Tagged : millennials

Found 5 blog entries tagged as "millennials".

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Owning Your Own Home May Help You Retire Sooner

Millionaire's advice to Millennials - David Bach, A self-made millionaire who has written 9 consecutive New York Times bestsellers, was featured in an article in CNBC saying, "Buying a home is the escalator to wealth in America. Homeownership can also help you retire early, that is, if you pay your mortgage off."

Mr. Bach suggests that homebuyers should, "Take out a 30-year mortgage, but with the intention of paying it off in 25, 20 or ideally, 15 years."

Here is the secret on how to achieve this: Mr. Bach says, "if you were paying $1,000 a month, how you're going to make $1,100 payments eery month. Inform the bank that you are doing this and that you want the extra $100 to be applied to the

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Millennial HomeBuyer Wave Rising

It's unclear whether or not Millennials believe in home ownership as being a significant factor in obtaining their slice of the American Dream. 

As compared to prior generations, Millennials have taken longer to achieve milestones considered important such as getting married, having children and their first purchase of a home. However, just because it took longer to achieve these milestones, it doesn't make them any less important for millennials to aspire to achieve.

For older millennials aged between twenty-five to thirty-four, who have already established themselves, in the career of their choice and raising children, homeownership is the next logical step.

Urban Institute's state Of Millennial Housing,

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Parents Say Their Kid's Opinion On What House To Buy Matters

Harris Poll recently released a study by Sun Trust Mortgage reporting that "55% of homeowners with a child under the age of 18 at the time when they purchased their home said that the opinion of their child played a significant part in their decision to buy."

Diving further into the report by parent's age, millennials (18-36 year olds) lead the pack with 74% of home-owners stating that the opinion of their child was a big contributing factor in choosing the home they purchased. 

83% of renters believe that their child's opinion on which home to purchase will be a significant factor in their decision process when they begin looking at homes for sale or condos for sale.

With That

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Is Your Firt Home Within Reach?

If you are dreaming about owning your first home, the below infographic may offer good news for you. Where do you place on the chart?First Home Infographic | www.johnsabia.com

Worth Noting

  • Millenials as defined by the US Census Bureau are between Ages 18 - 36.
  • The Median Age of First Time Buyers is 32 per The National Association Of Realtor's (NAR) Profile of HomeBuyers and Sellers
  • More and More older Millenials between the ages of 25 thru 36 are quickly realizing home ownership is actually within their grasp now!

If you have questions about real estate or would like to begin the home-buying process, call/text or email me to get started!

 

Disclaimer:The information contained, and the opinions expressed, in this article are not

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Are You Under 50 And renting?

Each year, findings in the Survey of Consumer Expectations (SCE) are made public by the New York Federal ReservE. Each survey covers a variety of topics, including inflation, labor market, household finance, credit access and housing.

In the housing section of the survey, one question asked participants: "Assuming you had the financial resources to do so, would you like to OWN instead of RENT your primary residence?"

More than 3/4 of respondents under age fifty replied they would prefer to own their home, rather than rent. While just 52.6% of participants over age 50 said they would prefer to own. The chart below illustrates the full breakdown.

Consumer Expectation Survey | JohnSabia.com

When renter respondents were asked what the average probability of

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