Home ownership is a goal for millions of Americans, but many millennials don’t see home ownership as the end game for their financial and familial future. Owning a home certainly comes with many benefits, but there are quite a few reasons living in a Seattle apartment might make more sense and may even offer some advantages over owning a home for the average millennial buyer.
Apartment Living Comes with Amenities and Luxuries
Your first home – which you might label a “starter home” – probably won’t feature a significant number of luxuries unless you win the lottery and place a million dollars down on a beautiful residence. Getting luxuries like security monitoring and a pool are much more affordable in an apartment than in a single-family home.
According to Impressive Interior Design, one of the biggest plusses to living in an apartment is all the conveniences and luxuries you get for an amazingly low overall investment.
“Unlike houses, modern residential complexes come with specific conveniences, such as stores, gyms, pools, gardens, laundry facilities, and 24/7 security monitoring.”
Your apartment might even sit in a more convenient location for things like grocery shopping, entertainment, and restaurants. If you live in a neighborhood of single-family homes, there’s a good chance you’ll have to drive somewhere every time you want to do anything outside your home.
If you search for an apartment instead, you can often find options that are just blocks away from the grocery store and which don’t require you to get in your car every single time you want to do anything. Using a car less often is great for your wallet and a terrific choice for the planet.
Homes in Your Area Might Be Over-Valued
One of the scary things that can happen when you buy a home is that the market falls into a recession and the value of your home dives with it. If you buy a house for $300,000 and it’s only worth $250,000 in five years, you’ll spend years paying off a mortgage to own your house where you don’t even have any real equity in the home.
Owning a home is a long-term investment that’s supposed to reward you with equity and the buying power to upgrade your house (if you wish) or move into another, bigger home in the future as your family grows. A volatile housing market and over-priced real estate can make the value in your new home evaporate and cause you financial troubles for years.
Your Apartment Won’t Require Maintenance Time or Money
When your air conditioner or heater breaks in your house, you have to call someone to fix it or figure out how to fix it on your own. When anything breaks or is on the fritz at your apartment, you simply have to make a call to the maintenance crew, and they’ll come to fix the problem, free of charge.
While you might find yourself unclogging the occasional toilet and performing general cleaning duties in your apartment, none of your duties will include spending money on replacement parts or completing complex or dangerous repairs. Don’t worry about the roof in your apartment; worrying about maintenance is your apartment manager’s job, not yours as an apartment dweller in Seattle.
Enjoying a worry-free lifestyle where someone else takes care of the maintenance issues is nothing if not attractive to busy, urban millennials who work hard and want to play hard rather than spend time fixing the shingles of their house.
Find Your Seattle Home at City North Seattle
Seattle offers its residents all sorts of home experiences, from high rise condos to single family homes to cozy apartments. If you’re thinking about moving into an apartment in Seattle and want to find the perfect new home, we’d love to see you drop by City North Seattle for a tour. Get in touch today with any questions you might have about our apartment units and for more information.