While plenty of millennials would love to buy real estate in Downtown San Diego, there are just as many—if not more—who find renting is a better option for them. Wondering why so many young professionals are shirking home buying? Read on for the top reasons millennials love renting in Downtown San Diego.
First and foremost, owning means going into significant debt. Although purchasing a loft or condo in Downtown San Diego is a great investment, young professionals saddled by student loan debt (roughly 70% of students have loan debt, and the average amount is just under $30,000) often can’t save up enough to make a down payment.
Down payment and other upfront costs of ownership aside, being a homeowner also comes with numerous other ongoing financial commitments from taxes to insurance, utilities to maintenance costs. When millennials rent, many of these costs are included in their rent, and they don’t have to worry about coming up with the cash if the dishwasher goes out.
Many condo communities in Downtown San Diego feature amenities like swimming pools, spas, fitness centers, great rooms, lounges, on-site maintenance, secure parking, and some even have a concierge. Of course, complexes with more amenities tend to also have higher rents. However, for millennials, having access to the amenities and the cost rolled into rent instead of separate memberships often makes renting in Downtown San Diego worth it.
Downtown San Diego is a great place to live, especially for millennials. But in an economy that still can’t give millennials the job security once available, renting gives young professionals the ability to pack up and move for career opportunities without the hassle of selling or renting out their loft.
The biggest reason millennials love to rent in Downtown San Diego is simply because they enjoy the urban lifestyle. Whether they rent in the Columbia District, Little Italy, or the Marina District in Downtown San Diego, grocery stores, salons, boutiques, bars, restaurants, nightlife, and other entertainment are within walking distance.
Whether you’re looking to rent or buy, the Downtown San Diego real estate agents at 92101 Urban Living can help you find your dream home. Check out our inventory or give us a call at (619) 649-0368 to start your property search today. ')}