• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
Discover Contra Costa

Discover Contra Costa

with Noelle Cummings, REALTOR®/REALTIST®

  • Home
  • Buyers
    • Advanced Search
    • New Construction Home Search
    • Guidebook for Buyers
    • User Signup
    • User Login
  • Sellers
    • Home Valuation
    • Guidebook for Sellers
  • Communities
  • The Key to Your Home Blog
    • Buyer Tips
    • Seller Tips
    • Homeowner Tips
    • Market Updates
    • Real Estate News
  • Contact Noelle

Buying a Home Early Can Significantly Increase Future Wealth

02/24/2020 by Noelle Cummings

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 | MyKCM

If these aspiring homeowners purchase at an early age, the Urban Institute study shows the impact it can have.

Buying a Home Early Can Significantly Increase Future Wealth | MyKCM

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. 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.

  • Share on Twitter Share on Twitter
  • Share on Facebook Share on Facebook
  • Share on Pinterest Share on Pinterest
  • Share on LinkedIn Share on LinkedIn
  • Share via Email Share via Email

Filed Under: Buyer Tips

About Noelle Cummings

Raised in Walnut Creek, Noelle Cummings understands and appreciates the many unique benefits of living in the Bay Area - with its unmatched beauty, culture, shopping, and marvelous restaurants!

Primary Sidebar

Call Now:

925-768-3617

Connect with Me:

  • Facebook
  • Instagram
  • LinkedIn
  • YouTube

Oh hi there 👋
It’s nice to meet you.

Sign up to receive awesome content in your inbox, every month.

I don’t spam! Read my privacy policy for more info.

Please check your inbox or spam folder to confirm your subscription. Thanks!

Categories

  • Buyer Tips
  • Homeowner Tips
  • Market Updates
  • Real Estate News
  • Seller Tips

Footer

Noelle Cummings
Realtor®/Realtist® | Cal DRE #01333246
Cell: 925-768-3617

Connect with me:

  • Facebook
  • Instagram
  • LinkedIn
  • Pinterest
  • YouTube

Contact Me:

Thank you for reaching out! I will be in touch just as soon as possible. If you'd like to reach me right away, feel free to call or text me at 925-768-3617. I look forward to talking to you soon!

Copyright © 2022 · Agent Focused Pro by Winning Agent · Log in

Realty ONE Group | Elite

200 Pringle Avenue, Suite 100 | Walnut Creek, CA 94596

925-978-1100

CA DRE# 01931601

 

Privacy Policy