To millennials, the “American Dream” is too far to grasp. The idea of home ownership seems impossible, but many millennials still aspire to one day own a home. Millennials desire to one day own their own homes because it would increase their standard of living. Many millennials want to have larger spaces for their pets or children. Home ownership provides these spaces as well as provides outdoor areas for their beloved pets and children to use. Another positive aspect of home ownership is the ability to move away from living spaces that stifle creativity and have large amounts of rules. Many millennials are stuck in apartments that don’t allow millennials to paint the walls, redo basic floor plans, or add in different carpeting. On occasion …show more content…
One of the biggest factors millennials face when buying homes are finances. Most millennials struggle with student loans and do not make significant salaries. The price of buying a home and then up keeping it is just too much for most millennials to bear. If the price of homes were to decrease millennials would be more likely to go into home ownership without reservations. Secondly, many millennials desire being close to cities, places of nightlife, and their places of work. Living in apartments in the middle of cities has become a habit for millennials and homes that are far away from these places make millennials apprehensive. One factor that could change the amount of home ownership is if homes became available closer to city centers. Additionally, homes that were far from city centers, but have easy access to public transportation or highways into the city would appeal to millennials. Lastly, millennials are used to living in upscale modern apartments. Many homes today were constructed many years ago and do not hold to the modern style. Additionally, older homes have more problems like piping, paint, and old insulation that millennials would have to worry about. Millennials would be more likely to consider home ownership if the homes they were looking to buy were new construction projects. This way homes are new and modern which appeals to the taste of …show more content…
There are downfalls to home ownership that millennials are aware of. One downfall to home ownership in millennials is that owning a home creates a long-term commitment. Once a millennial owns a home they have less ability to change their job, pick up and move somewhere new, or change their relationship. If a millennial owns a home they can’t decide to change jobs to a location that’s four hours away without having to go through a large moving process. If they choose to rent they can wait for their agreement to be up and then just move out without any hassle. Additionally, if a millennial owns a home they can’t decide to move to a different state or country without having to go through the process of selling their home. Millennials are still young and able to make fast decisions of action and having the flexibility to say, “Next month I’m moving to Canada” is something they desire. Lastly, millennials who are not in committed long term relationships could get into trouble buying a home. If a single millennial buys a home and then finds a partner who wants to move, the process of selling their house would be stressful. Additionally, many single millennials do not want to seek out significant others who own homes because home ownership usually implies a level of maturity, stability, and life direction that not all millennials have. Therefore, it makes more sense for millennials in some
Keli Goff declares in her article, The American Dream is Dead and Good Riddance, that the original American Dream is no longer on the minds of most Americans. She insists that most Americans no longer pursue the ideology of a nice house, educated children, and decent car that once fueled the ambitions of generations that have come and gone. A large number of people live alone in the U.S today with no children. With that being said, it’s statistically spoken that the dream is dying even though most of those loners want to direct their dream in the direction of a partner and children. Goff proceeds to ridicule the home ownership portion of the dream by pointing to a mortgage “meltdown” that came from the pursuit of home ownership by those who
While homes were primarily owned by upper class Americans during 20s, the 2000s gave rise to
Millennials are accused of being tough to manage, behaving entitled, unfocused, lazy, narcissistic; however, they seek to have a purpose that they love and make an impact. Yet, the more they receive, they are not happy. Sinek jokingly states that they could be offered “free food and bean bags, because that is what they want, and they will still not be happy.” According to Sinek, there is a missing piece for millennials, furthermore, he goes on to say there are four characteristics that make millennials the way they are, “parenting, technology, impatience, and environment.” (2016).
As the lease of my apartment is coming to an end it had me thinking of achieving my own American Dream of home ownership but as I do my research I find the dream is far from coming true. I am sure that the issue of housing prices and rent rates are what most of us Bay Area residents talk about and debate. It is an issue that needs to be addressed by the officials of the area, city mayors, affordable housing committees, social justice activists,lawmakers, and even employers. Skyrocketing prices, low inventory, and investors’ bidding wars are not only pushing the middle and lower classes out of San Francisco and the Bay Area out but will completely eliminate them.
