A house in the suburbs (white picket fence included), a job in the city, a big car, a wife, 2.5 kids, and a dog all used to be considered part of the American dream that generations past relentlessly chased. However, the times, they are a changin’ and that version of the American dream is slowing becoming a distant memory.
The house in the suburbs has been replaced by beautiful apartment buildings in both historic and up and coming areas of sprawling metropolitan areas, the job in the city has been replaced by telecommuting, the big car has been replaced by smaller, smarter cars, and the wife — or spouse for that matter — is non-existent as people are getting married later in life. As for the 2.5 kids and the dog, well, you get the idea.
Owning a home was once considered synonymous with “having made it” or in other words, being successful. Whereas renting lofts and apartments was considered a poor financial decision, as paying rent was thought of as wasting money. Now however, more people, including families, are choosing to rent a loft apartment as their home. In fact, developers are racing to keep with the demand for new luxury apartments. As such, beautiful apartment buildings are springing up like weeds.
Why the change? The Great Recession complete changed the American mindset. Forced to cut back on or entirely give up lavish lifestyles, Americans soon realized they could get back on a lot less and were better because of it. They were happy. Though the Recession brought a great number of foreclosures and layoffs, it also brought about a great deal of ingenuity, as Americans began reinventing themselves and rethinking their lifestyle in order to start over.
As such, renting was reconsidered. On average, renting an apartment is far less expensive than owning a home. Home owners must pay for all utilities, repairs, and taxes out of pocket, while tenants are not required to pay for repairs or property taxes. These are included in the rental rate. Utilities may or may not be covered. However, renting allows tenants to enjoy the comfort of living in a home without having to commit to the longevity and expense of a mortgage. Ger more information on this topic here.