Why young people don’t buy cars and apartments anymore
Nowadays, the traditional measure of success — owning an apartment and/or a car — is out of date. An increasing number of young people around the world don’t want to buy them.
Research shows that the so-called millennial generation, who are now 30-35 years old, rarely buy houses and even more rarely — cars. In fact, they don’t buy super expensive things at all. In the USA, people under the age of 35 are called ’the generation of renters.’
Why does this happen?
Some sociologists say it’s because modern youngsters suffer from financial crises. That’s why people are afraid of ’serious’ loans.
But it’s not the most important reason. The thing is, the current generation of young people differs from their parents’ generation. They have other values.
The youth today has reconsidered the concept of success, which means:
- Successful people don’t buy property — they rent.
- If you want to be considered successful, invest in experiences: travel, do extreme sports, build startups.
The point is that people now don’t want prosperity and stability — all they want is flexible schedules and financial and geographical independence.
People have no interest in material things
Why own a car if you can take a cab? It’s almost a personal car with a driver. And it’s not more expensive than having your own car. Why buy a house in a beautiful place and go there for vacation, if you can find a place to stay through Airbnb in any corner of the planet? You don’t have to overpay for rent or buy a property in a country you love. The same thing with real estate in your hometown:
- You don’t know how long you’ll stay where you live.
- You can take on a mortgage for 40 years, or you can accept the fact that you’ll spend your whole life in a rented place.
- You’ll probably change your job in the next few years. If you rent, nothing prevents you from moving closer to the office.
According to Forbes, modern young people change jobs every three years on average.
March 15th, 2017