apartments in Glen Allen, VA can now provide the same lifestyle and sense of community as a single-family home.
Today luxury apartments in Glen Allen have many apartment amenities, a clubhouse, swimming pools, fitness centers, dog parks and grill areas, and more to create that community feel.
Buying a home no longer makes sense for some people. Overall, the old home ownership habit is somewhat dated for some people. Housing is a choice and should reflect your lifestyle and priorities.
Excerpts from The Coloradoan