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Youngest First Time Homebuyers

Real Estate Agent with Coldwell Banker Select

Ethan and Brittany recently bought a home in Tulsa, Oklahoma for $160,000. They are the youngest home buyers I've ever worked with, the previous was a tennis pro Olivia who was 23 and Alex, a nurse, she was also 23. Ethan is 22 and Brittany is 19!

The average age of a first time home buyer in the US according to HUD is 33. So when I witness an outlier event like this, I like to review exactly what happened and ask some questions in order to motivate other people and show the steps to do something similar.

Ethan did live with his parents for two years, he is a chef at a country club. Brittany says about him, "He doesn't spend money, he works and saves." He managed to save over $20,000, the down payment and closing costs for their home was a little over $12,000.

Starting at a younger age gives them a formidable advantage, in ten years, the equity build up in their home from just making payments will be $31,400, appreciation at 4% over ten years will increase their home value by $55,000 (Calculator Soup online calculator). In ten years the average homebuyer at Ethan and Brittanys age still will not have bought their first home so will have 0.

So if a home buyer is able to save $500 a month for two years, they will more or less be in a position to buy a home. This is not easy but if they prioritize, it should be possible for many. A homebuyer credit score according to lenders needs to be at least 580 and preferably close to 740 for the best rate.

Congratulations to Ethan & Brittany!! šŸ¤©


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Comments (4)

John Pusa
Glendale, CA

Hello Peter Tamura congratulations to the youngest first time homebuyers.

Sep 13, 2022 04:40 PM
Peter Tamura

Thanks John, love to help people like this that have their act together!

Sep 13, 2022 07:16 PM
Jeff Masich-Scottsdale AZ Associate Broker,MBA,GRI
HomeSmart Real Estate - Scottsdale, AZ
Arizona Homes and Land Group/ Buy or Sell

Congratulations Peter. The home buyer that starts young will build wealth faster even if it is not there forever home. Build wealth and not throw money away on rent.

Sep 13, 2022 04:51 PM
Peter Tamura

Absolutely agree Jeff, especially with rent inflation now, owning your own home allows you to control your costs. The question for many young people is pay off their average student debt of almost $40,000 first or go ahead and buy a home. I tend to be in the camp of going ahead and buying a home because the compounding returns of a good investment eventually outstrip the interest cost of the debt.

Sep 14, 2022 07:28 AM
Richard Weeks
Dallas, TX

Congratulations on your recent sale.Ā  Also congratulations to Ethan and Brittany.

Sep 14, 2022 02:44 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Peter, I would have to go through my files, but think mine were around 20.Ā  So young, but good way to get started.

Sep 14, 2022 06:54 AM
Peter Tamura

Hi Joan,

Thanks for your comment! I like to track stuff like this, I'm so proud of them and it keeps me excited about real estate.

Sep 14, 2022 08:59 AM