Beverly Meola, REALTOR, GRI, CBR, PSA
  • Home
  • Sellers
    • Seller Questionnaire
    • WhatsMyHomeWorth?
  • Market Reports
  • Buyers
    • Buyer Questionnaire
    • Search Listings
    • Featured Listings >
      • 14 Sartelle St
      • 8-8TuckFarmRd
    • Neighborhood Information >
      • West Boylston MA
      • Holden, MA
  • Blog
  • About

Buying a Home Early Can Significantly Increase Future Wealth

1/22/2020

Comments

 
Picture
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).”​

Picture
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.
Picture
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.
Comments

    Categories

    All
    Buyers
    Market Update
    Millennials
    Sellers
    Seller Tips
    Tips For Homeowners

    Archives

    October 2021
    July 2021
    April 2021
    March 2021
    February 2021
    December 2020
    September 2020
    August 2020
    July 2020
    April 2020
    March 2020
    February 2020
    January 2020
    November 2019
    October 2019
    September 2019
    May 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    June 2018
    May 2018
    April 2018
    March 2018
    January 2018
    November 2017
    September 2017
    August 2017
    June 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    May 2016
    April 2016

    RSS Feed

Susan Meola Properties, Inc.
Susan Meola Properties, Inc. | 97 Worcester Street | West Boylston, MA | (508) 835-8030
Licensed in the Commonwealth of Massachusetts
Privacy Policy
Picture
Picture
Photo used under Creative Commons from France1978
  • Home
  • Sellers
    • Seller Questionnaire
    • WhatsMyHomeWorth?
  • Market Reports
  • Buyers
    • Buyer Questionnaire
    • Search Listings
    • Featured Listings >
      • 14 Sartelle St
      • 8-8TuckFarmRd
    • Neighborhood Information >
      • West Boylston MA
      • Holden, MA
  • Blog
  • About