Millennials are often dubbed the generation that is “ruining the economy,” that is reluctant to marry and settle down, and, of course, refrains from buying homes. However, even if they may be more cautious about getting a home loan, with student debts still lingering around them, millennials are slowly overtaking baby boomers with their numbers and, although they view marriage and cohabitation differently than the previous generations, recent research suggests that they are more and more likely to buy homes. A report claims that the 36.8% millennial homeownership rate in 2018 was likely the highest in five years.
The general trend in previous years among millennials, especially highly educated ones, was a shift towards urban centers: of course, this brings more job opportunities as well as amenities. However, it also potentially brings a lot of noise, lack of room and no proper outdoor space to enjoy. In fact, we are also seeing another trend emerge: millennials buying rural houses. Why that is and what benefits such a purchase brings will be discussed shortly.
Climate change insurance
The New York Times aptly uses the term “climate change insurance” to explain why millennials think it’s worth investing in rural properties. With the consequences of climate change approaching at a rapid speed, the negative effect will be felt as early as 2040, unless we intervene. And in the worst case scenario, some areas, such as coastal and southern cities, might become uninhabitable due to rising sea levels or scorching heat.
Millennials have always been considered a generation conscious of these issues. Forward-thinking individuals are preparing by buying property (or even land) in areas that are at a lower risk of becoming severely affected by climate change, as a safe place in case they become forced to leave their current home.
Luxury and sustainability
A rural home can combine luxury and sustainability in the best way. There are communities, so-called “agrihoods”, which showcase this best. These communities can become completely sustainable, with seasonally grown produce and farm animals, but at the same time, they also boast enviable amenities: all in an eco-conscious and sustainable manner. Young people moving into such communities report that not only have they grown fond of these sustainable practices, but that it is a very enjoyable lifestyle.
The benefits of owning a garden
Organic eating and a healthy lifestyle have been emerging trends in the past years, especially in light of the rising awareness of the harm artificial pesticides and other substances can do to our bodies. Therefore, many people are taking up gardening not only as a hobby but also as a genuine means of putting fresh, healthy, organic produce on their table. Starting an organic veggie patch in your garden or backyard is not difficult or expensive – if you have space. Moreover, besides the obvious fresh produce, it can provide you with invaluable life skills too. Being able to harvest your own organic produce is one of those coveted skills that millennials, preparing for the world after climate change disasters, are trying to hone. Self-sustainability in all of its senses is a priority in today’s world.
For their four-legged friend
Funny enough, but one of the reasons why millennials are purchasing homes in the first place is their pet. There is no doubt that it is often referred to how millennials prefer getting pets instead of stepping into parenthood. And considering the fact that millennials now represent the largest age group of pet owners, they are a force to be reckoned with.
In fact, as much as 33% of millennial first-home buyers claim that their furry friend influenced their decision to buy a home. It is hard to argue that a cramped, small apartment is not an ideal place for a dog to live, no matter how often you take them out to a nearby park. With rural properties, these animals can lead a healthier and happier life too, with plenty of space to run around and fewer dangers that cities pose, such as traffic, for example.
The world is in a constant process of change, and people, as the adaptive species they are, are also making their decisions based on the situation around them. With climate change knocking on the door as well as the preferred lifestyles of millennials, it is not hard to understand why they might start opting for rural homes instead of urban ones.