Buying a Home Early Can Significantly Increase Future Wealth

Dated: 01/14/2020

Views: 2

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

Brett Schlieker

As an Idaho agent who’s an expert in the local area, I pride myself on offering superior personal service before, during and after your transaction. Knowledge, commitment, honesty, expertise, and pr....

Latest Blog Posts

How Buyers Can Win By Downsizing in 2020

How Buyers Can Win By Downsizing in 2020Home values have been increasing for 93 consecutive months, according to the National Association of Realtors. If you’re a homeowner,

Read More

The 2 Surprising Things Homebuyers Really Want

The 2 Surprising Things Homebuyers Really WantIn a market where current inventory is low, it’s normal to think buyers might be willing to give up a few desirable features in their

Read More

Make the Dream of Home ownership a Reality in 2020

Make the Dream of Homeownership a Reality in 2020In 1963, Martin Luther King, Jr. led and inspired a powerful movement with his famous “I Have a Dream” speech. Through his passion and

Read More

Where Homebuyers Are Heading By Generation

Where Homebuyers Are Heading By Generation [INFOGRAPHIC]Some Highlights:Whether capitalizing on job opportunities, affordability, or warm-weather places to retire, Americans are making moves to

Read More