There was a time, not so long ago, when college graduates dreamed of a mortgage. Remember when “cocooning” was all the rage?
With an uncertain economy, the rise of social networks that redefine “community,” and more people moving to take jobs where they can find them, renting rules the Millenial generation. The new dream is a no-frills apartment in one of the new “destination living” communities, lush with multiple swimming pools, state-of-the-art fitness centers, volleyball courts and all kinds of apartment amenities.
For the first time since owning has lost its luster for the young. Since 2008, the percentage of young people who think that owning a home “is always better than renting” has fallen.
Renting an apartment in Charlotte has acquired a sort of cool respectability. Empty nesters got the same religion a couple of decades ago, when they began cashing out of their high-maintenance houses.
Some of the forces driving the change are cultural. “People are getting married so much later,” says Lucy Crow Billingsly, a Dallas builder. “They travel light longer.”
“It’s sort of urban and sort of suburban at the same time,” says Keri Walsh, a 28-year-old teacher who’s lived in a one-bedroom with her beagle for four years.
The young also gravitate to renting because mortgages are hard to come by and foreclosures blemish the landscape. No one wants to get stuck with a house or condo they can’t sell when there’s a job offer 2,000 miles away. Walsh says she thought of buying a townhouse condo, but then looked at the resale numbers. “There’s no stigma to renting anymore, and there’s just so much to keep you interested and busy in an apartment community” she says.
For more information on a one, two or three bedroom apartment in Roanoke, contact Pebble Creek Apartments.
Original article The Daily Beast