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 Major Reasons Households in Forbearance Won’t Lose Their Homes to Foreclosure
4 Major Reasons Households in Forbearance Won’t Lose Their Homes to ForeclosureThere has been a lot of discussion as to what will happen once the 2.3 million households currently in forbearance no longer have the protection of the program. Some assume there could...
Don’t Sell on Your Own Just Because It’s a Sellers’ Market
Don’t Sell on Your Own Just Because It’s a Sellers’ MarketIn a sellers’ market, some homeowners might be tempted to try to sell their house on their own (known as For Sale By Owner, or FSBO) instead of working with a trusted real estate professional. When the...
Top 10 commercial real estate markets for 2021
NAR Study Puts Salt Lake in Top 10 Commercial Markets The National Association of Realtors® identified the top 10 commercial real estate markets for 2021. They are: Austin-Round Rock, Texas; Cape Coral-Fort Myers, Florida; Charleston-North Charleston, South...
What It Means To Be in a Sellers’ Market
What It Means To Be in a Sellers’ Market If you’ve given even a casual thought to selling your house in the near future, this is the time to really think seriously about making a move. Here’s why this season is the ultimate sellers’ market and the optimal time to make...
2021 Real Estate Myth Buster
2021 Real Estate Myth BusterSome HighlightsThere are a lot of misconceptions about buying or selling a home today, making it challenging to know exactly how to navigate the current real estate landscape.Here’s a little clarity when it comes to 5 common myths about the...
What Credit Score Do You Need for a Mortgage?
What Credit Score Do You Need for a Mortgage? According to data from the most recent Origination Insight Report by Ellie Mae, the average FICO® score on closed loans reached 753 in February. As lending standards have tightened recently, many are concerned over whether...
Thinking of Buying or Selling This Spring? Free How to Guide
>>>> Free Guides to Buying and Selling this spring! <<<<
6 Simple Graphs Proving This Is Nothing Like Last Time
6 Simple Graphs Proving This Is Nothing Like Last Time Last March, many involved in the residential housing industry feared the market would be crushed under the pressure of a once-in-a-lifetime pandemic. Instead, real estate had one of its best years ever. Home sales...
5 Reasons to Sell Your House This Spring
5 Reasons to Sell Your House This Spring When selling a house, most homeowners hope for a quick and profitable transaction that puts them in a position to make a great move. If you’re waiting for the best time to win as a seller, the market is calling your name this...
How to Prepare Your House for a Winning Sale This Spring
How to Prepare Your House for a Winning Sale This Spring Some Highlights With so few homes available to buy today, houses are in high demand, and they’re selling fast. That means it’s a great time to sell if you’re ready to make a move. Let’s connect to make sure...
4 Major Reasons Households in Forbearance Won’t Lose Their Homes to Foreclosure
4 Major Reasons Households in Forbearance Won’t Lose Their Homes to ForeclosureThere has been a lot of discussion as to what will happen once the 2.3 million households currently in forbearance no longer have the protection of the program. Some assume there could...
Don’t Sell on Your Own Just Because It’s a Sellers’ Market
Don’t Sell on Your Own Just Because It’s a Sellers’ MarketIn a sellers’ market, some homeowners might be tempted to try to sell their house on their own (known as For Sale By Owner, or FSBO) instead of working with a trusted real estate professional. When the...
Top 10 commercial real estate markets for 2021
NAR Study Puts Salt Lake in Top 10 Commercial Markets The National Association of Realtors® identified the top 10 commercial real estate markets for 2021. They are: Austin-Round Rock, Texas; Cape Coral-Fort Myers, Florida; Charleston-North Charleston, South...
What It Means To Be in a Sellers’ Market
What It Means To Be in a Sellers’ Market If you’ve given even a casual thought to selling your house in the near future, this is the time to really think seriously about making a move. Here’s why this season is the ultimate sellers’ market and the optimal time to make...
2021 Real Estate Myth Buster
2021 Real Estate Myth BusterSome HighlightsThere are a lot of misconceptions about buying or selling a home today, making it challenging to know exactly how to navigate the current real estate landscape.Here’s a little clarity when it comes to 5 common myths about the...
What Credit Score Do You Need for a Mortgage?
What Credit Score Do You Need for a Mortgage? According to data from the most recent Origination Insight Report by Ellie Mae, the average FICO® score on closed loans reached 753 in February. As lending standards have tightened recently, many are concerned over whether...
Thinking of Buying or Selling This Spring? Free How to Guide
>>>> Free Guides to Buying and Selling this spring! <<<<
6 Simple Graphs Proving This Is Nothing Like Last Time
6 Simple Graphs Proving This Is Nothing Like Last Time Last March, many involved in the residential housing industry feared the market would be crushed under the pressure of a once-in-a-lifetime pandemic. Instead, real estate had one of its best years ever. Home sales...
5 Reasons to Sell Your House This Spring
5 Reasons to Sell Your House This Spring When selling a house, most homeowners hope for a quick and profitable transaction that puts them in a position to make a great move. If you’re waiting for the best time to win as a seller, the market is calling your name this...
How to Prepare Your House for a Winning Sale This Spring
How to Prepare Your House for a Winning Sale This Spring Some Highlights With so few homes available to buy today, houses are in high demand, and they’re selling fast. That means it’s a great time to sell if you’re ready to make a move. Let’s connect to make sure...
[mlcalc default=”mortgage_only”]
