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.
What’s Going On with Bidding Wars?
https://bit.ly/2TwjTTX
Home Prices Coming In for a Soft Landing
https://bit.ly/2ElwL4W
Interest Rates Twelve Month Low
https://bit.ly/2T4yeXH
Owning a home is a great way to build family wealth
https://bit.ly/2SXqPta
3 Tips for Making Your Dream Of Buying A Home Come True
https://bit.ly/2E5yKKF
Housing Crash in Utah
3 Reasons Why We Are Not Heading Toward Another Housing Crash With home prices softening, some are concerned that we may be headed toward the next housing crash. However, it is important to remember that today’s market is quite different than the bubble market of...
first time buyer?
Ready for some Baby Steps Start looking for homes at https://Utah RealtyPlace.com/buying Let Marty be your guide to a new home! After all his is the most interesting Realtor in Utah! https://youtu.be/lqHiZgEy074
How To List Your Home for the Best Price
How To List Your Home for the Best Price If your plan for 2019 includes selling your home, you will want to pay attention to where experts believe home values are headed. According to the latest Home Price Index from CoreLogic, home prices increased by 4.7% over the...
4 Questions to Ask Before Selling Your House
Why It Makes No Sense to Wait for Spring to Sell
Why It Makes No Sense to Wait for Spring to Sell The price of any item (including residential real estate) is determined by the theory of ‘supply and demand.’ If many people are looking to buy an item and the supply of that item is limited, the price of that item...
What’s Going On with Bidding Wars?
https://bit.ly/2TwjTTX
Home Prices Coming In for a Soft Landing
https://bit.ly/2ElwL4W
Interest Rates Twelve Month Low
https://bit.ly/2T4yeXH
Owning a home is a great way to build family wealth
https://bit.ly/2SXqPta
3 Tips for Making Your Dream Of Buying A Home Come True
https://bit.ly/2E5yKKF
Housing Crash in Utah
3 Reasons Why We Are Not Heading Toward Another Housing Crash With home prices softening, some are concerned that we may be headed toward the next housing crash. However, it is important to remember that today’s market is quite different than the bubble market of...
first time buyer?
Ready for some Baby Steps Start looking for homes at https://Utah RealtyPlace.com/buying Let Marty be your guide to a new home! After all his is the most interesting Realtor in Utah! https://youtu.be/lqHiZgEy074
How To List Your Home for the Best Price
How To List Your Home for the Best Price If your plan for 2019 includes selling your home, you will want to pay attention to where experts believe home values are headed. According to the latest Home Price Index from CoreLogic, home prices increased by 4.7% over the...
4 Questions to Ask Before Selling Your House
Why It Makes No Sense to Wait for Spring to Sell
Why It Makes No Sense to Wait for Spring to Sell The price of any item (including residential real estate) is determined by the theory of ‘supply and demand.’ If many people are looking to buy an item and the supply of that item is limited, the price of that item...
[mlcalc default=”mortgage_only”]
