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.
Don’t Wait Until Spring To Sell Your House
Don’t Wait Until Spring To Sell Your House As you think about the year ahead, one of your big goals may be moving. But, how do you know when to make your move? While spring is usually the peak homebuying season, you don’t actually need to wait until spring to sell....
Blockchain technology and its integration with real estate transactions
Blockchain technology and its integration with real estate transactions. Blockchain has been making waves in various industries, revolutionizing the way we store and transfer data securely. And with the ever-evolving real estate market, it comes as no surprise that...
2 of the Factors That Impact Mortgage Rates
2 of the Factors That Impact Mortgage Rates If you’re looking to buy a home, you’ve probably been paying close attention to mortgage rates. Over the last couple of years, they hit record lows, rose dramatically, and are now dropping back down a bit. Ever wonder why?...
Trends in Senior Housing
Trends in Senior Housing In this article, we dive into the fascinating realm of senior purchasing habits when it comes to housing. With the aging population, the needs and preferences of seniors have transformed, leading to new trends and demands in the housing...
Will a Silver Tsunami Change the 2024 Housing Market?
Will a Silver Tsunami Change the 2024 Housing Market? Have you ever heard the term “Silver Tsunami” and wondered what it's all about? If so, that might be because there’s been lot of talk about it online recently. Let's dive into what it is and why it won't...
Why It’s More Affordable To Buy a Home This Year
Why It’s More Affordable To Buy a Home This Year Some Highlights Home affordability depends on three factors: mortgage rates, home prices, and wages. Mortgage rates are down from their recent peak, home prices are expected to rise at a slower pace, and wages are...
Experts Project Home Prices Will Increase in 2024
Experts Project Home Prices Will Increase in 2024 Even though home prices are going up nationally, some people are still worried they might come down. In fact, a recent survey from Fannie Mae found that 24% of people think home prices will actually decline over the...
3 Must-Do’s When Selling Your House in 2024
3 Must-Do’s When Selling Your House in 2024 If one of the goals on your list is selling your house and making a move this year, you’re likely juggling a mix of excitement about what’s ahead and feeling a little sentimental about your current home. A great way to...
Buying Real Estate With Crypto Currency In Utah
Buying Real Estate With Crypto Currency In Utah As the world continues to evolve, so too does the way we invest and transact. In recent years, cryptocurrencies such as Bitcoin and Ethereum have emerged as prominent investment vehicles for tech-savvy individuals....
Key Terms Every Homebuyer Should Learn
Key Terms Every Homebuyer Should Learn Some Highlights Buying a home is a big deal and can feel especially complicated if you don't know the terms used during the process. If you want to become a homeowner this year, it's a good idea to learn these key housing...
Don’t Wait Until Spring To Sell Your House
Don’t Wait Until Spring To Sell Your House As you think about the year ahead, one of your big goals may be moving. But, how do you know when to make your move? While spring is usually the peak homebuying season, you don’t actually need to wait until spring to sell....
Blockchain technology and its integration with real estate transactions
Blockchain technology and its integration with real estate transactions. Blockchain has been making waves in various industries, revolutionizing the way we store and transfer data securely. And with the ever-evolving real estate market, it comes as no surprise that...
2 of the Factors That Impact Mortgage Rates
2 of the Factors That Impact Mortgage Rates If you’re looking to buy a home, you’ve probably been paying close attention to mortgage rates. Over the last couple of years, they hit record lows, rose dramatically, and are now dropping back down a bit. Ever wonder why?...
Trends in Senior Housing
Trends in Senior Housing In this article, we dive into the fascinating realm of senior purchasing habits when it comes to housing. With the aging population, the needs and preferences of seniors have transformed, leading to new trends and demands in the housing...
Will a Silver Tsunami Change the 2024 Housing Market?
Will a Silver Tsunami Change the 2024 Housing Market? Have you ever heard the term “Silver Tsunami” and wondered what it's all about? If so, that might be because there’s been lot of talk about it online recently. Let's dive into what it is and why it won't...
Why It’s More Affordable To Buy a Home This Year
Why It’s More Affordable To Buy a Home This Year Some Highlights Home affordability depends on three factors: mortgage rates, home prices, and wages. Mortgage rates are down from their recent peak, home prices are expected to rise at a slower pace, and wages are...
Experts Project Home Prices Will Increase in 2024
Experts Project Home Prices Will Increase in 2024 Even though home prices are going up nationally, some people are still worried they might come down. In fact, a recent survey from Fannie Mae found that 24% of people think home prices will actually decline over the...
3 Must-Do’s When Selling Your House in 2024
3 Must-Do’s When Selling Your House in 2024 If one of the goals on your list is selling your house and making a move this year, you’re likely juggling a mix of excitement about what’s ahead and feeling a little sentimental about your current home. A great way to...
Buying Real Estate With Crypto Currency In Utah
Buying Real Estate With Crypto Currency In Utah As the world continues to evolve, so too does the way we invest and transact. In recent years, cryptocurrencies such as Bitcoin and Ethereum have emerged as prominent investment vehicles for tech-savvy individuals....
Key Terms Every Homebuyer Should Learn
Key Terms Every Homebuyer Should Learn Some Highlights Buying a home is a big deal and can feel especially complicated if you don't know the terms used during the process. If you want to become a homeowner this year, it's a good idea to learn these key housing...
[mlcalc default=”mortgage_only”]
