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What the Recession Taught Americans About Home Ownership

February 12, 2015


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If the Recession taught Americans one thing, it’s that they can get by with a lot less than they thought possible. This new sentiment is reflected in current home remodeling trends with emphasis on less being more.

Gone are the days of excess, where homes and lofts and apartments boasted professional-grade kitchens and designer bathrooms. While extravagance may be out of style, that doesn’t mean luxury is. In fact, luxury has been reinvented and defined, now sporting a quiet confidence that can be seen in homes as well as in lofts and apartments.

Prior to the Recession, owning a home in the suburbs was equated with financial and personal success and a sign of having “made it”. However, nationwide foreclosures quickly changed all of that, with many leaving their big homes in the suburbs in favor of city lofts and apartments. For the first time in American history, renting is exceeding fall home ownership rates.

While the housing market continues to show promising signs of stability and recovering, many former — and new — homeowners continue choosing to rent luxury apartments for the sheer convenience and affordability. Yes, living in luxury can be surprisingly affordable.

Developers in both metropolitan and suburban areas are racing to erect modern, beautiful apartment buildings in order to keep up with continued demand and popularity of new luxury apartments. As a result, this construction has revitalized many struggling neighborhoods.

Downtown Wilmington, Delaware is just one of many sprawling metropolitan areas currently undergoing a massive face lift of sorts, with developers racing to complete construction on hundreds of affordable, luxury city apartments geared towards millennials. In turn, this has inspired businesses and entertainment venues to move to the area in anticipation of increased sales.

Many people find that renting an apartment offers them the benefits of living in a home without all the added expense and stress of actually owning — and paying for — one.


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