Renting a home used to carry a stigma that said "I'm struggling. I'm trying to save. Someday I'll own." While owning a home read "I'm an adult. I've got it together." This stigma seems to be dissipating with the millennial generation. It's a generation that sees renting as freedom.
In 2004 the US promoted a "Ownership Society" with relaxed lending causing an all time high of 69.2% of home ownership. We all know what happened next...the whole thing came crashing down.
One of my favorite renters SFGirlByBay via California Home + Design
It caused everyone to take a look at what they were chasing after and revaluate what a good investment actually is. Home ownership is now at 60% (not including those with delinquent payments who may be forced into renting soon). it seems as though the nation is trending back towards renting homes instead of seeking after owner-occupied housing. Some are forced to foreclosure and tighter credit requirements, others are simply choosing to rent.
One of my favorite renters SFGirlByBay via California Home + Design
One of my favorite renters SFGirlByBay via California Home + Design
Of course there are frustrations with renting as well. I would love to rip out the carpet and I'm getting very tired of the beige walls that we are contractually obligated to keep beige. I mentally remodel about once a week. But for now, we are renters, and we are happy about it.
How about you? Do you rent or own? How do you benefit from that and what are your frustrations?