How Young Adults Afford Homes

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There have been multiple housing crises in the last twenty years, and because of that, it’s understandable that millennials and gen z adults are nervous about getting a house. But, at the same time: that doesn’t mean it’s impossible for them.  Homeownership is still achievable; it just has a couple of extra steps that have to be taken for the average young person.

 

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There are the top tips to make it more affordable for you and why it’s a good idea to buy.

 

Consider The Alternative

Renting isn’t always a sound option for the long term.  Although many people want to get up and go at any time, and it’s nice having landlords be responsible for the home: it’s not an investment.  When you pay rent, that money is gone.  You aren’t going to gain interest, you’re not achieving equity, and it doesn’t even help your credit score.

 

Buying a home helps build a future.

 

Many young people realize that, and it pushes them to head into the housing market.

 

Moving Somewhere Less Expensive

Although city populations seem to keep multiplying, many younger people are moving to less densely populated areas because of living costs.  Living in a rural town where there’s more space to spread out ensures that you pay less for your home, and you get more property for your cost.  Although you do lose a couple of options when it comes to entertainment, you can always drive back into the city when you need to.

 

Grants and Money for First Time Homeowners

If you’ve never purchased a home before, many cities offer grants to help cover your closing costs and make the final purchase more attainable.  This could make real estate for sale in Whistler more exciting because it takes away from the high price point.  These grants make it so that if you can prove you’ve worked somewhere long enough and that you have a high enough income, you can afford to buy a home in most cities.

 

Even if you have a lot of student debt, most realtors will work with you to figure out what you can afford.  From there, you can use these grants to find a place that suits you and won’t break the bank.

 

Rethinking What A House Could Mean

Many still think that they’re automatically anchored to it for thirty years when they buy a home.  The truth is, if you buy intelligently and spend your money on a property that’s more of an investment, you’ll have more wiggle room—buying property in areas that will have economic growth or where it’s already starting is a great game plan to ensure that you can sell again after five to ten years.

 

After the first five years, you’ve paid off your interest, and anything after that is equity for you to keep when you resell.  Young people who want to afford bigger or better homes eventually can follow this idea and eventually afford a much larger or more perfect house with a big enough down payment.

This article has been initially published last

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