The article has been automatically translated into English by Google Translate from Russian and has not been edited.

Why Americans are less likely to buy homes

'24.09.2017'

Source: USA Today

The number of people buying homes in America has reached its lowest level since 1960's: most US residents rent property, preferring not to invest money in it. USA Today 4 leads the development of such a trend.

Photo: depositphotos.com

1. Americans find buying a home too tiresome

The study, which was attended by more than 2000 residents of the United States, shows that 71% of Americans consider the process of finding a home, its choice, registration of transactions and other troubles too complicated, tedious and stressful. The transaction process usually takes more than a month from the moment of signing the contract to the day when you become its real owners. If you need rent, on the contrary, everything is very simple - you need to look at several houses, sign a form and an insurance deposit and enter a new home within a couple of days.

2. Difficult to agree on the amount of the first installment

70% of Americans think that today most people need to rent housing before the age of at least 30 years - only by this time they can save enough money for the first payment. In fairness, many people incorrectly believe that the first installment needs 20% cost. In fact, this is the best option, but you can take housing and mortgage just 3%. In fact, the average first home buyer gives the entire 6% of the amount.

3. Millennials Prefer Experience Over Property

Millennial Americans have seriously overestimated the values ​​of life - and now they choose experience and experience instead of investing in real estate and things. This applies to the 18 to 35 age group. Whereas the previous generations attached more importance to property. 50% of all “millennials” and only 26% of Americans over 45 have such priorities.

4. US residents are much more likely to change jobs and move

If the 30-50 years ago, the average American changed his place of residence in connection with his work every few years, and even never, then today the people of the United States are much more mobile. You can get a good offer in the neighboring state, and then you will have to sell the purchased house - it is long and difficult, and buying the next one, which is also not easy and quick. Therefore, it is much easier to rent a home, quickly leave the place and move into new homes.

And yet, buy or rent?

Despite the trend, it is worth noting that more than 60% of Americans live in their own homes. US residents have not yet become a nation of tenants, as it may seem. There are plenty of reasons to own your home, but your choice will always depend on the conditions of your own life - and you have the right to it.

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