Owning a Home

Owning a home may have personified the American dream for decades but new economic and social realities are dictating new trends. More young professionals and families are choosing to rent or own Washington DC apartments over homes than ever before. Perhaps going against traditional wisdom, surprisingly, savvy economics is one of top 5 driving forces behind the trend.

Convenience
Many people choose to rent Washington DC Apartments over owning a home for the maintenance free convenience it offers. Leaving the household repairs and landscaping to someone else lets renters enjoy a few precious hours to enjoy life.

Affordability
Long term affordability is a primary concern for many renters. There are numerous hidden costs in home ownership beyond mortgages such as maintenance, property taxes, school fees and many others. Renting can put you in a very desirable neighborhood in which it may not be cost effective to purchase a home. Many feel that it is just savvy economics. Money saved in maintenance and taxes can be invested in a variety of ways that yields a higher return than property ownership.

Flexibility
Being tied down to one location is not an optimum choice for everyone. Washington DC apartments provide renters with a wide range of choices to meet their changing needs without having to change neighborhoods or leave behind the things that makes DC living so unique and desirable. Students can find affordable studio apartments close to school and work, while young professionals can find apartments suited for entertaining. Even growing families can find beautiful apartments with many amenities such as fitness rooms and pools, all without leaving the DC Area. When you rent, you can leave one location in favor of another with very little penalty.

Amenities
One way to live luxuriously without having to buy all the amenities is renting a luxury apartment. Living the high life does not have to mean going into debt when so many Washington DC apartments offer every amenity imaginable. Private pools, tennis courts, fitness rooms, meeting rooms, barbeque and other recreational areas are all available, without the high cost and effort of ownership. Having all of these amenities at hand may increase rent, but it is also offset by savings on things like fitness club memberships. Also, for some, the list of amenities is important if their job requires frequent entertaining.

Devaluing Home Prices
Another concern for many Americans is unstable home prices. One reason many choose to buy a home is the belief that home values always rise. In recent years we have found that is not always true. Renters never have to worry what their home will be worth when it is time to move, or the hassles of managing it while maintaining another residence. many Washington DC renters are choosing to put their money in more stable, interest earning accounts and forgoing the conventional wisdom that home-ownership is the prized for of financial security.

Owning or renting is a serious decision and one that should be given much thought. While, home values do increase in the long term, as humans, we are circumstantially forced to live in the short term. All of those factors should be considered.