We may not think about it often, but as the median age of the country’s population creeps steadily higher, it has many effects on the daily lives of all of us—regardless of age. It would be shocking if it weren’t so, given the size of the shift: the median age of the U.S. population in 1920 (Boomers’ parents’ era) was 25.3; today, the Census Bureau says it’s 38.9!
Since Americans’ life expectancies have risen spectacularly over the same period—from 53.2 to over 78, it’s important to recognize how great an effect it has on our housing choices and how we plan to pay for them, for most, Dallas home loans are a great part of that discussion.
Earlier generations rightly felt that “they were in the last inning” of their lives much earlier, so they would have approached home loans from a radically different perspective. Paying off the home mortgage was considered to be a prudent goal for fifty-year-olds, since their ‘old age’ was already at hand, and home ownership unburdened by a mortgage was thought to be close to a necessity.
Today’s fifty-year-olds are much more likely to take a 180-degree turn from that attitude. Already, polls from a decade ago showed that many Baby Boomers (whose parents were likely to have paid off their home loans before retirement) said that it made more sense to carry a mortgage rather than surrender their investments or cash. And today, when an estimated 6 out of 10 mortgage holders enjoy Dallas home loans with rates of 4% or less, that decision has another argument in its favor.
Family members’ progress through the ages of life is intimately connected to the direction they choose to fulfill their housing needs. I provide the facts which help my clients make sound choices for plotting sensible solutions when it comes to buying and selling Dallas homes. Call me anytime!
Thank you for reading and commenting on my blog post! This post was researched, authored, and photo by Bion Grady, REALTOR®, ©2004-2023, all rights reserved. All information is deemed reliable; however it should be independently verified by the reader. Any reproduction of this blog post is prohibited without the prior written permission of the author..
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