While plenty of millennials would love to buy real estate in Downtown Boston, there are just as many—if not more—who find renting is a better option for them. Wondering why so many young professionals are shirking home buying? Read on for the top reasons millennials love renting in Downtown Boston.
Less Debt
First and foremost, owning means going into significant debt. Although purchasing a loft or condo in Downtown Boston, is a great investment, young professionals saddled by student loan debt (roughly 70% of students have loan debt, and the average amount is just under $30,000) often can’t save up enough to make a down payment.
Fewer Responsibilities
Down payment and other upfront costs of ownership of a Boston Midtown condo aside, being a homeowner also comes with numerous other ongoing financial commitments from taxes to insurance, utilities to maintenance costs. When millennials rent, many of these costs are included in their rent, and they don’t have to worry about coming up with the cash if the dishwasher goes out.
More Amenities
Many condo communities in Downtown Boston feature amenities like swimming pools, spas, fitness centers, great rooms, lounges, on-site maintenance, secure parking, and some even have a concierge. Of course, complexes with more amenities tend to also have higher rents. However, for millennials, having access to the amenities and the cost rolled into rent instead of separate memberships often makes renting in Downtown San Diego worth it.
Flexibility
Downtown Boston is a great place to live, especially for millennials. But in an economy that still can’t give millennials the job security once available, renting gives young professionals the ability to pack up and move for career opportunities without the hassle of selling or renting out their loft.
City Life
The biggest reason millennials love to rent in Downtown Boston is simply because they enjoy the urban lifestyle.
Whether you’re looking to rent or buy, the Downtown Boston real estate agents at Ford Realty can help you find your dream home. Check out our inventory or give us a call to start your property search today.
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