This is a blog post for all the millennials out there that are thinking about buying their first house and are worried when it comes to the financial aspects. First off, buying your first home is down right scary — it is a terrifying step into adulthood that many young adults go into with very little knowledge. But even with all the unknowns that go along with buying your first house, there is also a sense of excitement and readiness, this is one of the biggest purchases you will make in your entire life and it really launches your forward into adulthood and being a first time home owner.
The Realities of Home Ownership
We all know owning a home can be a scary thing, and applying for a mortgage can seem like a daunting task. But the truth is, most mortgages today are less expensive then rent, that’s right you heard me correctly. So when you sit down and look at your financial options, know you will get more for your money with a mortgage and you also will get your own place to call home! I would say that is a win-win situation wouldn’t you?
Still Living with Mom and Dad?
Currently, the millennial generation is twice as likely to live at home with dad and mom rather than look to buy some real estate, TWICE as likely. Of that amount, an astonishing 31% of people ages 18 to 34 are still living under their parents’ roof with men more likely to be part of that percentage than women. A very small 13.2% of people 18 to 34 are actual homeowners, which is a record low for our country. So why is this millennials? Is it because student loans are taking over and it is cheaper to live at home where 50% or more of your paycheck won’t be going to a landlord but rather be used to build a fund for a house or cut your debt? This is the most likely answer and even though many people have a hard time accepting this lifestyle, it may be the smartest way for millennials to save up for their dream home.
Buying Your Dream Home!
Let’s say your finances are in fairly good shape, you are productively employed, and you have about 6 months of savings as a nice cushion, this actually might be the best time ever to buy a home. Denver’s housing market is definitely a seller’s market but you can still find a decent home for a reasonable price and with the fluctuation of people moving to Denver daily, rent prices will just keep rising.
Like I mentioned earlier, buying your first home can be a daunting task and one thing we would recommend for all first time buyers is to find a good real estate agent who knows the market thoroughly and will work alongside you to get you the best deal for your dream home. Give one of our highly educated real estate agents at New Era a call today at 303-991-9878 and let us help you as you being this exhilarating new home-buying journey!