If you’ve been renting and you’re thinking about buying your first home, you may wonder if it’s the right time. Perhaps you wonder if you’re too young to go buy a house or if it would be a wise financial decision. When do people usually decide to buy?
It is true that buying a house is usually a decision that is influenced by other factors. It’s not as if people just arrive at a specific age and decide to buy. They need to know that they have enough financial stability to afford it, for instance, or they may buy a home when they decide to start a family. So it’s not all about age, but you can still look at the trends and see how old people tend to be when they take this step.
Buying at 34 years of age
According to some reports, 34 years of age is the median age for people who are looking to purchase a first home. By the time they reach their early thirties, from 30 to 34, homeownership is nearly at 50%.
You can also look back at earlier ages and see that home ownership statistics are increasing. For instance, for those who are under 25 years old, the homeownership rate is just 23.8%. You can see just how much that rate jumps over the next five to 10 years, which demonstrates that this is usually when people start making purchases.
What do you need to know?
If you’re in this age group and you’ve never bought a house before, there are certainly a lot of things that you need to know about the process, your legal options and much more. Be sure that you carefully consider everything so that you invest your money wisely, as a person’s home is usually the biggest asset that they own.