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Yahoo
a day ago
- Business
- Yahoo
3 Reasons This Millennial Isn't Buying a Home — What They're Doing Instead
Homeownership is the big dream for many, but one millennial has other plans. McKenzie Mack, 29-year-old personal finance influencer who wants to retire in her 40s, shared three reasons she isn't buying a home, at least not right now. Learn More: Read Next: Not owning a home gives Mack flexibility to leave her current living space and move or downsize whenever she needs to. She points out a volatile job market where layoffs are common and values the ability to pack up and move to a new job without worrying about selling a house. Licensed realtor Omer Reiner echoes the sentiment, saying, 'timing is everything. If you aren't sure that the city where you work is someplace you want to stay for a good while, don't take on the expense, maintenance and possible association fees you would have to handle as a homeowner.' For Mack, homeownership means most likely living in the suburbs — away from activity. With renting, she's in the middle of the hustle and bustle. Her ideal type of lifestyle includes a neighborhood where walking and biking are the norm. Plus, for her, renting saves money. She highlights their current rent of $2,800. A mortgage in the same area would put them at $6,000 a month, she said. 'If taxes and maintenance are going to lead to high costs, then purchasing the home may not make much sense,' says Mark Charnet, founder & CEO of American Prosperity Group. Whether it's a new roof or water heater, the hidden cost of owning a home can rapidly add up. Mack would rather use that money on investments while she's younger instead of putting all of her extra money into a house. 'Home ownership carries constant expenses in the form of roof work, HVAC system replacements, or unplanned plumbing problems, ' says Founder and CEO of Fire Damage House Buyer, Daniel Cabrera. 'To those with an inadequate emergency fund, these can be economically crippling.' More From GOBankingRates 3 Luxury SUVs That Will Have Massive Price Drops in Summer 2025 Here's the Minimum Salary Required To Be Considered Upper Class in 2025 10 Unreliable SUVs To Stay Away From Buying This article originally appeared on 3 Reasons This Millennial Isn't Buying a Home — What They're Doing Instead
Yahoo
a day ago
- Business
- Yahoo
3 Reasons This Millennial Isn't Buying a Home — What They're Doing Instead
Homeownership is the big dream for many, but one millennial has other plans. McKenzie Mack, 29-year-old personal finance influencer who wants to retire in her 40s, shared three reasons she isn't buying a home, at least not right now. Learn More: Read Next: Not owning a home gives Mack flexibility to leave her current living space and move or downsize whenever she needs to. She points out a volatile job market where layoffs are common and values the ability to pack up and move to a new job without worrying about selling a house. Licensed realtor Omer Reiner echoes the sentiment, saying, 'timing is everything. If you aren't sure that the city where you work is someplace you want to stay for a good while, don't take on the expense, maintenance and possible association fees you would have to handle as a homeowner.' For Mack, homeownership means most likely living in the suburbs — away from activity. With renting, she's in the middle of the hustle and bustle. Her ideal type of lifestyle includes a neighborhood where walking and biking are the norm. Plus, for her, renting saves money. She highlights their current rent of $2,800. A mortgage in the same area would put them at $6,000 a month, she said. 'If taxes and maintenance are going to lead to high costs, then purchasing the home may not make much sense,' says Mark Charnet, founder & CEO of American Prosperity Group. Whether it's a new roof or water heater, the hidden cost of owning a home can rapidly add up. Mack would rather use that money on investments while she's younger instead of putting all of her extra money into a house. 'Home ownership carries constant expenses in the form of roof work, HVAC system replacements, or unplanned plumbing problems, ' says Founder and CEO of Fire Damage House Buyer, Daniel Cabrera. 'To those with an inadequate emergency fund, these can be economically crippling.' More From GOBankingRates 3 Luxury SUVs That Will Have Massive Price Drops in Summer 2025 Clever Ways To Save Money That Actually Work in 2025 10 Used Cars That Will Last Longer Than an Average New Vehicle This article originally appeared on 3 Reasons This Millennial Isn't Buying a Home — What They're Doing Instead
