Now more than ever, renters are growing while the priority or dream of owning your own home is declining, due to convenience and availability as well as price. As the younger generation begins to move out into the world, it is important to realize the pros and cons or either renting or buying your new home or apartment.
In some cases, depending on area and location, it may be cheaper to buy full out, but in others, not even close. Research is important here, look in your area online and in local papers to find options for the right price and a place that will fit your needs.
While for many, the idea of homeownership is still without reach due to financial burdens and stress of a big payment like that. For others, the idea of home owning doesn’t make sense, as they would rather have the freedom, options and convenience of renting.
With the rising of the housing market as well as the shortage of smaller homes, more and more people are moving to the route of renting rather than buying for the simple reason of saving money.
Renters are able to have more freedom and control of their living situations, not being stuck at one place and having to pay off the high mortgage bills, they would just rather face a monthly rent.
For instance, more than 80% of Baby Boomers now say that renting is a better and more affordable option than buying a house is, compared to 75% of Generation Xers now on board as well. Both percentages have grown since last year.
Renting seems to be more affordable and fits more of the financial lifestyle that many young people face nowadays. With the cost of living going up, it is important to outline which areas of your life are the most financially important, with homeownership not making the cut, renting will do.
While the number of renters is growing throughout the United States, it is important that you keep yourself covered in these situations while moving into a new home or apartment. Having a good renters insurance plan will help keep you safe from accidents such as a robbery, fire or flooding. There are many great and affordable renters insurance plans throughout the Chicagoland area.