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 home ownership. According to a Freddie Mac survey,
The good news is, our younger generations are strong believers in home ownership. 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).”
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.
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
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.
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.
"Real Estate is not just a job for me, it's about making a difference in the lives of others"
Troy Erickson Realtor
Call/Text: (602)295-6807
TroyEricksonRealtor@gmail.com
Facebook.com/TroyEricksonRealtor
Troy Erickson Realtor
Call/Text: (602)295-6807
TroyEricksonRealtor@gmail.com
Facebook.com/TroyEricksonRealtor
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