January 13, 2020 Ralph Ragette

Buying a Home Early Can Significantly Increase Future Wealth


Buyer confidence and high demand remain strong in Westchester County while our local home inventory remains historically low.  Purchasing a home is one of the largest financial decisions most will make in their lifetime.  This blog’s main purpose is to help educate the consumer on the real estate process and to provide up-to-date information on our local market conditions.

Today I would like to talk to you about Increasing Wealth Through Home Ownership


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 | Simplifying The MarketIf 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 | Simplifying The MarketAlthough 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.

 


Source: KCM Ralph Ragette Blog

To assure that you make the best possible decisions, it’s important that you have a knowledgeable agent on your side who is an expert in the local real estate market.  Our goal is to provide you with as much information as needed to make well-informed decisions throughout your home purchase or home sale in Westchester County, New York. 

To Search ALL Westchester County Real Estate Listings, visit www.Ragette.com

To reach Ralph, please call (or text) 914-202-1101 or send an email to Ralph@WestchesterHomeAdvisor.com

Ralph Ragette

Ralph Ragette, Ragette Real Estate. Ralph is a 5th generation Realtor in Westchester County New York. His firm was started by his great-great grandfather in 1885.