A recent study by a major player in the finance market has revealed that the
patterns of renting and owning a home have changed dramatically in the last
decade. Ten years ago, most adults under the age of 35 aspired towards owning
their own home. They saved diligently and looked forward to being able to buy
a house. But thanks to the economic recession, owning a home is beyond the
reach of many young adults and more than half of adults 35 are under are
currently living in rental accommodation.
Seismic Shift in Attitudes
A decade ago, if you didn’t own your own home by the time you were 35 there
was something badly wrong. It was the accepted path through life, along with
getting married and having 2.4 kids. However, the study results have shown a
very different pattern of thinking amongst the 35 and under generation.
Renting is the Way Forward
Renting is considered to be normal and many of those questioned said they
preferred to rent rather than buy. Reasons cited included the benefits of not
being tied to one place and the ability to check out a neighbourhood for long
term potential before committing to the financial pressure of a mortgage.
High Property Prices
So the pattern of behaviour would suggest that rather then renting homes
because there is no other option, many under 35s are actively choosing to rent
a home instead of buying one. High property prices and the difficulties
involved in obtaining a mortgage are clearly a factor, but it seems that they
are not the piece of the puzzle.
