Why Many Millennials Are Choosing Seattle Apartment Living
Posted by admin 04.26.18 11:05 am admin
Moving into a single-family home with a mortgage and all the benefits of homeownership is a goal for millions of Americans. However, many millennials are opting for apartment living rather than getting into the home ownership game.
For many young people today, renting makes sense financially, and it also offers certain freedoms that aren’t available when you pay a mortgage each month.
Many Millennials Consider Apartment Living More Affordable Than Mortgages
Buying a home in certain markets does make sense for some families who have children or when there is the expectation of a healthy income and steady employment in an area where houses are affordable. For many millennials, however, renting in a place like a Seattle apartment is a less expensive and more rewarding option.
“By far the most popular reason renters gave for choosing to continue renting was that the monthly cost of renting is more affordable than buying. In fact, four out of 10 renters gave affordability as their primary reason for choosing to rent. But affordability isn’t just a factor for deciding between renting and buying– it’s also one of the top priorities for many renters when searching for a new apartment.”
Not only are millennials staying in their apartments because they’re more affordable than paying for mortgages, but they’re also remaining renters because it’s easier to budget for food, utilities, and entertainment with a smaller rental payment rather than a mortgage payment that takes a significant part of every paycheck.
Renting a Seattle Apartment Makes it Easy to Make Last-Minute Decisions
When you own a home, traveling or making changes to your life requires quite a bit of planning and preparation. Just going on a vacation may mean getting a house sitter, finding someone to pick up the mail and the papers while you’re gone, and dealing with all sorts of other issues before you leave.
On the other hand, renting an apartment usually means leaving whenever you want – whether that’s for good to another city or for just a few weeks on a vacation – which is important to millennials who enjoy travel or who are more likely to find a job in a different city with more regularity than Baby Boomers.
Millennials are Even Adopting “Co-Living” Arrangements
One of the most interesting developments in the way in which millennials have chosen to live is in the “co-living” arrangement where adults actually live like college students in spaces that could be considered college dormitories. Some millennials have chosen this lifestyle because of the frequency with which they’ve had to change jobs.
“Switching jobs often comes with switching cities, and that comes with switching housing. It’s rare to find the Millennial that hasn’t spent hours scouring Craigslist for that perfect place to live: the right price, the right location, the right people.”
While these living arrangements probably aren’t for everyone, living with roommates is often a lifestyle choice Millennials make because it’s less expensive in many cases to have a roommate in a two-bedroom apartment in Federal Way than it is to pay for a one-bedroom apartment.
Find Your Choice of Seattle Apartment Home at the ClockTower Apartments
We know you have ample options for apartment living, and we’d like to think our contemporary and spacious apartment homes offer one of the best apartment experiences in the city. We’d love to welcome you on a tour of your future apartment at ClockTower. Get in touch today to arrange a visit.