Should you Rent or Buy if You’re Gen Y?

An Australian newspaper published an interesting article earlier this month titled “Renting vs. Buying—The Verdict.” In the article four real estate experts—each expert representing a different age group—were asked whether other members of their age group would be better off renting or buying a home. The experts’ answers were certainly very informative. Justine Davies, a Generation Y real estate expert.

Part of Davie’s take on the question can be read here:

“This is a tricky question to answer,” Davies says, “because there are positive and negative aspects to both sides of the equation. Property prices have been declining, so from a first-timers point of view, that makes it an attractive time to buy.” Davies also notes, however, that “advantages to Gen Y in not buying include freeing up your cash flow for further study or other career development, giving you increased flexibility in terms of moving for work and being able to adapt the type of place you live in over time to suit your changing needs (because the space you need as a young single is hugely different to the space you need as a growing family). However, these advantages only exist if you actually use them. That is, if you’re not increasing your qualifications or developing your career, then it’s not so much an advantage as a wasted opportunity. “My personal philosophy,” Davies concludes, “is that it’s better to buy than rent, but only when you can afford to buy in an area where you genuinely want to live.”

To read the rest of Davie’s take on the rent-or-buy dilemma, check out the rest of the article here.

If you are paret of Gen Y and you’re thinking about buying in Chicago enter your information into the box on your right and a rock star real estate agent will get in touch with you ASAP!

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