More People Are Renting

34.2% of people in the US rent, but can you believe that 66.7% rent in New York? Most rental units are occupied by people under the age of 35. It’s difficult to purchase a home since you’re required to pay a down payment, which is usually a huge sum of money to show your ability to afford the house. With rent and home prices increasing and income remaining the same, it makes sense that people cannot afford to own and opt for renting. Don’t let the fact that you may have to rent deter you, it’s normal for new graduates to rent, and there are many pros to come alongside it. 

Pros:

• You won’t have to take on debt that rising interest rates, property taxes, homeowners insurance, etc might cost you. Usually, when you get the rental version of this it’s much cheaper 
• Less strict qualifications to be approved for a rental unit
• No commitment complications because leases are typically only a few years

Cons: 

• You don’t get the same benefits as a homeowner would regarding building equity, tax deductions, property values increasing
• Low security; your landlord could decide that he would rather sell the home 
• Can’t upgrade the property to your liking