With Millennials facing an unemployment rate of more than 8 percent and $1 trillion in student loan debt, they're increasingly renting instead of buying homes. In fact, the true homeownership rate for 18-34 year olds has fallen to a new low: 13.2 percent. But finances aren't the only reason for the dip in homeownership. As seen below, Millennials are recognizing the many benefits of renting -- including reasons that have nothing to do with money.
MIllennials Favorite Things About Renting
Millennials Embrace the Advantages of Renting
Many apartment buildings feature free amenities that would come at a significant cost for homeowners. These range from obviously visible perks like electric car charging ports, gyms and movie screening rooms, to the subtle, such as concierge service and cell phone reception in all areas of the building, including the underground garage -- a boon to Millennials, many of whom don't have landlines.
Millennials are drawn to the community and shared spaces in apartment buildings. With limited budgets in urban locales, including places where studio apartments can be smaller than 400 square feet, younger renters are enjoying common kitchens or coffee bars, libraries, and rec rooms.
The ultimate benefit of renting may arise from the flexibility of leaving for any reason, especially career reasons. Millennials tend to change jobs three times more often than their older counterparts and stay with
There's a lot of work that goes into maintaining your own home-yard work, standard maintenance and repairs, and important upgrades. Plus, if something major like a furnace breaks, it's on you. Renters are able to keep home maintenance out of their budgets, and out of their weekend to-do lists. For Millennials with active lifestyles, having fewer things to do around the house can have a huge upside.
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Millennials -- what are other reasons you love renting? Tell us!
Sandie Angulo Chen is a movie critic, entertainment reporter, book lover, mother to three budding cinephiles, and a paid expert on what movies will give kids nightmares and what books teens will love.