Millionaire to Millennials: The Costly Mistake of Not Buying Now
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On his personal website, self-made millionaire David Bach makes a striking statement: “Not prioritizing homeownership is the single biggest mistake millennials are making.” He further stated, “Buying a home is an escalator to wealth.” Bach explains: “Young adults in particular aren’t hopping on this escalator, and it’s a costly mistake…If millennials don’t buy a home, their chances […]
Millionaire to Millennials: The Costly Mistake of Not Buying Now Read More »
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The Federal Reserve Bank (The Fed) recently released their 2019 Survey of Consumer Expectations Housing Survey. The survey reported that 65% of Americans believe homeownership is a good financial investment. Since 2014, the percentage has increased by over nine percent.The Fed’s survey also showed that when the results are broken down by age, education, income, […]![\"Millennials](\"https://files.simplifyingthemarket.com//wp-content/uploads/2019/07/04153432/20190702-Share-KCM-549x300.jpg\")
When deciding to buy a home, people are presented with many different options. The type of home you buy depends on your needs, budget, and in many cases, the desired maintenance level. For many millennials, their choice has been buying a condominium! According to CoreLogic, “Last year about 43% of all condo home-purchase mortgage applications […]![\"Young](\"https://files.simplifyingthemarket.com//wp-content/uploads/2019/06/17133655/20190620-Share-KCM-549x300.jpg\")
Young buyers (Millennials & Gen Z) have waited longer than previous generations to enter the housing market for their first home. However, this hasn’t stopped them from dreaming about the home they will eventually buy. Many spend hours searching listings and building Pinterest boards of their favorite home features. According to a survey from Open […]![\"Time](\"https://files.simplifyingthemarket.com//wp-content/uploads/2019/06/21131615/20190613-Share-KCM-549x300.jpg\")
During the housing market crash, Gen X homeowners lost more wealth than other generations. However, things are changing now! A strong economy, increasing home prices, and the recovery of the housing market are helping this generation to regain their lost wealth. According to Pew Research Center, “Their fortunes have rebounded more than those of other […]![\"What](\"https://files.simplifyingthemarket.com//wp-content/uploads/2019/06/20112638/20190606-Share-KCM-549x300.jpg\")
If you are a “baby boomer” (born between 1946 and 1964), you may be thinking about selling your current home. Your children may have finally moved out. Your large, four-bedroom house with three bathrooms no longer fits the bill. Taxes are too high. Utilities are too expensive. Cleaning and repair are too difficult. You may […]![\"Multigenerational](\"https://files.simplifyingthemarket.com//wp-content/uploads/2019/05/13161857/20190529-Share-KCM-549x300.jpg\")
As loved ones start to get older, we start to wonder: how long will they be able to live alone? Will they need someone there to help them with daily life? There’s a reason to ask those questions now more than ever, as the average age in the U.S. is 78 years old! As a […]![\"Are](\"https://files.simplifyingthemarket.com//wp-content/uploads/2019/05/06124002/20190521-Share-KCM-549x300.jpg\")
Many studies suggest one of the main reasons for the inventory shortage in today’s market of homes for sale is that older generations have chosen to “age in place” over moving. The 2019 Home Buyers & Sellers Generational Trend Report by NAR clarifies this point! NAR’s findings show that Baby Boomers (43%) and the Silent […]