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.
4 mortgage interest rate scenarios that could occur in 2025
Mortgage rates have fluctuated since January 2024, starting near 7% and briefly dropping to 6.15% in September before rising to an average of 6.93%. Experts predict various scenarios for 2025, including rate stability, gradual declines, continued volatility, or...
Fed Interest Rate Forecast for 2025-26: Expert Insights
Fed Funds Rate Trends Forecast: - 2025 rate: drop to 4.0% - 2026 rate: to hold ~3.8% Economic Outlook for 2025: - GDP growth: taper from 1.8% to 2.5% by year-end - Rate cuts respond to slower economic growth
Winter Savings Tips for 2025 Homebuyers
Track your spending this winter to identify areas for cost-cutting before buying a home in 2025. Winter-proof your home to reduce energy bills and save money during the colder months.
Western state governors eye public lands for affordable housing development
Colorado Gov. Jared Polis and other Western governors are exploring the use of federal lands to address the affordable housing crisis in the region. In Nevada, officials are leveraging a federal law to acquire land for development at reduced prices, while...
Utah’s Fall Housing Market Shows Growth Despite Higher Prices
Utah's fall housing market in 2024 experienced a 1.6% increase in home prices and a 12.5% rise in sales compared to the previous year, with a median home price of $553,000. In Salt Lake City, prices rose by 7.3% to an average of $550,000, although sales decreased...
What Makes Your Home Sell Faster?
Pricing slightly below market value attracts multiple offers and encourages faster sales across regions. Well-maintained exteriors and appealing landscapes boost property attractiveness in any climate.
Thanksgiving The True Meaning
Thanksgiving Day, celebrated predominantly in the United States, is often symbolized by the quintessential turkey dinner and indulgent pies, marking a period of feasting and familial gatherings. However, the essence of this holiday transcends beyond the mere...
Should you have your home pre-appraised before placing it on the Market?
In the complex and often unpredictable journey of selling a home, understanding the value of your property through a pre-listing appraisal emerges as a critical step that can significantly impact the outcome of your sale. This introduction to pre-listing appraisals...
State of Utah Market Update – Residential Homes
Buy or Sell with Marty Gale "Its The Experience" Principal Broker and Owner of Utah Realty™ Licensed Since 1986 CERTIFIED LUXURY HOME MARKETING...
6 Must-Haves for a 2025 Home Sale
Buy or Sell with Marty Gale "Its The Experience" Principal Broker and Owner of Utah Realty™ Licensed Since 1986 CERTIFIED LUXURY HOME MARKETING SPECIALIST (CLHM) PSA (Pricing Strategy Advisor) General Contractor 2000 (in-active) e-pro (advanced digital marketing)...
4 mortgage interest rate scenarios that could occur in 2025
Mortgage rates have fluctuated since January 2024, starting near 7% and briefly dropping to 6.15% in September before rising to an average of 6.93%. Experts predict various scenarios for 2025, including rate stability, gradual declines, continued volatility, or...
Fed Interest Rate Forecast for 2025-26: Expert Insights
Fed Funds Rate Trends Forecast: - 2025 rate: drop to 4.0% - 2026 rate: to hold ~3.8% Economic Outlook for 2025: - GDP growth: taper from 1.8% to 2.5% by year-end - Rate cuts respond to slower economic growth
Winter Savings Tips for 2025 Homebuyers
Track your spending this winter to identify areas for cost-cutting before buying a home in 2025. Winter-proof your home to reduce energy bills and save money during the colder months.
Western state governors eye public lands for affordable housing development
Colorado Gov. Jared Polis and other Western governors are exploring the use of federal lands to address the affordable housing crisis in the region. In Nevada, officials are leveraging a federal law to acquire land for development at reduced prices, while...
Utah’s Fall Housing Market Shows Growth Despite Higher Prices
Utah's fall housing market in 2024 experienced a 1.6% increase in home prices and a 12.5% rise in sales compared to the previous year, with a median home price of $553,000. In Salt Lake City, prices rose by 7.3% to an average of $550,000, although sales decreased...
What Makes Your Home Sell Faster?
Pricing slightly below market value attracts multiple offers and encourages faster sales across regions. Well-maintained exteriors and appealing landscapes boost property attractiveness in any climate.
Thanksgiving The True Meaning
Thanksgiving Day, celebrated predominantly in the United States, is often symbolized by the quintessential turkey dinner and indulgent pies, marking a period of feasting and familial gatherings. However, the essence of this holiday transcends beyond the mere...
Should you have your home pre-appraised before placing it on the Market?
In the complex and often unpredictable journey of selling a home, understanding the value of your property through a pre-listing appraisal emerges as a critical step that can significantly impact the outcome of your sale. This introduction to pre-listing appraisals...
State of Utah Market Update – Residential Homes
Buy or Sell with Marty Gale "Its The Experience" Principal Broker and Owner of Utah Realty™ Licensed Since 1986 CERTIFIED LUXURY HOME MARKETING...
6 Must-Haves for a 2025 Home Sale
Buy or Sell with Marty Gale "Its The Experience" Principal Broker and Owner of Utah Realty™ Licensed Since 1986 CERTIFIED LUXURY HOME MARKETING SPECIALIST (CLHM) PSA (Pricing Strategy Advisor) General Contractor 2000 (in-active) e-pro (advanced digital marketing)...
[mlcalc default=”mortgage_only”]
