More people in America rent today than ever before. The reasons for this vary a bit by the location. Why are more people renting in High Point, NC than in the past? We have the answers.
The economy in High Point has certainly changed over the years. Where once it consisted of manufacturing jobs worked by people who often retired from the same company, or at least the same field, it’s now diversified in ways that attracts new kinds of talent. Those new kinds of talent, however, belong to people who are more mobile than ever. If their career demands it, they’ll take a job somewhere else. If they have other needs that are better met in a different part of the country, they’re not averse to following those needs.
The housing market crash and subsequent economic mess that ensued put a damper on the desire to buy home, as well. This isn’t limited to High Point, but it’s particularly noticeable here where the local economy is still in the process of adjusting to new industries and new types of jobs. Many people perceive that the national economy is still fragile, or that their own job with a newer company might not be as secure as they’d hope. The risks of home ownership are clear, and many people are opting not to take them.
It’s not just Millennials that are declining to gamble on the risk of buying, and then potentially losing, a home. While the attitude is more prevalent among younger people, you can find someone in just about any demographic who is able to honestly say that the risk just isn’t worth it to them. Banks no longer want to work with home owners to make sure that they can stay in the home, some would even rather take the loss on their balance sheet than make a good faith effort in that area. Many people have taken note of this, and it influences the decision to rent instead of buy.
Coupled with a more mobile population, the risks of owning a home are even higher. In an apartment, you’re often committed for a year. But in a home, anything less than five years at the absolute minimum and you’re likely to lose a substantial amount of money in the process of selling that home if you have to move – or if you want to move. Add in the costs of maintenance and the unexpected costs that come with a home, and renting becomes the better choice for more and more people.
There are downsides, of course, to the trend towards renting. A home is an asset that can be of great value in retirement, and it’s an asset that many people either have chosen either not to purchase at all, or to purchase later in life which reduces the equity and stored value when they need it later on.
There’s an even darker side to it, though. When more people choose to rent instead of to buy, one of two things happens to existing housing stock that should be on the market or owned. Homes that are foreclosed, or on the market but unoccupied, sit empty and become targets for both decay and vandalism. In addition, there is a question of whether or not ownership will be an affordable goal as companies test the waters of buying and renting out these single family homes.
What’s the better choice for you, as a resident of High Point? Should you buy or should you rent? If you choose to rent, you’ll need to make sure you have coverage for your personal property and your liability because both are significant exposures. You can buy a policy for around fifteen dollars a month, and often somewhat less than that. It takes just sixty seconds to get the protection you need. Just call (800)892-4308 or click to get covered - whether you need High Point renters insurance quotes online or coverage anywhere else!
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