Dunlap has been living – and renting – in Seattle where the average housing price was $779,900 as of December 2023, Moneywise reported, citing Realtor.com data.
Because of rising housing costs, these young millionaires opted to rent instead since it is more affordable.
Moneywise, citing a RentCafe report, said that the number of millionaires who are opting to rent a flat or an apartment instead of owning their dream home has tripled in the last five years. Thirty-six per cent (36%) of them are millennials and Gen Zs, according to the report.
But this does not mean that these young millionaires are ditching the idea of owning a house for life. It is just that these moneyed millennials and Gen Zs are being wise about where to put – and grow – their money. Moreover, they think that this is not the right time to own a property, the Moneywise report stated.
“If homeownership isn’t right for your life at this point, you could consider necessity-based real estate as a way to invest in this asset in the commercial sector,” according to Moneywise.
Source: mpamag.com