Rent vs Own How the Recession Changed What Keeping Up With the Jones’ Means


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Considering how popular and commonplace renting lofts and apartments is now, it may seem difficult to believe that in one point in American history renting was considered inferior to owning a home. The ability to purchase a home was considered a sign of having “made it” or having become successful in life. Now, however, attitudes towards renting have changed, and the best luxury apartments are highly sought after.

So what happened to change these views towards renting the best apartments, such as new luxury apartment rentals? Well, it’s a long story.

Owning a home — especially in the suburbs — has always been considered a cornerstone of the American Dream, that is until the Great Recession happened. During the mid 2000s, the United States was dealt a number of severe blows by the Recession, particularly in both the residential and commercial housing markets.

As a result, a vast number of Americans lost their jobs and their homes to layoffs and foreclosures respectively. As a result, many Americans chose or were forced to downsize, making renting the best luxury apartments the perfect alternative.

In addition, American ideals towards careers have changed. Americans have long had an entrepreneurial spirit, and the advent of the internet as well as the hardships the Recession brought helped to facilitate the breakdown of the idealized “9 to 5” career. Instead, Americans were creating their own jobs by telecommuting and online consulting positions.

Naturally, Americans began to reevaluate their living situations. Big, doll-like houses with hefty price tags were no long considered a sign of success. Many of the Americans who downsized during the Recession found that the could get by much less than they thought.

While renting has always been a part of life in the city, it has now spilled over into suburban life as well. Now, keeping up with the Jones’ means who has nicest luxury apartment. Ger more information on this topic here.