If you’re graduating from college in Boston soon and your planning to stay in the area, you’re probably wondering what to do about housing. The cost of living in Boston is steep, which makes the decision all that more challenging. With the market for real estate sales extraordinarily high at the moment, it may be more economically feasible to look for apartments for rent in Boston than buying a home.
There are several reasons why recent Boston grads typically rent after graduating.
- Communal living
Young people value relationships and prefer living near their friends with their age-mates. One of the basic characteristics of living in apartments is shared neighborhoods and amenities. The layout of apartments makes it possible for young people to meet and make friends easily.
Therefore, one can hold social activities such as parties where young families meet and make meaningful playgroups for the children and social clubs for the adults. If you fancy a communal environment, apartments are the better option for you.
- Proximity to nightlife joints
The apartment neighborhood hosts thriving social joints and businesses. Some of the busiest local eateries, clubs, and dance halls are in the heart of apartments close to the city. This is because one can quickly drive to the house. The convenience makes life affordable for young people.
Those who prefer strolling or biking can do it without worrying about gas prices, parking fees, traffic, and other concerns related to nightlife. For the fast-paced millenials, this is a compelling reason to seek an apartment.
- Minimal maintenance expenses
Leasing an apartment transfer maintenance fee transfers maintenance charges to the landlord. The fact that there’s no yard to keep means the tenants can use their money for something else. Additionally, keeping a yard requires frequent landscaping and mowing which may occupy the time one would have spent in asocial activity.
The life of a young person is unpredictable and keeps changing for the better part of their lives. One may be working today but have to move tomorrow because they found a better paying job tomorrow. If something does not appeal to a young person in a particular apartment, they may choose to move out and rent a more attractive unit in the neighborhood.
Young people hate to be grounded and seek living options that suit their changing needs. Paying a mortgage means one has to live in that home thus, curtailing the freedom to move at ill.
Living in an apartment is affordable and within the financial capability of most young people. As already mentioned most young people are growing in their career and lack the financial ability to live in large houses.
A mortgage is a significant financial obligation because one must service the loan consistently for many years. Additionally, homeowners must cater to property tax, repairs, above the mortgage and utility fees.
For a young person, paying a fixed amount at the end of every month or managing utility payments is affordable, flexible, and easy because they’re constantly on a tight budget.