Monday, January 28, 2019
By Steven  Baker
Buying a Home Young is the Key to Building Wealth

Real Estate Clover, Real Estate Clover SC, Real Estate South Carolina, Real Estate SC, Clover Real Estate, South Carolina Real Estate, Home for sale Clover, Homes for Sale Clover, Homes for Sale South Carolina, Home for Sale Clover, New Listings Clover, Realtor Clover, Clover Realtor, Clover Realty, Realty Clover, Real Estate Brokerage Clover, Clover Real Estate Brokerage, Just Listed Clover, Clover Homes Just Listed, Clover Commercial, Clover Investment, Real Estate, Real estate agent, Real Estate Company Clover, Real Estate Companies Clover, Real Estate Company Clover SC, Real Estate Companies Clover SC, Real Estate Agent Clover, Real Estate Clover SC, Realtor Clover, Clover Realtor, Clover Realtor SC, Real Estate Agents Clover SC, real estate broker Clover SC, real estate investor Clover SC, real estate investing Clover SC, real estate life Clover, real estate for sale Clover, Real estate expert Clover, home for sale, house for sale, property for sale, just listed, Clover house hunting, Clover house hunt, new listing Clover, million dollar homes Clover sc, #RealEstate, #RealEstateAgent, #RealEstateBroker, #RealEstateInvestor, #RealEstateInvesting, #RealEstateLife, #RealEstateForSale, #RealEstateExpert, #Realtor, #Realty, #Broker, #HomeForSale, #HouseForSale, #PropertyForSale, #JustListed, #HouseHunting, #HouseHunt, #NewListing, #MillionDollarHome #nexthomeplatinumadvantage #platinumadvantagerealty #cloversc #cloverhomes

Homeowners who purchase their homes before the age of 35 are better prepared for retirement at age 60, according to a new Urban Institute study. The organization surveyed adults who turned 60 or 61 between 2003 and 2015 for their data set.

“Today’s older adults became homeowners at a younger age than today’s young adults. Half the older adults in our sample bought their first house when they were between 25 and 34 years old, and 27 percent bought their first home before age 25.”

The full breakdown is in the chart below:

The study goes on to show the impact of purchasing a home at an early age. 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-twenties and early-30s had close to $50,000 left, but traditionally had purchased more expensive homes.

Many housing experts are concerned that the homeownership rate amongst millennials, those 18-34, is much lower than previous generations in the same age range. The study results gave a great reason why this generation should consider buying instead of signing a renewal on their lease:

“As people age into retirement, they rely more heavily on their wealth rather than their income to support their lifestyles. Today’s young adults are failing to build housing wealth, the largest single source of wealth, at the same rate as previous generations.

While people make the choice to own or rent that suits them at a given point, maybe more young adults should take into account the long-term consequences of renting when homeownership is an option.”

Bottom Line

If you are one of the many young people debating whether buying a home this year is right for you, let’s get together to discuss your options!


NextHome Platinum Advantage is a progressive real estate company with cutting-edge Thinking, award-winning real estate Marketing, driven by Technology and a Client-First attitude!


NEXTHOME PLATINUM ADVANTAGE
(803) 324-NEXT (6398)
1048 OAKLAND DRIVE ROCK HILL, SC 29732

NextHome Platinum Advantage on Facebook NextHome Platinum Advantage on Google Plus NextHome Platinum Advantage on LinkedIn NextHome Platinum Advantage on Twitter NextHome Platinum Advantage on YouTube NextHome Platinum Advantage Realty on Pinterest NextHome Platinum Advantage on Instagram NextHome Platinum Advantage Realty on Yelp!
Back
Steven  BakerSteven Baker
VP of Marketing & Business Development