Every so often during discussions about the various mixed use proposals before the city, someone will inevitably ask:
Why are all these proposals for apartments? Why aren’t they proposing condominiums?
Part of the answer, of course is, not everyone can afford the down payments or has the credit to own. But as a recent NPR report explains, there’s also a growing population that just prefer renting…
“What we were shocked to find out was it was people that had great credit, they had money for down payments, they had great incomes, but they just didn’t want to own a home,” Hartmann says. “They were a lifestyle renter, renter by choice.”
At my kids school, I met a number of very nice post-docs and medical students and their families from various Asian countries living at the Woodland Station apartments. They were stunned that for the price of a an apartment rental they can get a free education and an English language tutor for their kids! They often paid more than the monthly rent amount for private school tuition back home. It was cheaper than living in Cambridge and they didn’t have to have a car since the T-stop was right there. The first renter bought furniture and then two years later, another family would take their place and inherit the furniture.
I’ve got a friend who sold his single family home in Upper Falls and is now happily renting an apartment in the Back Bay.
One of the things I’ve long noticed in public forums like Village 14 is how often people assume that their own lifestyle choices are somehow universal goals shared by everyone. …. or as my mother used to say “everyone likes bacon and those that say they don’t are lying“
There are many reasons to prefer renting. Those of us who grew up before everything went condo may be more used to the idea. I grew up in apartments, one coop and one rental, and both buildings were nice with good neighbors. I’d definitely consider renting once I can no longer manage the stairs in my home – given what I pay in property taxes and (a fairly low) mortgage, repairs, mowing, snow clearing, etc. it would likely be similar in cost.
From the article, “ Alarcon says home prices seem ridiculously high, “so we’ll stay here at least for a year or two for sure.” At $1,500 a month, she says, the couple’s one-bedroom cottage is cheaper than buying a house in the neighborhoods she finds appealing.“
Comparing $1,5o0/mo vs $3,500 is like comparing apples, to… well… bacon. It’s not even close.
I work in an office of about 700 in Downtown Boston. Of all the millennials I’ve asked informally, those who rent do so because of their life station but hopes to one day get married and buy a home – or have already done so.
Keep reaching, Greg. A+ for effort!
@Matt: So we should go with your informal survey over the NPR journalist?
And did you also ask them if they like bacon?