Buying a Home Early Can Significantly Increase Future Wealth

Dated: 01/10/2020

Views: 35

Buying a Home Early Can Significantly Increase Future Wealth

Buying a Home Early Can Significantly Increase Future Wealth | MyKCM

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).”

Buying a Home Early Can Significantly Increase Future Wealth | MyKCMIf 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.Buying a Home Early Can Significantly Increase Future Wealth | MyKCMAlthough 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.

Blog author image

Julee Patterson

I LOVE real estate! I am a full time Realtor, and the Broker/Owner of Gateway Properties. We are a small, customer service based boutique brokerage in Loomis, California. I have a Bachelor’s De....

Latest Blog Posts

7 Biggest Mistakes Made in Probate

SUBSCRIBE to my YouTube channel if you want to learn about real estate, homeownership, or living in the Roseville CA area: http://bit.ly/JuleeYouTube FOLLOW JULEE ?LINKED IN: https://www.linkedin/

Read More

Using Your VA Entitlement To Buy A Home

This guide is meant to provide some helpful tips about VA home loans. For more detailed information please be sure to work with a Realtor® and a lender who is familiar with VA loans.Your

Read More

The Best Advice Does Not Mean Perfect Advice

The Best Advice Does Not Mean Perfect AdviceThe angst caused by the coronavirus has most people on edge regarding both their health and financial situations. It’s at times like these when we

Read More