Millennials have been recently dubbed ‘Generation Rent’, due to the price of housing far outstripped both inflation and wage growth. Most young adults can’t afford to buy their own place (even if they wanted to), and so are ‘stuck’ renting a house or apartment.
Rents in Denver are high; that’s not a surprise to anyone who has apartment-hunted recently. A recent report showed that between 2010 and 2017 average rents in Denver shot up an astronomical 48 percent. The median rent in Denver for a one-bedroom apartment is now almost $1,400.
Although there are positive to renting, such as flexibility in moving and not having to worry about fixing your own leaking faucet, when rents keep rising it can have an effect on your mental health. How?
Frequent Moves lead to More Stress
When you’re renting, especially in Denver where rent hikes force more moving than average, it’s hard to find a sense of stability and community. Moving itself is stressful and expensive, and keeps people from investing in their homes and making their space their own. In an ideal world, your home is your safe space; a place to de-stress after a long day at work. But many renters feel that their space is not really ‘theirs’ and don’t make changes to it to make it a more calming space, like painting the walls or buying a new bathtub to soak in.
Additionally, having a sense of community and knowing your neighbors is generally good for your mental health. If you’re moving around a lot, it’s very hard to develop that sense of community and have neighbors that you can count on to borrow a cup of sugar or watch your car while you’re away.
In fact, a study recently found that, compared to homeowners, young renters are more likely to experience loneliness and mental health issues.
Money Stress Impacts Mental Health
Housing is, by far, most people’s largest expense. In pricey areas like Denver, housing far outpaces other bills. It’s well-known that experiencing financial insecurity leads to increased anxiety, depression, and a general feeling of being ‘left behind’ by peers who appear more financially stable.
Even among Denver renters who can pay the bills, knowing that an emergency might cause a problem with making rent leads to increased stress. Add to that the fact that renters face the unknown more than homeowners; they don’t know what the rent will be next year. It’s been rising for over a decade, so it’s just a matter of “how much more will it be next year?” and “can I afford that or do I need to move again?”
Leaving Support Networks Leads to Isolation and Loneliness
When renters have to move, they inevitably leave behind the built-in social networks and support systems that they cultivated in their old hoods. Having friends and family nearby is protective of mental health. Even knowing your favorite cafes and spots for take-out is comforting. Moving away from all of that due to rising rents can feel very isolating and de-stabilizing.
Feeling Like you Can’t Reach Life Goals
Housing costs, and the instability of renting, can have an impact on people’s life choices; even large life choices. Housing costs is affecting how people weigh whether to enroll in graduate school and whether (or when) they have children.
Even smaller life goals, such has having a space for woodworking, hosting large dinner parties for friends, or mowing your own yard, can feel very far away when housing costs are so high and people feel stuck renting a home they don’t love.
In Denver, it’s easy for young adults to feel like they can’t ‘grow up’ and make informed decisions about their life, career, and family until they feel rooted in their own home.