The definition of modern trends is probably different to various people. It boils down to the core ingredients of what society is and isn’t. When it comes to building trends, housing has been pushed way down the list. This is making rent difficult, and home ownership next to impossible in many places, including Las Vegas where tourist accommodations outnumber housing units.
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Building Trends
At one time, housing wasn’t controlled by a centralized financial system. This loan system shuts out some while welcoming others in. You know this, you may be saying, but there’s a piece of this puzzle that you may not have thought about.
In all major cities, there is as much, if not more, square footage for businesses than there is for people. This fact of life wasn’t true 100 years ago or even 50 years ago. The ownership of land by corporations leaves little for the rest of us. Speculators have taken over the personal housing business, driving up rents as they build luxury-oriented housing.
Recognizing the Cycle
These building trends have changed the nature of renting. Now a person can expect to pay more in rent than they would if they had a mortgage. Here’s just one example among many. In a suburb of a medium-sized U.S. city, a woman with two children was paying $750 a month for her modest house. Across the street, a family of five were paying $1300 in rent. That’s a stark difference.
For anyone caught in this trend, it can be difficult, if not impossible, to save enough money to make a down payment on a home. That’s why it is important for those who are renting to make some tough decisions if they ever want to escape this cycle.
Bucking the Trend
To get past this trend and into a home of their own, a person has to prioritize home ownership over almost everything else. This will mean living in a smaller place to save money. Families get a two-bedroom house or apartment rather than a three-bedroom place. If you are single, you continue to live with roommates even after your income would allow you to be on your own. Every dollar you save goes into a savings account to help you purchase a home.
This is difficult in this day and age where we can accumulate so many belongings. A solution to that is to rent a small inexpensive storage unit in Las Vegas where you can keep things you need. You can keep memorabilia, furniture, holiday decor, and off-season clothes. This should shrink the amount of space you need for daily living.
Someday when you are a homeowner, you will be glad you sacrificed to become one. Until then, every financial decision you make should be made while thinking about your future home.
About Carson Derrow
