American Dream Gone: Gen Z Dumps Owning Homes for Luxury Rentals
This article originally appeared on WND.com
Guest by post by Bob Unruh
‘I want an experience, I want to travel’
The phrase, “You’ll own nothing and you’ll be happy” has been getting a lot of attention recently.
The actual quote originated in a 2016 video by the World Economic Forum that summarized the concepts of a politician of that time.
But the idea actually has been around for generations, through the ideologies of communism and Marxism as well as the contemporary socialism that’s growing by leaps and bounds.
After all, what ideas are the incredibly popular Lift and Uber based on other than renting a transportation service that you don’t want to own.
Now a report from Fox Business reveals that many members of America’s Gen Z are moving quickly in that direction, balking at home ownership that was a primary goal for their great grandparents, grandparents and probably even their parents.
Instead, Gen Z wants to rent luxury apartments.
On its “Big Money Show,” Fox Business hosts Jackie DeAngelis and Brian Brenberg discussed the changing priorities, in which Gen Z members are refusing to pursue mortgages in favor of an apartment filled with amenities.
Of course there are the factors, created under Joe Biden’s economy, of high interest rates, surging home prices, resumption of student loan payments and few high-salary opportunities, that all contribute.
But all is not lost, as the report noted documentation from the Wall Street Journal that in Scranton, Pennsylvania, homes are listed at a median price of $179,900, meaning a $150,000, 30-year mortgage with a 7% rate would cost about $1,000.
Still, the report said there are few takers.
“Scranton project property manager Michael Basalyga said around 1,000 people would like to rent 32 luxury apartments built inside the Scranton Lace Factory’s converted living spaces, which run between $950 and $3,600 monthly,” the report explained. Two-thirds of the units already were pre-leased by December.
DeAngelis explained on the program, “If you actually did the math there and you say it’s about the down payment, in eight months, if you net out what your mortgage payment would be, you basically flushed your down payment money down the toilet. What is going on?”
The possible answer: The “I want it now” mentality in tandem with a pursuit of “nice living space … free of upkeep.”
The report said GID, a company that owns or manages 50,000 apartments across the nation, reports nearly 25% of its customers make over $200,000.
Brenberg described the shift as a “cultural thing.”
He described the younger set as insisting, “I want an experience, I want to travel.”
But he warned years down the road people will wonder where their money went.
Copyright 2023 WND News Center
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