There is a chance that the house where I currently live will be the last home that I own. It could be this way because I choose never to move and stay here until I die. Or it will be the last home I own because the next time I move, I'll be looking for an apartment or embarking on a home rental search for private rental properties.
Why would I go from home ownership to renter? It's all a matter of finances and flexibility.
My oldest daughter starts at a private liberal arts college in the fall. Two years later her sister will be heading off to school.
Though we are not in the one percent, my husband and I make too much to qualify for financial aid. However, we don't make enough to afford to pay two full tuition bills. So either we're going to looking into heavy financing, or we are going to sell our house, and use the money to pay for college, all the while looking into private rental properties. This is all assuming that we can find cheap condos for rent that will cost less than our current mortgage. This is also assuming that people really do want to buy my house, and we have no problem selling it.
Seems that we are following a trend that a recent Apartments.com survey uncovered. That is, a growing number of former homeowners are now looking for an apartment to rent. Of those who already rent, more than a third used to own a home but have found renting to be the more affordable option.
There is another part of the renting equation—according to this Apartments.com survey and my own life situation. Renting offers a certain level of flexibility, good for us if we decide that after our last daughter is off at college—and we are no longer tied to this town and the school system— we can then move to the destination of our choosing.
Here are the top 10 reasons that people are saying they are looking for an apartment or moving to private rental properties in 2013:
- Relocating for employment opportunities: 15%
- Shopping for a less expensive apartment: 13.2%
- Looking for a bigger apartment: 11.2%
- Change in marital status: 10.8%
- Wanting to live in a different neighborhood: 9.8%
- Relocating for educational reasons: 6.7%
- Other family reasons: 5.2%
- Recent college grad moving to their own place: 4.6%
- Looking for a smaller apartment: 3.3%
- Wanting to live alone: 2.5%
Would you consider giving up homeownership and becoming a renter?