When In Life Do Most People Achieve Ownership

Dated: 02/11/2018

Views: 112

Did you know...The average age at which people buy their first home is 29.1 years old. Regardless of which generation they belong to, most Americans will be homeowners by age35. Three-quarters of millennials surveyed do not yet own homes, and they will be 34.4 years old, on average, by the time they take out their first mortgages. Check out this article for more interesting information. http://bit.ly/2G80r4N

he average consumer’s life is filled with financial milestones, and buying a home is a major one. But when do most people reach the milestone of homeownership? Researchers at Comet Financial Intelligence, a student loan refinancing resource, surveyed 1,200 Americans on how long it took them to complete their financial “rites of passage” with homeownership and other savings hurdles. Among their findings:

  • The millennial respondents surveyed say they expect to purchase their first home three years before paying off their student loans. As such, millennials may be prioritizing paying down their student loans before buying a home, and that may explain some of their delay into homeownership compared to previous generations, the survey says.

  • The average age at which people buy their first home is 29.1 years old. Regardless of which generation they belong to, most Americans will be homeowners by age 35.

  • Three-quarters of millennials surveyed do not yet own homes, and they will be 34.4 years old, on average, by the time they take out their first mortgages.

When consumers do become homeowners, they tend to feel a happy sentiment toward homeownership. Female homeowners surveyed showed greater feelings of excitement about a place to call their own. However, men surveyed expressed pride in their homes more often, the survey found. Recent studies have shown single women are buying homes at a faster pace than single men.

Source: “The Typical American Financial Life,” Comet (February 2018)


Latest Blog Posts

Do Not Wait To Sell Your House Buyers Are Out Now

If you have any clients hesitating about selling....check out this article. Recently released data from the National Association of Realtors (NAR) suggests that now is a great

Read More

Why You Should List On Wednesday Or Thursday

Why You Should List in the Middle of the WeekIf you want to sell a home for the most money, list it on a Wednesday. If you want to sell it in the fastest amount of time, list on a Thursday. These

Read More

Stress Free Moving Tips

How often are you dealing with families or clients who are moving or about to move?According to the U.S. Census Bureau, about 40 million Americans—one in nine people—move each year. While

Read More

10 Design Ideas To Revive Your Outdated Listings In 2018

Here is a great article to share with long term home owners who need a gentle prodding for refinementBringing fresh design tips to sellers will only increase the valuable service you offer...Most

Read More