Do you think you’ll be a forever renter? You’re not alone if you do. Research from the Apartment List shows that 18% of millennials plan to rent forever, an increase of 7% from the previous year. In addition, the median age of the average homebuyer now is 45, when it was only 31 in 1981, showing that, at the very least, people are delaying buying a home until they are older.
But does it have to be this way? We don’t think so. Here are three tools that can help you buy a home now instead of renting.
It may feel more challenging to buy a home now than it was for previous generations. But, on the bright side, the value of homes is much higher now than it used to be. As a homeowner, you’ll generate significant equity by owning your home and avoiding paying high rent, which can help boost your financial security as you age.
If you are ready to start searching for your first home, let’s talk about what your dream home looks like. We believe in helping our clients become homeowners. And we believe in helping you make sure you get into a home you can afford. These mortgage options can help make that dream come true for your family.