When 24-year-old Piper Phillips moved to New York City, she knew one thing would be true: she wouldn’t be buying a home.
At the moment, Piper doesn’t have any desire to get on the property ladder in the Big Apple. She’s largely accepted that, for the career opportunities it affords her, she’s happy to foot the bill to live in a prime location.
‘Homeownership is the American Dream, and it’s been shoved down our throats for as long as we can remember,’ Piper, a full-time content creator and digital entrepreneur, tells Metro, noting that her priorities are her ‘career’ and ‘lifestyle.’
At the moment, Piper and her boyfriend live in a one-bedroom flat in Manhattan. It costs them $5,000 (£3,727.42), with Piper contributing $2,000 (£1,490.97) towards the monthly payment.
And while the couple are now looking for a two-bedroom apartment so that she can have her own home office, and have increased their budget to do so, they’re not looking to buy.
‘I’m paying for my life in New York City, and that’s worth it because I enjoy it. The high rent in NYC is your membership you use to be able to live in the city that has the best opportunities for your career in the world,’ she adds.
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Piper also loves the ‘freedom’ of being able to try out new places, in a similar way that many young Londoners do, too.
‘Living in New York is so fun, you get to explore new neighbourhoods and that really just marks different chapters of your life,’ she reflects.
‘I do love the fresh energy of coming into a new place. When my toilet breaks or something happens, I just call my repair person, and they come and fix it for me. It’s incredible.’
She feels that there’s a hidden luxury to renting, as she wouldn’t be able to afford to buy the type of home she’s living in. In fact, she’d rather just rent and ‘not deal with the hassle.’
‘I don’t think that homeownership is the same badge of approval or stamp of success as it was once was,’ she says.
‘It used to mean that you were stable, but rent is so expensive in these metropolitan cities, it is more glamorous and sometimes, it’s equally as impressive to live where you want, even if you’re renting.’
This isn’t just an NYC thing: many in the UK have similar sentiments. While her friends around her rush to get on the property ladder, 25-year-old Kathryn Loosley still isn’t convinced.
Kathryn loves her life in London, and though she’s currently paying £1,100 for her room in Tooting, she’s not sure if buying is entirely worth it.
‘My boyfriend and I want the freedom to move around. We’ll really need to think hard about whether it’s worth it or not,’ Kathryn tells Metro, noting that seeing her peers struggles to buy have put her off.
Kathryn says that renting currently affords her a decent amount of disposable income, which gives her the freedom to enjoy her lifestyle ‘without feeling the financial burden of homeownership,’ something she feels is important for 20-somethings.
‘We’re tied into rent as you would be with a mortgage, but we don’t have any overheads in repairs. We know what’s going out each month and can allocate the rest to enjoying London, whether that’s eating out, fitness classes, or escaping for a European weekend break,’ she adds.
‘I’m so happy we’re not being tied into a house at this age.’
According to a survey conducted by SpareRoom in March 2025, while 62% of under-30s expect that they will buy a property at some point in their lives, 11% don’t think they will. And, amid the uncertainty – and inaccessibility – of the housing market, 28% are unsure either way.
For much of the younger generations, plain ‘hard work’ isn’t enough anymore.
While grandparents recall stories of saving up for a house relatively quickly, prospective homeowners these days are often having to rely on the Bank of Mum and Dad, a privilege that those from working-class families often cannot access.
Breaking from the debate entirely, though, is a group of people who, like Kathryn, don’t want to buy a home at all and refuse to buy into the idea that homeownership is the ultimate housing goal.
Of those who feel they won’t ever get on the property ladder, SpareRoom’s findings showed that 11% actively said that they prefer renting, while 15% need the flexibility to move at short notice,
Why is home ownership so important to Britons?
So, why is the UK so obsessed with the holy grail of homeownership in the first place? In 2021, one YouGov study suggested that owning isn’t universally valued globally.
While 62% of Britons said that it was a goal they’d already accomplished, it was hardly a number one priority in places like Germany, where housing policy has often encouraged people to rent. Here, two in five (42%) had no intention of buying at all.
Dr Marc Schelhase, a lecturer in the Defence Studies Department at King’s College London, explains that the British fixation on home ownership is actually a relatively recent development.
After the Second World War, government housing policy focused on universal access to quality housing where communities could thrive – seen in the vision of the prefab homes, many of which were given as social housing to returning soldiers.
Then came Right to Buy under Margaret Thatcher in the 1980s, which saw tenants in social housing encouraged to buy their own homes.
And of course, the many challenges of the UK rental system have some people desperate avoid landlords. The Renters’ Rights Bill is designed to make things better for tenants, but it’s been in the works for years and won’t become law until 2026.
Focusing on ownership isn’t always a helpful mindset though, as it can distract from the government’s responsibility to build and maintain social housing – and potentially underplay the idea that some renters might just not be interested in buying. We just need a fair rental market that works.
Is it just Gen Z who aren’t fussed about owning?
As Marc von Grundherr, director of Benham and Reeves, tells Metro, it’s an increasing trend we’re seeing in renters – and it’s not just Gen Z, but a number of demographics.
‘Flexibility has become a significant priority, with many choosing to rent as it offers the freedom to relocate for career opportunities or personal reasons without the commitment and potential restrictions that come with owning a property,’ Marc shares.
And while getting on the property ladder is generally interpreted as a positive financial commitment, Marc feels that not everyone sees it that way.
‘With the cost of living, inflation, and the unpredictability of the housing market, some see renting as a way to maintain financial fluidity and avoid long-term debt,’ he concludes.
‘This trend isn’t restricted to younger generations either; we’re seeing it across a range of age groups, from professionals who value mobility, to those nearing retirement, who want to avoid the financial burdens that often accompany homeownership.’
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