There’s no doubt about it, the American Dream has changed dramatically. In generations past, success was defined as having a “good” job — typically in an office or sales position — and owning a home, neither of which are applicable in today’s modern time.
The Great Recession during 2007 through 2009 rattled Americans to their core, as thousands lost lifetime careers due to layoffs, and lost their homes due to foreclosure. Nearly six years later, Americans are still feeling the post-recession aftermath. However, Americans are resilient and innovative, and used the recession as time to reevaluate and redefine what constitutes success.
Forced to downsize, many Americans realized they did not need as much as they once thought. Having left their sprawling homes in the suburbs and choose to rent luxury apartments in lieu of taking out another mortgage, Americans found they were quite comfortable in their new living spaces. Having realized the benefits and convenience of renting new luxury apartments, many former home owners have no plans to return to home ownership. Developers are erecting suburban and city loft apartments for rent at an astounding rate, and are struggling to keep up with the increased popularity and demand for luxury apartment rentals such as spacious lofts for rent.
However, millennials may not even have a choice in regards to home ownership. Burdened by debilitating student loan debt and poor credit scores, apartments and lofts for rent may be the only housing alternative for 20 and 30-somethings, which is just fine for them. Many millennials graduated college at the height of the Great Recession in a bleak and highly competitive job market. As such, millennials got creative, with many inventing their own positions and even founding their own companies and businesses. It’s not uncommon for millennials or consult or work remotely, making lofts for rent convenient, as their flexible leasing options allow millennials the freedom to relocate.
Perhaps the redefined American dream isn’t such a bad thing after all, as success is not defined not my material things, but by resilience.