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.
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Mortgage Lending Video 2
Now that you're ready, it's time to get Pre-Approved. Let's take a look at how that works! Find the Right Lender for You! Our Trusted Lenders
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Your offer got accepted, CONGRATULATIONS! But don't start moving in yet, there is still the Escrow process which takes an average of 30 days but can be as long as 6 months or as short as 3 days! Our Title People are Real Super Heroes!
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It's everything you dreamed of! The perfect size, ideal floor plan, prime location, you have no problem calling this "Home" .... except it's not your's yet. Let's get into the Offer and Negotiation Process! Here's a little tip. Find a real certified...
Where are Interest Rates Headed 2019
https://bit.ly/2QXMa0O
Where Are Interest Rates Going?
https://bit.ly/2QXMa0O
Days on Market April to June of 2018
Hot Sellers Market is Cooling of as Fall Approaches Stats are for April, May, and June of 2018 Secong Quarter of 2018 (April-June) An article in Realtor Magazine. The fall season is cooling down more than the temperature outside; it's also putting a...
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https://bit.ly/2w14Wve Have you ever been flipping through the channels, only to find yourself glued to the couch in an HGTV binge session? We’ve all been there, watching entire seasons of “Love it or List it,” “Million Dollar Listing,” “House...
What does Backup Offer Mean
Please keep in mind that most listing status changes must be made within three (3) business days of the date the status change occurs, with the exception of listings which are Canceled (change within 24 hours) and listings which are Sold (change within 5 business...
Mortgage Lending Video 2
Now that you're ready, it's time to get Pre-Approved. Let's take a look at how that works! Find the Right Lender for You! Our Trusted Lenders
Closing The Sale Video 5
Your offer got accepted, CONGRATULATIONS! But don't start moving in yet, there is still the Escrow process which takes an average of 30 days but can be as long as 6 months or as short as 3 days! Our Title People are Real Super Heroes!
The Offer Video 4
It's everything you dreamed of! The perfect size, ideal floor plan, prime location, you have no problem calling this "Home" .... except it's not your's yet. Let's get into the Offer and Negotiation Process! Here's a little tip. Find a real certified...
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