Many people are moving toward home ownership. It’s the American dream, isn’t it? With so many people looking into buying a house for the first time so they can own property, we want to focus on the statistics regarding home ownership and renting today. If you are somebody who rents and is looking to move into a home of your own, you may find these facts useful!
Home Ownership Facts and More
Did you know that the average American moves a lot? Perhaps you grew up in the same house, or maybe you were somebody who felt like you were moving constantly when you were a child. The average American moves about 12 times in their lifetime, and sometimes even more than that. Though many people own their own homes, in 2014 it was found that over 36% of households were renters. And, to go along with that, Harvard’s Joint Center for Housing Studies expects about 4 million new renters to start renting homes in the next decade! The number is growing, and more and more people are finding that renting works for them.
Why do people love to rent? Some people feel that it saves them money either because they struggle financially or because they are waiting for better options to come along. More than 50% of people who rent, according to a small survey, believe that renting is the best choice for them because it helps them live within a budget and have less stress. When somebody else owns the home and you just cover rent and utilities for the month, sometimes this does indeed lead to a less stressful situation than owning a home where anything could go wrong at any moment. 25% of renters are renters by choice because they choose to live in an apartment rather than a house at this time.
That doesn’t mean that owning a home isn’t great, however. Home ownership may come with drawbacks as you’re almost certain to spend more money, but you will have something you can call your own, like an investment. This is especially useful if you have a growing family and want to leave something for them in the future. No matter what you decide to do, from owning your home to renting, you should always consider what works for you on a financial level and what will give you room to grow in the future. If you’re happy, you’ll live in a happy home.