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 Is Final Expense Life Insurance?
Purpose: A whole life insurance policy providing $2,000–$35,000 in coverage to cover funeral and end-of-life costs. Eligibility: Requires no medical exams; approval based on answering basic health questions, making it accessible for most individuals.
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Ready to Buy a Home in 2025? Get the Inside Scoop
Start preparing finances early: Ensure credit is good, calculate affordability, and get ready to make a competitive offer.Current market improvements: 2025 offers better opportunities for buyers after high prices and limited options in 2024.
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Maintain a Good Credit Rating: Strong credit scores often lead to lower premiums for auto and homeowner insurance.Drive Safely: A clean driving record and good grades for students can significantly reduce insurance costs.
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Utah lawmakers are facing challenges in addressing the housing affordability crisis, with two bills aimed at allowing smaller homes failing to progress in the legislative session. Rep. Ray Ward's proposals, which included permitting accessory dwelling units and...
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Start house hunting in January to benefit from lower prices and reduced buyer competition. Hire a local Real Estate agent with expertise in undervalued properties and market trends.
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What Is Final Expense Life Insurance?
Purpose: A whole life insurance policy providing $2,000–$35,000 in coverage to cover funeral and end-of-life costs. Eligibility: Requires no medical exams; approval based on answering basic health questions, making it accessible for most individuals.
Trump’s Economic Policies Impacting Housing
Mortgage rates may stay elevated at 6-7% due to inflation and monetary policy. Proposed tax changes could boost homeownership through mortgage deductions and capital gains adjustments.
Utah legislators reject ‘preemption,’ stop two housing bills intended to permit smaller homes
Utah lawmakers are struggling to tackle the state's housing affordability crisis, as recent bills promoting smaller housing types have stalled. HB88 and HB90, which proposed mandatory accessory dwelling units and smaller lot sizes, faced local government...
Happy Mardi Gras
Utah House Committee Votes Against Bills That Make Housing More Affordable
A Utah House committee did not vote on two housing bills, HB 88 and HB 90, aimed at addressing the state's housing shortage, despite support from the governor's office. HB 88 would allow detached accessory dwelling units in urban residential zones, while HB...
Ready to Buy a Home in 2025? Get the Inside Scoop
Start preparing finances early: Ensure credit is good, calculate affordability, and get ready to make a competitive offer.Current market improvements: 2025 offers better opportunities for buyers after high prices and limited options in 2024.
Cut Your Insurance Premiums: Simple Savings Tips
Maintain a Good Credit Rating: Strong credit scores often lead to lower premiums for auto and homeowner insurance.Drive Safely: A clean driving record and good grades for students can significantly reduce insurance costs.
Utah lawmakers say no to ‘preemption,’ halt 2 housing bills aimed at allowing smaller homes
Utah lawmakers are facing challenges in addressing the housing affordability crisis, with two bills aimed at allowing smaller homes failing to progress in the legislative session. Rep. Ray Ward's proposals, which included permitting accessory dwelling units and...
Tips for Finding Bargain Houses in 2025
Start house hunting in January to benefit from lower prices and reduced buyer competition. Hire a local Real Estate agent with expertise in undervalued properties and market trends.
A Utah bill requiring 60 days notice to raise rent fails
A Utah bill requiring landlords to provide two months' notice before raising rent has been halted for the third consecutive year. The House Business, Labor, and Commerce Committee rejected HB182, which aimed to give tenants more security. The Utah Rental Housing...
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