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.
Keys to Selling Your House Virtually
Keys to Selling Your House VirtuallyIn a recent survey by realtor.com, people thinking about selling their homes indicated they’re generally willing to allow their agent and some potential buyers inside if done under the right conditions. They’re less comfortable,...
Will This Economic Crisis Have a V, U, or L-Shaped Recovery?
Will This Economic Crisis Have a V, U, or L-Shaped Recovery?Many American businesses have been put on hold as the country deals with the worst pandemic in over one hundred years. As the states are deciding on the best strategy to slowly and safely reopen, the big...
The Pain of Unemployment: It Will Be Deep, But Not for Long
The Pain of Unemployment: It Will Be Deep, But Not for LongThere are two crises in this country right now: a health crisis that has forced everyone into their homes and a financial crisis caused by our inability to move around as we normally would. Over 20 million...
How Technology is Helping Buyers Navigate the Home Search Process
How Technology is Helping Buyers Navigate the Home Search Process Some Highlights:A recent realtor.com survey revealed that buyers are still considering moving forward with the homebuying process, even if they can’t see the home in-person.While they still prefer to...
A Recession Does Not Equal a Housing Crisis
Today’s Homebuyers Want Lower Prices. Sellers Disagree.
Today’s Homebuyers Want Lower Prices. Sellers Disagree.Utah Single Family Inventory has risen from 5775 to 5940 from April 5th to April 16th.Utah County Single Family Inventory April 5th was 1401, April 16th up a little to 1466Salt Lake County Single Family Home...
Think This Is a Housing Crisis? Think Again.
Think This Is a Housing Crisis? Think Again.With all of the unanswered questions caused by COVID-19 and the economic slowdown we’re experiencing across the country today, many are asking if the housing market is in trouble. For those who remember 2008, it's logical to...
What If I Need to Sell My Home Now? What Can I Do?
What If I Need to Sell My Home Now? What Can I Do?Every day that passes, people have a need to buy and sell homes. That doesn’t stop during the current pandemic. If you’ve had a major life change recently, whether with your job or your family situation, you may be in...
Recession? Yes. Housing Crash? No.
Recession? Yes. Housing Crash? No.With over 90% of Americans now under a shelter-in-place order, many experts are warning that the American economy is heading toward a recession, if it’s not in one already. What does that mean to the residential real estate...
More than half of homes in America have at least 50% equity. Wondering how much equity you have? Let’s connect.
Keys to Selling Your House Virtually
Keys to Selling Your House VirtuallyIn a recent survey by realtor.com, people thinking about selling their homes indicated they’re generally willing to allow their agent and some potential buyers inside if done under the right conditions. They’re less comfortable,...
Will This Economic Crisis Have a V, U, or L-Shaped Recovery?
Will This Economic Crisis Have a V, U, or L-Shaped Recovery?Many American businesses have been put on hold as the country deals with the worst pandemic in over one hundred years. As the states are deciding on the best strategy to slowly and safely reopen, the big...
The Pain of Unemployment: It Will Be Deep, But Not for Long
The Pain of Unemployment: It Will Be Deep, But Not for LongThere are two crises in this country right now: a health crisis that has forced everyone into their homes and a financial crisis caused by our inability to move around as we normally would. Over 20 million...
How Technology is Helping Buyers Navigate the Home Search Process
How Technology is Helping Buyers Navigate the Home Search Process Some Highlights:A recent realtor.com survey revealed that buyers are still considering moving forward with the homebuying process, even if they can’t see the home in-person.While they still prefer to...
A Recession Does Not Equal a Housing Crisis
Today’s Homebuyers Want Lower Prices. Sellers Disagree.
Today’s Homebuyers Want Lower Prices. Sellers Disagree.Utah Single Family Inventory has risen from 5775 to 5940 from April 5th to April 16th.Utah County Single Family Inventory April 5th was 1401, April 16th up a little to 1466Salt Lake County Single Family Home...
Think This Is a Housing Crisis? Think Again.
Think This Is a Housing Crisis? Think Again.With all of the unanswered questions caused by COVID-19 and the economic slowdown we’re experiencing across the country today, many are asking if the housing market is in trouble. For those who remember 2008, it's logical to...
What If I Need to Sell My Home Now? What Can I Do?
What If I Need to Sell My Home Now? What Can I Do?Every day that passes, people have a need to buy and sell homes. That doesn’t stop during the current pandemic. If you’ve had a major life change recently, whether with your job or your family situation, you may be in...
Recession? Yes. Housing Crash? No.
Recession? Yes. Housing Crash? No.With over 90% of Americans now under a shelter-in-place order, many experts are warning that the American economy is heading toward a recession, if it’s not in one already. What does that mean to the residential real estate...
More than half of homes in America have at least 50% equity. Wondering how much equity you have? Let’s connect.
[mlcalc default=”mortgage_only”]
