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IS IT A GOOD TIME TO BUY A HOME?
Almost six million adults between the ages of 25 to 34 are currently living with their parents. That number reflects an almost 50% increase since 2003. These young adults are now being advised to jump into homeownership.
Who are the people selling them on the American Dream? Their parents! It seems that parents of some adult children are strongly suggesting that their
children take advantage of the low cost of homeownership available today. Some moms and dads are helping financially and are even co-signing for the mortgage.
Middle age parents who have owned a home understand its true value. A home has always been a good long term financial investment. However, omeownership also has many other benefits.
In Fannie Mae’s most recent National Housing Survey, they asked the question directly: Is this a major reason to buy a home?
The study broke up the answers into financial and non-financial reasons. The top four reasons and six of the top ten reasons were NON-FINANCIAL. The top four are below:
- It means having a good place to raise children and provide a good education.
- You have a physical structure where you and your family feel safe.
- It allows you to have more space for your family.
- It gives you control over what you do with your living space (renovations
& updates).Should this surprise us? Aren’t these the same reasons our parents bought their home? Aren’t these the same reasons we purchased our home? These are the same reasons parents have suggested their children buy a home. They want the same things for their grandchildren that they believed to be important for their children.And today, the cost of homeownership is at all time lows:
“The numbers on housing have an important message for American families
today, and particularly younger families setting out on life’s great adventure:
Five years ago, at the peak of the home-buying euphoria, it was emphatically a
time to rent. Today, when home ownership is depreciated more than ever before,
the numbers tell us it is a time to buy.”
This report courtesy of the KCM Blog.