Archive for the 'Boston' category
Renting is the New In Way to Live
There was a time in the not too distant past that college students were clamoring over each other in order to buy their first home and ‘grow’ into it, complete with spouse and kids. Ya know, two-car garage, big Volvo and a dog that never barks. Times have changed – with the economy a bit rocky and people moving into “up and coming” neighborhoods or fixer uppers to save cash renting is hotter then ever. Young professionals and college students alike are trading in their white picket fences for ‘destination living’ communities, complete with shops, cool cafes and even swimming pools. #Boom!
A survey conducted by the Center for Behavioral Economics at the Federal Reserve of Boston found that since 2008, owning a home has lost its allure among young people. The new epic dream? To rent a no-frills apartment in a community where shops and cafes are just a few steps away. How quaint.
Culture also plays a part in the change. With people getting married later in life and having kids later, it makes sense that home buying would also happen at a later stage in life. Young professionals don’t want to be mowing the lawn or doing house maintenance on the weekends when they can go out with friends. Assets are considered clothes, travel destinations and virtual goods, not homes and Home Depot stuff.
Planned community living has become the new reality for many young people, as they witnessed what happened to their parents, grandparents and seemingly half of the population. Why go through the pain of foreclosure when you can stay mortgage and debt free?
PS. With apartment renting so hot, so is a gig as a real estate agent. Email Ben Robbie <benjamin@benjaminapartments.com> to inquire about putting your sales savvy skills to work!
