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Why young people don’t buy cars and apartments anymore?

January 23, 2018

 

Nowadays, the traditional measure of success — owning an apartment and/or a car — is out of date. An increasing number of young people around the world don’t want to buy them.

 

Why does this happen?
 

Some sociologists say it’s because modern youngsters suffer from financial crises. That’s why people are afraid of ’serious’ loans.

But it’s not the most important reason. The thing is, the current generation of young people differs from their parents’ generation. They have other values.

The youth today has reconsidered the concept of success, which means:

  • Successful people don’t buy property — they rent.

  • If you want to be considered successful, invest in experiences: travel, do extreme sports, build startups.

 

The point is that people now don’t want prosperity and stability — all they want is flexible schedules and financial and geographical independence.

 

People have no interest in material things
 

Why own a car if you can take a cab? It’s almost a personal car with a driver. And it’s not more expensive than having your own car. Why buy a house in a beautiful place and go there for vacation, if you can find a place to stay through Airbnb in any corner of the planet? You don’t have to overpay for rent or buy a property in a country you love. The same thing with real estate in your hometown:

  • You don’t know how long you’ll stay where you live.

  • You can take on a mortgage for 40 years, or you can accept the fact that you’ll spend your whole life in a rented place.

  • You’ll probably change your job in the next few years. If you rent, nothing prevents you from moving closer to the office.

Experiences help us make friends
 

Social interaction between people is crucial to whether they feel happy or not. Talking to others and having a lot of friends makes you a happier person. But would people rather hear about how you spent a year in a wild country or about how many apartments you’ve already bought?

 

Buying things makes us worry & purchase will go down in price over time
 

There’s one more thing. The things we own, especially if they’re very expensive, make us worry about their condition. If you buy a car, you’ll flinch every time someone’s alarm sounds outside. If you buy a house and fill it with expensive items, you’ll be afraid of being robbed.  But no one can ever take away the experiences you have.

Our parents weren’t able to travel as often as we do. There wasn’t the possibility to have so much fun. They didn’t have so many opportunities to start a new business. Therefore, they invested in houses and cars, and we don’t want to do that. After all, every purchase, if it’s not a house or an apartment, will depreciate over time. And if we think about how quickly real estate depreciates during a crisis, then everything becomes even more obvious. If you consider making money on real estate, better do it for full time job. There's no shortcuts.

 

Experience is the only thing that matters: it won’t go down in price, and no one can steal it.

 

WATCH MALDIVES VIDEO YOUTUBE
 

 

 

Visuals by Juhani & Katri

 

text from Brightside

 

 

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