Back in the day, the American Dream included a 9-to-5 job, a homemaker wife, 2.5 kids, a dog, and a house in the suburbs with a white picket fence. Oh, how times have changed!
Although the real estate market has made a strong comeback in the some 8 years following the Great Recession, Americans still aren’t convinced, which means that home in the suburbs has been replaced by lofts and apartments.
Rental rates in both metropolitan and suburban areas have continued to steadily increase in recent years, as more and more Americans are defining what the American Dream means to them. In fact, the entire idea of the traditional American Dreams seems grossly outdated.
Millennials — those born starting in the 1980’s and beyond — have reinvigorated the rental market with their energy and demands: affordable lofts for rent that are conveniently located close to public transit and area entertainment. However, millennials aren’t the only ones who are interested in renting the best apartments, baby boomers are on board too.
Having been badly burned by the Recession, many baby boomers are choosing to forego their homes in the suburbs and instead rent luxury apartments in planned communities catered towards their needs.
It’s easy to see why rent rates have increased. For example, lofts for rent provide all the comfort, convenience, and privacy of living in a home without all the added expense, hassle, and stress of actually owning one. Home ownership is expensive, there’s no doubt about.
Unlike tenants living lofts for rent or other luxury city apartments, home owners must pay for any and all costs directly out of their own pockets, meaning costly repairs such has water heaters or furnaces must be paid by the owner. Ouch.
Coupled with taxes, home renovations, and other expected and unexpected costs, owning a home can add up quickly. Find out more about this topic here.
