Buying a Home Early Can Significantly Increase Future Wealth
According to an Urban Institute study, homeowners who purchase a house before age 35 are better prepared for retirement at age 60.
The good news is, our younger generations are strong believers in homeownership.
According to a Freddie Mac survey,
“The dream of homeownership is alive and well within “Generation Z,” the demographic cohort following Millennials.
Our survey…finds that Gen Z views homeownership as an important goal. They estimate that they will attain this goal by the time they turn 30 years old, three years younger than the current median homebuying age (33).”
If these aspiring homeowners purchase at an early age, the Urban Institute study shows the impact it can have.
Based on this data, those who purchased their first homes when they were younger than 25 had an average of $10,000 left on their mortgage at age 60. The 50% of buyers who purchased in their mid-20s and early-30s had close to $50,000 left, but traditionally purchased more expensive homes.
Although the vast majority of Gen Zers want to own a home and are somewhat confident in their future, “In terms of financial awareness, 65% of Gen Z respondents report that they are not confident in their knowledge of the mortgage process.”
Bottom Line
As the numbers show, you’re not alone. If you want to buy this year but you’re not sure where to start the process, let’s get together to help you understand the best steps to take from here.
Strategic Approaches To Dividing Assets During Divorce
In the emotionally charged arena of divorce, the division of assets stands as one of the most contentious and critical challenges couples face. Strategic approaches are essential for navigating this complex process, ensuring a fair and equitable distribution that...
Buying Real Estate With Crypto Currency In Utah
Buying Real Estate With Crypto Currency In Utah As the world continues to evolve, so too does the way we invest and transact. In recent years, cryptocurrencies such as Bitcoin and Ethereum have emerged as prominent investment vehicles for tech-savvy individuals. And...
Luxury Homes Above 1,000,000 2024 Predictions And Trends For Utah
Luxury Homes Above 1,000,000 2024 Predictions And Trends For Utah Welcome to our Utah Realty Luxury Homes blog, where we dive deep into the world of luxury real estate and explore the upcoming predictions and trends for Utah in 2024. As the demand for opulent homes...
Coping with Holiday Stress as a Senior or Caregiver
Are you a caregiver juggling the responsibilities of caring for your loved one at home, while also trying to navigate the stress and pressures of the holiday season? As the holidays approach, it’s important for caregivers to prioritize their own well-being and find...
What’s New and Attractive In Luxury Home Surfaces
Welcome to Utah Realty, where we explore the latest trends in surfaces that are revolutionizing home interiors. In this article, we delve into four hot new looks that will elevate the ambiance of every room in your home. Inspired by the vibrant pulse of city streets,...
Luxury Home Design Trends In Utah
Luxury Home Design Trends In Utah Welcome to our blog where we delve into the world of luxury home design trends in the picturesque state of Utah. Known for its breathtaking landscapes and vibrant cities, Utah has become a hub for those seeking unparalleled elegance...
Economic Trends And Factors Influencing The Luxury Home Market In Utah
Welcome to our blog article all about the exciting developments and trends in Utah's luxury home market this fall! As the leaves change color and the cool autumn breeze settles in, Utah's real estate market is buzzing with activity. Whether you're a potential buyer or...
Optimal Timing for Selling Your Luxury Home: Unveiling the Best Season”
Optimal Timing for Selling Your Luxury Home: Unveiling the Best Season" Introduction: In the ever-evolving real estate market, timing plays a crucial role in maximizing the potential of selling your luxury home. As an AI assistant, I am here to shed...
Today’s Housing Inventory Is a Sweet Spot for Sellers
Today’s Housing Inventory Is a Sweet Spot for Sellers One of the biggest challenges in the housing market right now is how few homes there are for sale compared to the number of people who want to buy them. To help emphasize just how limited housing inventory still...
Why Buying or Selling a Home Helps the Economy and Your Community
Why Buying or Selling a Home Helps the Economy and Your Community If you're thinking about buying or selling a house, it's important to know that it doesn't just affect your life, but also your community. The National Association of Realtors (NAR) releases a report...
Strategic Approaches To Dividing Assets During Divorce
In the emotionally charged arena of divorce, the division of assets stands as one of the most contentious and critical challenges couples face. Strategic approaches are essential for navigating this complex process, ensuring a fair and equitable distribution that...
Buying Real Estate With Crypto Currency In Utah
Buying Real Estate With Crypto Currency In Utah As the world continues to evolve, so too does the way we invest and transact. In recent years, cryptocurrencies such as Bitcoin and Ethereum have emerged as prominent investment vehicles for tech-savvy individuals. And...
Luxury Homes Above 1,000,000 2024 Predictions And Trends For Utah
Luxury Homes Above 1,000,000 2024 Predictions And Trends For Utah Welcome to our Utah Realty Luxury Homes blog, where we dive deep into the world of luxury real estate and explore the upcoming predictions and trends for Utah in 2024. As the demand for opulent homes...
Coping with Holiday Stress as a Senior or Caregiver
Are you a caregiver juggling the responsibilities of caring for your loved one at home, while also trying to navigate the stress and pressures of the holiday season? As the holidays approach, it’s important for caregivers to prioritize their own well-being and find...
What’s New and Attractive In Luxury Home Surfaces
Welcome to Utah Realty, where we explore the latest trends in surfaces that are revolutionizing home interiors. In this article, we delve into four hot new looks that will elevate the ambiance of every room in your home. Inspired by the vibrant pulse of city streets,...
Luxury Home Design Trends In Utah
Luxury Home Design Trends In Utah Welcome to our blog where we delve into the world of luxury home design trends in the picturesque state of Utah. Known for its breathtaking landscapes and vibrant cities, Utah has become a hub for those seeking unparalleled elegance...
Economic Trends And Factors Influencing The Luxury Home Market In Utah
Welcome to our blog article all about the exciting developments and trends in Utah's luxury home market this fall! As the leaves change color and the cool autumn breeze settles in, Utah's real estate market is buzzing with activity. Whether you're a potential buyer or...
Optimal Timing for Selling Your Luxury Home: Unveiling the Best Season”
Optimal Timing for Selling Your Luxury Home: Unveiling the Best Season" Introduction: In the ever-evolving real estate market, timing plays a crucial role in maximizing the potential of selling your luxury home. As an AI assistant, I am here to shed...
Today’s Housing Inventory Is a Sweet Spot for Sellers
Today’s Housing Inventory Is a Sweet Spot for Sellers One of the biggest challenges in the housing market right now is how few homes there are for sale compared to the number of people who want to buy them. To help emphasize just how limited housing inventory still...
Why Buying or Selling a Home Helps the Economy and Your Community
Why Buying or Selling a Home Helps the Economy and Your Community If you're thinking about buying or selling a house, it's important to know that it doesn't just affect your life, but also your community. The National Association of Realtors (NAR) releases a report...
[mlcalc default=”mortgage_only”]
