Homeowners who buy before they turn 35 are better prepared to retire by the age of 60. When looking at market trends, today's older adults bought homes at a younger age than today's young adults.
Housing experts are concerned with the low home ownership rate among millennials. When people age into retirement, the focus shifts from their income to their wealth. Today's young adults are not building housing wealth, the largest source of wealth, at an even comparable rate as the previous generations.
People make the choice between renting and owning, mostly thinking about the current moment. Young adults should start to really consider the long-term consequences of renting and getting serious about home ownership when it becomes an option for them.
If you are making the decision between renting or buying, think about the many benefits of home-ownership and building your wealth. Meet with one of the PorchLight agents and we will help you decide if you are ready to buy your first home!