How old were you when you purchased your first home? We bought our first townhome when we were 25. But we married early and wanted to own and not rent. Which made us house poor much sooner than our friends and peers at the time.
According to Zillow, the current age of the first purchase is averaging 33 years old. Apparently in the 1970’s the average age was 29. So we beat out both groups for age.
The rationale behind the shift is telling, but not surprising. The increased cost of real estate is playing a major role in the initial acquisition of a home. The other driving factor, which has made headlines not too long ago is the perceived risk of home ownership.
Think about it, during the recession real estate values drops quickly and were slow to recover. Values on a number of trusts and estates we were dealing with had to address this issue.
The barriers are up also for initial purchasers. Student loan payments are practically mortgage payments for some individuals. Starting salaries have also not been outstanding in all fields. So debts to income ratios are in play with the increased banking regulation. There are also the later ages of marriage that play into this as well. No many can qualify for a mortgage by themselves on a house.
For an appropriate plan to find out what can work for you schedule an appointment.