Generally, older adults see millennials as too laidback and relaxed. They point to their YOLO (you only live once) lifestyle as unsustainable. They judge this generation for not owning a home when they turned 25 years old. Unlike the Baby Boomers, millennials are having their own families older. Some millennials are already in their mid-30s and still don’t plan to start their own families.
The economic challenge of the time is one of the drivers as to why millennials are not too keen about marrying and having kids. That, and the fact that they can barely own a home with the rise in real estate prices right now. But in true form, millennials also found a way to get around this problem. Instead of a single-family home in the suburb, they are investing in and living in high-rise condominium buildings.
And why not? They can get preselling high-end condominium units for a fraction of the price of a detached home in the suburb. Sure, they don’t have a backyard where they can play catch with their golden retrievers, but millennials can adapt to this lifestyle very well.
Affordability and Maintenance
The first reason why millennials want to live in condos is because of its affordability and easy maintenance. Houses in suburbs can amount to around $250,000 and up. Condominium units are more affordable at an average price of $231,000. You can get something more affordable than that, depending on the location of the condo and the amenities that come with it.
Another important thing is that condominiums demand less of your time. Most condo units are just 1,200 square feet. That is far easier to maintain than the average size of a single-family house, which is 2,623 square feet. Millennials don’t want to spend their time mowing the lawn and trimming the hedges. They want to build their careers, mingle with their friends, and find the love of their lives. They want to go traveling, and not maintain living spaces.
Condo living offers many amenities that single, detached homes simply don’t. In a condo, you can have access to swimming pools, spas, saunas, fitness justifys, game rooms, restaurants, laundromats, libraries, and more. You cannot have all these things in the local community justify. But in condos, these are part and parcel of the offer. Developers attract millennials with these cool features and amenities.
Most condominium buildings are in urban cities. Millennials may be seen as laidback and relaxed, but they work as hard as anybody. They are building their careers, volunteering during the weekends, and socializing nonstop. They need to be in the thick of the action. That’s why they prefer to live in urban jungles rather than in the suburbs. Condominiums are the cheapest option when it comes to city living.
Millennials have less savings and less income than other generations. Even Generation Z earns better at their age compared to millennials. This new crop of youngsters knows how to design and develop websites. They offer their services for a price. Millennials did not have that opportunity.
They are always working within the confines of their budget. Condos are not only affordable, but they are also great for one’s everyday living expenses. Since it’s tiny compared to detached homes, it’s easier to design it the way you imagine your dream house to be.
Millennials are also thinking about the future. While many of them are into this YOLO lifestyle, that does not mean they’re irresponsible when it comes to investments, businesses, and money matters. They see real estate as a solid investment. So even if they decide to move to the suburbs or accept a job abroad, they know they can easily rent out their condo units.
The earning potential of condos is higher than residences in the suburbs. Plenty of urbanites want to live in condos, but many of them don’t have the budget yet to invest in one. Millennials can create a source of passive income from their condo investments. They know that their money will not go to waste. And since they are also concerned about their retirements, they are always looking for things they can invest in. Condos are one of those things.
But fret not, millennials are still optimistic that they will someday own a home. A National Housing Survey showed that 96% of millennials plan to own a house one day. Condo living for them is a great investment right now, but that doesn’t mean they have no plans of settling down in a suburban home one day.
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