As the values of each generation change, what was once the American Dream often morphs and changes into something else. While the American Dream 50 years ago might have been to buy a home and raise children there, today’s American Dream might involve having the freedom to roam at will. Apartment living, rather than home ownership, may actually be the new American dream. Here are five often overlooked factors of apartment living that may explain why.
When figuring the cost of home ownership, figures like higher utilities and the cost of repairing and replacing high dollar items like roofs, furnaces, and broken sewage systems also have to be factored in. When all these factors are taken into account, apartment living may actually be far cheaper than home ownership. While you may get a healthy return when you sell a home, it might not be quite as healthy as you think when you factor in all the costs of buying it and maintaining it over the years.
No long-term commitments
While you can always sell a home and move, that doesn’t always mean you can sell it quickly or even sell it for what you paid for it, let alone make a profit. Many homeowners start off upside-down on their mortgages and may take years to climb out. If they need to sell for any reason in the meantime, they may take a bath. Apartment dwellers, on the other hand, are free to move at will.
When something goes wrong in a house, you must call someone to fix it and to pay for it. If something goes wrong in an apartment, it’s the obligation of the landlord to get it fixed – and quickly.
Many apartment buildings are high rise apartments and can offer the kind of spectacular views that few homes can match. While there are a few ultra-high-end homes that may be far enough away from neighbors to offer uninterrupted views, there are few homes that can provide quite the spectacular view of the Rockies that high rise apartment buildings in Denver can.
More time to play
Cities like Denver are attracting more and more new residents thanks to the abundance of outdoor recreation opportunities that the nearby Rocky Mountains provide. From hiking and biking in the summer to snowboarding, skiing and snowshoeing in the winter, many people would rather be enjoying the outdoors leisurely than mowing a lawn or weeding a garden.
The American Dream of today may not be the same as the American Dream of 50 years ago. The values and priorities of the younger generation are also changing as couples are waiting longer to get married and having children later than ever. While they may decide to buy a home once they have kids, they may still opt out of home ownership even then. Who says you can’t raise kids in an apartment?