Why US citizens prefer living in rented accommodations?
Let's try to understand Americans' habits
To buy or not to buy?
According to a generalized view and habit, or mind-set if you like, it makes sense to employ our hard work and our savings for purchasing or building a home.
A home is often seen as the core pivot on which then develop all the rest: family, work, life.
Indeed, often someone that receives a job offer far from home may very possibly decline it just because of the distance! Wishing to someone that a house may be their permanent one could be a nice thing for us, but in the USA it’s different. In fact, that sounds like bad luck!
The neighbourhood according to your own needs and as a status symbol
While evaluating an accommodation, Americans tend to be extremely pragmatic and to make their choices according to their way of life. For instance, if someone receives an interesting job offer in another state, no problem, they will just pack their stuff and move. Similarly, a home is often chosen for its proximity to the school where one will like to send his or her children. Once the children had graduated, one will reconsider moving to a location that best fits their new needs and desires, such as a nice house with Seaview.
But there’s more, since moving for work also implies status: living in a neighbourhood rather than another shows that one belongs to different strata. moving is all but a problem!
A dynamic real estate market
US real estate market is lively, and while being constantly under development, families and individuals moving from state to state represent a fixed component. People hardly put down roots for long, everything is tightly linked to work opportunities. Facing a moving is no drama, since US homes are fully-equipped with all the necessary: washing machine, drier and all the electronics one may need.
The value of an accommodation, more than by its furnishing, is given by the neighbourhood in which it is located. The average American thus tends wishing to change home frequently, if that implies moving up in the world – and into a more prestigious area. That explains why rent contracts usually do not cover long periods of time.
In order to complete this brief overview, besides the aforementioned reasons one must also bear in mind that US real estate market has a purchase rate more faster than the Italian one!
The purpose of the information provided in this blog is to increase your awareness, so that if you choose to invest you will do it well-informed and safely. People fear the unknown in all the aspects of life!
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