More couples are saving cash by opting to rent rather than buy. The American dream of getting married and buying the perfect home is becoming a thing of the past. According to Zillow.com, apartment community vacancy rates have fallen from 8% in 2009 to just 5.6% at the end of 2011.
One new couple who bought a home just after they were married say, “You get married, buy a house, have kids, that’s the American dream; buying a house was the next step."
They thought the home would be a good investment, but looking back they admit that they didn’t know what they were getting into.
The job market puts the perfect newlywed home on an unsettling market. No matter what happens going forward, they will lose money on the house, “it has been 6 months, and we’ve got nothing. It’s a great house but we will have to take a hit just to sell it and just to get it out from under us so we don't have that financial burden any longer."
If young couples are thinking about buying a house that they need to be prepared to make a long-term commitment. If buyers cannot commit to settling down in the area they are looking to buy, you’re better off renting, “Renting offers flexibility and freedom and you can call someone else if something breaks or goes wrong.”
Many cities are seeing a big uptick in rentals. Renting an apartment in Lynchburg in this economic climate offer some big opportunity, “Renting is a way to have what you want right now without having to wait until you can afford it."
It afforded us an opportunity to live in an area where you could never afford to purchase a house.
Original Article - Fox