From cars and apartments in Roanoke to clothing and furniture, huge numbers of the "Recession Generation" (20- to 34-year-olds) are choosing to rent their possessions, according to Bloomberg.
It's understandable -- in the wake of the Great Recession, the jobless rate has topped 8% for three years, student-loan debt totals $1 trillion, and among those able to get jobs right out of school, the median starting salary is a measly $27,000. All while the real costs of many everyday goods have risen.
Does it make sense to rent long term, rather than buy?
Rent vs. Buy: A Home
Many say buying makes more sense than renting. Except when it doesn't.
First, you have to qualify for a mortgage, which may not be easy for those drowning in student loans or who racked up credit card debt during their college years (or years searching for a job). When you rent apartments with HHHunt apartment homes, we report your timely rent payments to credit agencies to help you build your credit score.
You'll also need to have a down payment, which, for most, is the difficult part. As Trulia's chief economist explains, "It may be cheaper to buy than to rent in a particular city, but it takes more than 8 years to save enough for a down payment."
So while buying a home is what many expect, it may not be a feasible choice if your finances are in turmoil -- or if you want the ability to easily move.
For information on renting an apartment in Roanoke, VA contact Honeywood Apartment Homes.