They want financial freedom from their debts and their bondage to hourly work. They want spiritual freedom from corporate materialism and working for companies they don’t believe in. They want the freedom to work hard doing what they love, rather than working hard simply to pay for a comfortable living arrangement. Many Millennials are now graduated from college and facing the impenetrable job market. And instead of choosing to fight for the ridiculous, and oddly demanding dream of their parents, they are seeking a humbler way to develop communities and construct society - and in less expensive communities, they are finding interesting ways of achieving
When you buy a home it brings the sense of accomplishment and pride. It is also a chance to express your style and personal taste. You can enjoy freedom with home ownership.Buying a home also lets you have insight as a part of a permanent community. On the other hand, in a rented apartment or home, one might feel temporary and less
On average, the typical millennial needs constant feedback on everything they do, and want to share their entire lives on social media. They want everyone to see their accomplishments. This differs from some of the older generations that may value their privacy and do not want to have their entire lives placed on the Internet. According to the “Millennial General Research Review,” Millennials are considered more accepting of other races and cultures compared to the previous generations. The Millennial generation puts more emphasis on trying to be culturally and racially accepting towards everyone. In addition, they are able to multitask better then any of the other generations, changing from task to task at an extremely accelerated rate and receiving their current information from technology like the internet and television as compared to other forms that were previously popular (“Millennial General Research Review”). Overall, Millennials have many defining characteristics that have helped shape them to who they
The real costs of home ownership Because of the high prices of homes in the United States, people often focus on only the buying price when considering the costs of owning a house, and neglect many other aspects of home ownership. A house is not your regular item that you buy, store or use for a limited amount of time. Houses come in a package with upkeep costs and taxes, and it’s wise to take these into account when analyzing your finances. The average cost of a house is estimated to be around $200,000 in 2013. As such, it’s no wonder people are distracted by such a significant amount and overlook other aspects.
Buying a home can be an exciting experience for anyone. However, in some cases you just might be better off continuing to rent your home. There are many advantages to buying a home. However, it is not for everyone and buying varies from individual to individual. Currently more people are leaning towards renting but this could change in the near future.
More than 30 percent on housing and persistent inequality in housing and employment opportunities has gone down. That has created a significant lower homeownership rate for African -Americans and Latino families. Many people believe that the mortgage rates in America is threating the confidence of homeownership. I strongly believe that statement is true because seeing what foreclosure has done to Americas economy it tends to drain and disrupts a person state of mind of striving and going for what they want. It mentally crushes them which later leads to sorrow and sadness emotionally.
Having a house and having a home used to coincide. Families used to live in the same house for generations, but now the sentimental value of having a house has changed. As Quindlen puts it, “There was a time when where you lived often was where you worked and where you grew the food you ate and even where you were buried. When that era passed, where you lived at least was where your parents had lived and where you would live with your children when you became enfeebled” (Quindlen 215). However, over time even that changed. Now we have grown to live in a house and then move on like it was nothing. Sentimental value for a house has dwindled. Quindlen demonstrates that “suddenly, where you lived was where you lived for three years, until you could move on to something else and something else again” (Quindlen 215). However, for those without a house, they would give anything to have that sentimental feeling that used to come with having a house. But that’s just the problem; for most a house and a home no longer coincide. We can own a house but not have a home, or vice versa. After all, “Home is where the heart is. There’s no place like it” (Quindlen 214). People can have a home without having a house. A home simply means having a family,
“We need to teach the next generation of children from day one that they are responsible for their lives. Mankind’s greatest gift, also its greatest curse, is that we have free choice. We can make our choices built from love or from fear.” -Elisabeth Kubler-Ross
A house is simply a structure where one lives, sleeps and eats. A home is a structure accumulated with love, memories, and lessons learned. “Homes have stopped being homes. Now they are real estate.” (Quindlen) These structures are no longer viewed as places of experience and reminiscence, they are given a literal and unemotional purpose. Perhaps the reason as to why nearly one million people are homeless is because they are no longer provided with the pure substance of what a home represents. A home is “everything” , one cannot be a fulfilled individual without one for it offers a sense of self, demonstrates a loving relationship and provides an unfailing feeling of entitlement.
Buying and owning your home is part of the American dream. Although the dream itself has since changed, the home still remains the main focal point. Today owning a home doesn’t necessarily mean a house. People now buy duplexes, cooperative apartments, and condominiums. For some families it could take up to a couple of generations before it’s able to have the capabilities of buying a home. To many people it means a certain achievement that only comes after years of hard work. It is a life altering decision and one of the most important someone can make in their lifetime. The reasons behind the actual purchase could vary. Before anything is done, people must understand that it’s an extraneous process and it is a long term project.
A simpler, easy-going way of life is being adopted by people young and old, single and married, employed and not so, across the nation. Tiny houses are residential buildings typically less than 600 square feet – larger than a shed, but not quite big enough to be called a cottage. They have nearly all the facilities and rooms a regular home has, but in a more compact area, without all the “excess” space. This trend of down-sizing, also known as the Tiny House Movement, isn’t a new one. Rather, it’s the revival of a past idea. In the 1950’s the average American single-family home was 980 square feet. As of 2009, that average has increased by 275% to an enormous 2,700 square feet. Garages take up about 15% of that size while appliances fill another 10%. American refrigerators are double the size of those in Europe, and use enough energy to power six televisions for 10-12 hours per day (Strobel). The purpose of tiny houses is to reduce the amount of space in one’s home in order to reduce the amount of clutter in one’s life – to realize what is a w...