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.
Checklist for Selling Your House This Spring
Checklist for Selling Your House This Spring Some Highlights As you get ready to sell your house, there are specific things you can add to your to-do list. These include decluttering, taking down personal photos and items, and power washing outdoor surfaces. Let’s...
How To Make Your Dream of Homeownership a Reality
How To Make Your Dream of Homeownership a Reality According to a recent Harris Poll survey, 8 in 10 Americans say buying a home is a priority, and 28 million Americans actually plan to buy within the next 12 months. Homeownership provides many financial and...
A Smaller Home Could Be Your Best Option
A Smaller Home Could Be Your Best Option Many people are reaching the point in their lives when they need to decide where they want to live when they retire. If you’re a homeowner approaching this stage, you have several options to explore. Jessica Lautz, Deputy Chief...
The Utah Spring Housing Market Could Be a Sweet Spot for Sellers
The Utah Spring Housing Market Could Be a Sweet Spot for Sellers Some Highlights The biggest challenge in the housing market is how few houses there are for sale compared to the number of people who want to buy. The number of homes for sale is up from last year but...
Now helping navigate the solutions when coping with divorce and Real Property
National Association of Divorce Professionals Buy or Sell with Marty Gale "Its The Experience" Principal Broker and Owner of Utah Realty™ Licensed Since 1986 General Contractor 2000 (in-active) e-pro (advanced digital marketing) 2001 Certified Residential...
What You Should Know About Closing Costs
What You Should Know About Closing Costs Before you buy a home, it’s important to plan ahead. While most buyers consider how much they need to save for a down payment, many are surprised by the closing costs they have to pay. To ensure you aren’t caught off guard when...
How To Win as a Buyer in Today’s Housing Market In Utah
How To Win as a Buyer in Today’s Housing Market Some Highlights In today’s housing market, you can still be the champion if you have the right team and strategy. To win as a buyer, you need to build your team, make strategic plays, consider what’s in and out of...
Are We in a Housing Bubble?
The Top Reasons for Selling Your House
The Top Reasons for Selling Your House Many of today’s homeowners bought or refinanced their homes during the pandemic when mortgage rates were at history-making lows. Since rates doubled in 2022, some of those homeowners put their plans to move on hold, not wanting...
You May Not Need as Much as You Think for Your Down Payment
You May Not Need as Much as You Think for Your Down Payment Some Highlights Many people believe you need to put down 20% of the purchase price when you buy a home. But recent homebuyers actually put down far less on their purchase. And with programs like FHA loans, VA...
Checklist for Selling Your House This Spring
Checklist for Selling Your House This Spring Some Highlights As you get ready to sell your house, there are specific things you can add to your to-do list. These include decluttering, taking down personal photos and items, and power washing outdoor surfaces. Let’s...
How To Make Your Dream of Homeownership a Reality
How To Make Your Dream of Homeownership a Reality According to a recent Harris Poll survey, 8 in 10 Americans say buying a home is a priority, and 28 million Americans actually plan to buy within the next 12 months. Homeownership provides many financial and...
A Smaller Home Could Be Your Best Option
A Smaller Home Could Be Your Best Option Many people are reaching the point in their lives when they need to decide where they want to live when they retire. If you’re a homeowner approaching this stage, you have several options to explore. Jessica Lautz, Deputy Chief...
The Utah Spring Housing Market Could Be a Sweet Spot for Sellers
The Utah Spring Housing Market Could Be a Sweet Spot for Sellers Some Highlights The biggest challenge in the housing market is how few houses there are for sale compared to the number of people who want to buy. The number of homes for sale is up from last year but...
Now helping navigate the solutions when coping with divorce and Real Property
National Association of Divorce Professionals Buy or Sell with Marty Gale "Its The Experience" Principal Broker and Owner of Utah Realty™ Licensed Since 1986 General Contractor 2000 (in-active) e-pro (advanced digital marketing) 2001 Certified Residential...
What You Should Know About Closing Costs
What You Should Know About Closing Costs Before you buy a home, it’s important to plan ahead. While most buyers consider how much they need to save for a down payment, many are surprised by the closing costs they have to pay. To ensure you aren’t caught off guard when...
How To Win as a Buyer in Today’s Housing Market In Utah
How To Win as a Buyer in Today’s Housing Market Some Highlights In today’s housing market, you can still be the champion if you have the right team and strategy. To win as a buyer, you need to build your team, make strategic plays, consider what’s in and out of...
Are We in a Housing Bubble?
The Top Reasons for Selling Your House
The Top Reasons for Selling Your House Many of today’s homeowners bought or refinanced their homes during the pandemic when mortgage rates were at history-making lows. Since rates doubled in 2022, some of those homeowners put their plans to move on hold, not wanting...
You May Not Need as Much as You Think for Your Down Payment
You May Not Need as Much as You Think for Your Down Payment Some Highlights Many people believe you need to put down 20% of the purchase price when you buy a home. But recent homebuyers actually put down far less on their purchase. And with programs like FHA loans, VA...
[mlcalc default=”mortgage_only”]
