Buying a Home Early Can Significantly Increase Future Wealth

By
Real Estate Agent with REMAX Realty Group Lic. # SL3154233

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 my first home in Fort myers with remax

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.

buying a home in fort myers

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, meet with your local real estate professional Abby Stiller who can help you to understand the best steps to take from here.

Posted by

 

Abby Stiller 

Realtor® Lic. #3154233    

12 Years of Experience

RE/MAX Realty Group    Cape Coral Fort Myers Naples  Realtor Cape Coral      

 

I help Home buyers find their dream home & Homeowners sell for more. Thinking of buying or selling? Call/Text me: 239-284-8637   Your Honest & Dedicated Realtor!

or visit: www.TeamStiller.com

 

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Topic:
Home Buying
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Florida Lee County Cape Coral
Tags:
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buying process
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buying my first home
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Rainmaker
1,738,969
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

Great graphics and even better information. Thanks for sharing with us 

Jan 14, 2020 05:28 PM #1
Rainmaker
1,021,569
June Piper-Brandon
Long & Foster Hampden - Baltimore, MD
Piecing Dreams One Home at a Time

I planted that seed in a grade 4 math class I was invited to give a presentation on how I used math in my career.  Homeownership  not only increases the home owners wealth but those that live around them too!!

Jan 14, 2020 08:34 PM #2
Rainmaker
3,318,250
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

Homeownership IS one of those "the sooner the better" kinds of things...statistically proven !

Jan 15, 2020 05:14 AM #3
Rainmaker
3,278,338
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Abby Stiller,  Homeownership is still the way to make a good investment and also get a tax write off.

Jan 15, 2020 08:22 AM #4
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Rainmaker
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Abby Stiller

Professional Bilingual Realtor (239) 284-8637
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