Rent vs. Home EMIs: A Millennial’s Confusion

Children born at the turn of the century are now legal adults with the freedom to marry, work, and vote under their chosen government as of 2021. What’s fascinating about this entire generation is how some facets of life have held a vice hold on culture, Rent vs. Home EMIs, defining and deciding maturity. The definition of homeownership is one example of this.

Rent vs. Home EMIs: A Millennial's Confusion

Consider the following: You’re in your twenties, working a 9-5, new to town, and have the chance to live in a spacious house packed with all the comforts you crave for just monthly rent. Will you take this up if you had wanted to settle down in the city, or would you instead put your money into buying a house; simple beginnings to a comfortable life?

Everyone today has seen at least one elder talk positively of people who own the home they live in, having taken a “smart financial choice” at the right time – and it’s not unfair to respect these people who seem to have it all worked out. Yet the question remains, is this what the majority of millennials want today?


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In most social settings around the world (and particularly in India), homeownership is viewed as a symbol of enormous financial security and, by implication, the ability to provide for our loved ones. Living in a home that you purchased with your own money is a source of great pride, and it can have many unforeseen advantages such as passive income and considerable comfort in times of need.

Much of this is the product of emotional racism, and very few people understand the economic rationale behind it. Millennials are overachievers who are motivated by a desire to make the best of their youth, both socially and professionally. They want to make a big buck, enjoy the good life, and still provide for their ancestors. And, in that case, aren’t EMIs the better option?

With a preference for simple beginnings, millennials are leaving their homes in their early twenties, prioritizing their wealth and time based on what they enjoy the most. As a result, the suggestion “you should invest in a home” is generally greeted with scorn, contempt, or both. Purchasing a home is seen as a consideration that holds down a person who is not committed to establishing roots at that time in his or her life.

The individual would rather pay low rent and spend the rest of their money on things that make them happy, such as traveling, learning, seeing new things, and so on. And this is a perfectly true sentiment. I’m sure you’ve thought this way at some stage in your life, which means that millennials can’t be blamed for adhering to it.

Renting is a wonderful choice (whether in the short or long term) because it frees you from the burdens of boring auxiliary duties like maintenance and repair, while also allowing you to embrace life and possibilities as they present themselves.

Some can also justify their behavior by stating, “A house may be purchased at any time of life; right now, I want to live in the moment and enjoy myself.” However, if you want to have security from the start, investing in a house in the city ensures this.

If you are certain of your decision, get to work on it right away. Several bank schemes allow you to pay an EMI equal to one month’s rent. Furthermore, such real estate developments allow you to take ownership of the house as soon as you make a down payment. This relieves the burden of EMIs and rent payments.

In a competitive market where the value of real estate fluctuates, it is a smart decision to invest in this field, establishing roots and ensuring your future. As a result, if your current active income requires it, good financial planning will accommodate the purchasing of a home while still providing you with the lifestyle you want.



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