Advantage And Advantages Of Millennials

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What comes to mind when someone asks what is the house of your dreams? Hardwood floors? Granite countertops? Or a home in a top rated school district? Millennials are in the processes or reviving the “American Dream” because millennials have high expectations. Millennials don’t just desire to own a home; they desire to buy a home which meets their long list of standards for a home. Millennials also desire to purchase luxury cars and spend a lot of money on entertainment. There are numerous advantages, disadvantages, and components that could cause or prevent millennials from becoming a homeowner. There are numerous advantages of home ownership for millennials. Buying a home creates flexibility for a home owner. For example, a homeowner can …show more content…

When one rents a home they are paying the monthly payment to owner of the home and cannot use any of this money in the future (2015). A disadvantage of home ownership in millennials is the home owner is responsible for all of the maintenance cost in the home. If the water heat breaks or is not working in a home, the home owner has to pay anywhere from $900-$3,000 for a new one in addition to the monthly mortgage cost (Martucci, 2017). When one rents a home, the renter only has to pay the monthly price for rent, and the owner takes care of the maintenance cost and duties. Millennials live a very busy lifestyle, if something breaks in their home, they have to take time out of their busy schedule to fix the issue, or schedule an appointment for a professional to fix the issue. The repair cost and time it takes to repair items in the home is a con of home ownership (2017). Another disadvantage of home ownership in millennials is a home owner can have their home foreclosed. If a home owner lost their job, is unable to pay the monthly mortgage payment, or sell the home in a short sale, the lender will then completely own the home. If a home owner is unable to pay their mortgage for three to six months (2015), they may be at risk for foreclosure. If a property if foreclosed, eventually a home owner may be forced to leave the property. If a home owners property becomes foreclosed it can be a very arduous for them because the home they worked so hard to get is

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