I read an article fairly recently that referred to people in my age range as the “rent generation”. We are, apparently doing two things – not buying houses as much (clearly) and living closer to the city, instead of the burbs. This seemed very accurate for our situation.
First off, I love loving in the city and being close to things. The suburbs seems way too far away to me! Why live 45 minutes to an hour away when you can just live here? There’s so much to see and do, and so much delicious food! And, a short commute is probably the most tempting reason of all. It takes me maybe 25 minutes to get to work.
But buying a house in the city is expensive. Well, buying a house in general is expensive these days. We’ve talked about to, and come to the realization that most of the desire to own a home (for me) comes out of being told that’s what you’re supposed to want. Your American Dream isn’t complete until you have a house with a backyard the kiddos can play in. Well, I have no kiddos and I’m really starting to think that maybe my 1,000 square foot apartment inside the loop is exactly where I need to be.
I won’t lie though, finances definitely play in to this. While it’s generally been said that if you’re renting for more than few years, you should just buy, I’m not really sold on that. For one thing, I don’t have to pay for anything if it breaks. Also, the taxes are so high on a house near where we are, we would have to move out to the burbs. I’ve already mentioned I don’t want to do that but what about gas money, car repair etc? I’m not sure I’m buying into a cut and dry “buy ah house, it’s cheaper” type argument. And, a down payment is a lot of money! I know I’m not alone in the fact that I already owe quite a bit of money on my student loans. It seems silly to save up just to put all that money on a down payment for a house and still be paying off the student loan debt.
Not to knock having a house. It seems several friends my age just bought their first houses. And it’s awesome. But I do see more young people renting vs buying. I think it makes more sense for a lot of us. Things are changing and there isn’t an exact formula on how to make it work.