Home News Will Homeownership Soon Be A Thing Of The Past? The Strategy Millennials Are Using To Enter Real Estate Market

Will Homeownership Soon Be A Thing Of The Past? The Strategy Millennials Are Using To Enter Real Estate Market

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As the economy teeters on the brink of recession, Potential homebuyers struggle with high interest rates, low affordability, and overpriced housing I am asking myself how I will build the assets I need to buy my first residence.

According to the Consumer Insights Report, published by tech-enabled real estate company Mynd, millennials have found the answer.

More and more young people are prioritizing ‘renting’ over owning a home.

Also read: Will Mortgage Rates Exceed 10% in 2023?

What is rent vesting?

According to Mynd, 43% of adults under the age of 40 consider becoming a “rent vester.” This is the act of prioritizing the purchase of an investment property (while renting a home) before your primary residence in order to set up the necessary funds to purchase your dream home. .

This strategy refers to investing in affordable up-and-coming neighborhood investment properties or buying and renting investment properties, but continuing to pay rent for your primary residence in your preferred location.

Unsurprisingly, the idea of ​​owning an investment home to complement your primary residence has been around for a long time, but millennials have a variety of avenues, such as microinvestments, at their disposal to help them expand. We are trying to control the industry.

How can I rent?

It’s easy. And Benzinga has tools — Find out how to invest in a rental property for as little as $100 (or more depending on your appetite).. Really, it’s easy.

First gaining popularity in major Australian cities, the trend reflects the reluctance of young people to lower their standard of living in order to participate in the property market.

The goal of rent vesting is to protect your financial future without compromising your lifestyle. Done right, rent-vesting’s diversification strategy allows you to live where you want, rather than moving to a neighborhood where you can afford a home.

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© 2022 Benzinga.com. Benzinga does not provide investment advice. all rights reserved.

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