Over the last few years, America has begun to see a change in housing trends due to several factors. With an adapting economy and evolving lifestyles, real estate patterns have altered accordingly. The traditional idea of settling down with a family in a home is slowly beginning to diminish. Rather, more people are adjusting based on lack of finances, a desire to remain untied to a location, and simpler living. At All Homes AZ, we help Phoenicians stay current with these changing housing trends and what can be expected.
Roommates – There has been a significant increase in the amount of living corridors that host roommates. This is especially true for individuals in their twenties and thirties. People are beginning to seek others to live with, whether they are friends, strangers of parents. This is due to the overall expenses of living. The costs of school, loans, tuition, insurance, and other daily necessities have become more important than the idea of owning a home or solo housing. Rather, people are splitting the cost of a house, apartment, condominium, etc. When multiple people live under the same roof, they can split costs such as internet, cable, utilities, and more. Everything gets cut in halves, thirds, or fourths.
Renting – Less people are seeking to own a home, but rather rent. Generations have begun to flee from the idea of settling down. Instead, there is actually an appeal to being able to get out of a mortgage or lease quickly; people do not want to be tied down to the responsibilities that come with owning a home. Less is required to rent than to buy a home. Additionally, renting has its perks. For instance, renting an apartment or home comes with amenities that might include a fridge, washer and dryer, microwave, and more. On top of that, the landlord or apartment complex take care of all necessary repairs. It is not in the hands of the residents, which alleviates both stress and unwanted obligation to fix something.
Repairs – However, although it is appealing that a landlord or complex is in charge of fixing damages, individuals who choose to own rather than rent are turning toward more do-it-yourself solutions. This has caused a decrease in the assistant of professionals when it comes to repairs. Even if a homeowner is unaware on how to restore something, they can simply look it up online through YouTube or another instructional channel. These might include plumbing issues, broken furniture, backyard design repairs, etc. This is the age of DIY projects that are slowly replacing professionals with another option.
Downsizing – The desire for smaller homes and property is increasing. This is due to several reasons. For instance, environmental consciousness is a factor. People want to help conserve forests and other natural resources that are needed to construct homes. We live in a word that is becoming more eco-friendly and aware. Consequently, the style of homes is evolving to fit these “green” expectations. Additionally, energy cost is another factor for downsizing. Simply put, larger homes require more power for air conditioning, water usage, lights, etc. This requires more money each month for utilities. With smaller homes, however, this bill decreases significantly. The simpler the home, the better for both the environment and homeowners’ wallets.
For more information on these changing housing trends and what to expect in the upcoming year, be sure to contact us today. It is difficult to stay current on the real estate happenings in Phoenix; All Homes AZ can help.
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