Are you also curious to know the reason behind why is the young generation nowadays is not interested in buying cars or owning their own Apartments rather than living on rented ones? According to research and various studies, a conclusion can be drawn that the traditional ways of owning one's own car or an apartment are now outdated. This drastic shift in mentality from one generation to another is not just noted in any specific country but all around the globe. People, especially youngsters nowadays are preferring not to invest their money in buying their own apartment or cars anymore. In fact, this generation is not into loading their pockets by buying super expensive things.
Image courtesy- qz.com
Let us look at the top five reasons why young people do not buy cars and apartments anymore:
1. They are not into such materialistic pleasures
This generation of renters seems to be very practical people. They prefer to take a cab which is very convenient and is more like their private car with a driver. This would cost them much less than owning a car. This is also a reason why nowadays renting of cab business is boosting up.
Moreover, a pattern has been noticed that youngsters are likely to change their jobs on an average after every 3 years.
So if they will rent a house it will be very convenient for them to shift their house at a stone's distance from their office.
2. Expensive things, an increase in their worries.
This young generation also believes that if they own something very expensive then they will have to take extra care of those things.
Suppose if they buy a very expensive Car and get it equipped with latest and modern gadgets, then they will keep worrying about the condition of those gadgets. They will fear that their car gadgets are not being robbed or what if they break down their repair work will be also very expensive. Also, the lifetime of these Gadgets and these expensive technologies is not of a very long period.
3. They fear depreciation
These expensive things such as a car or even an apartment get depreciated with the passage of time, so there is no point in spending a huge amount of hard earned money on them. This generation fears what will happen at the time of crisis when the price rate especially that of the real estates experiences a great crash.
That is why they prefer to save the money by renting their house and then using their savings to fulfil other needs and desires.
4. Save for vacations
We have never seen our parents travelling as much as we do. The reason behind is that they invest all their earnings in buying a car or owning an apartment and not much money is left for their vacations. On the contrary, this young generation believes in utilising that money in having a great vacation rather than investing it in something that will depreciate.
5. Irrelevance of the concept of ownership
They believe in gaining new experiences or investing that money in their business start-up. Their happiness and contentment lie in having new experiences and not in buying materialistic pleasures.
With every upcoming generation, a new thought or a new ideology is evolved. A bright ray of hope is seen with every new idea, but then every coin comes with two sides.