It doesn’t
matter which media, you’ve heard about Millennials: that generation born
between the late 80s and mid-90s. While they are commonly known by their
eccentricities, this generation is now following the steps of Gen X and
becoming the next to make smart investments.
It’s
well-known that Millennials have been inspired by
Pop Culture to make their housing and lifestyle decisions. This doesn’t mean a bad thing; it means they have an
idea of what they want and how they want it. The downside of this is the market
itself: Millennials are the generation
with the biggest market limitations due to housing prices.
Housing has
always been a high topic no matter what generation you belong to. For Gen X,
they have the highest level of debt, according to the Transamerica Center for Retirement Studies. Since the early 2000s, US housing interests have lowered,
which at that time meant they took all the opportunities and had cheap loans.
So, no one
told you life was gonna be this way
This
generation was greatly inspired by the famous Friends apartment, which would cost around $4,500
monthly to rent in real life. Moved by this, Gen X thought that by taking loans, they could find
places like Monica and Rachel’s apartment by sacrificing some things.
This is where everything started
In the long
run, some people from this generation regret that impulsive shopping. Some
regret not being more aggressive pushing for the property they wanted, with the
amenities they were looking for, for slightly less money.
Let’s talk
about Girls
Millennials
are far more observant that we give them credit for. After watching how the
2008 Housing Crisis affected the general economy, this generation accepted that
having some amenities would come with more planning. For instance, Millennials
usually don’t buy but rent first, start to build their finances first, pay some
debts, and then, they decide if they want to move out or buy.
The series
that showed a realistic side of this was Girls,
where twentysomethings were trying to have a life in the city of New York. This
representation of how youth tries to get by each day under the housing
situation is possibly the most accurate one.
Millennials
have to do more than just move to more affordable places; they usually don’t
buy more than they need. They plan their living without taking more debt in.
How Miami
Riches is here to help
For us,
working towards a future is a priority, but we also help you manage your
property according to your budget. We look for the best
places in Miami where you can invest wisely and without much sacrifice, always
looking for your comfort.
