Buying a Home Early Can Significantly Increase Future Wealth
The good news is, our younger generations are strong believers in home ownership. According to a Freddie Mac survey,
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).”
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.
Feel free to contact me if you have any questions about the home buying process, and what it takes to purchase a home in Chandler or the East Valley of Arizona.
Whether you’re thinking about buying your first home or moving up to the home of your dreams, don’t let the false narrative about affordability prevent you from moving forward. From an affordability standpoint, this is one of the best times to buy in the last 30 years.
Troy Erickson Realtor