It wasn’t too long ago when life events had a predetermined order that traditional way of life, went something like this: You lived with your parents, got a degree, started a career, got married, bought a house, had kids and you stayed in the same house long after the kids grew up and moved out. Today’s generation of Millennials certainly went all out in redefining lifestages as a more individualistic take as opposed to the one size fits all model Baby-boomers embraced. A glaring side-effect of the nonlinear lifestage adopted by Millennials is the underwhelming rate of home ownership at only 20% compared to 75% among Baby-boomers.
This trend is not a positive one in my view, the delay or reluctance of young men and women to become homeowners will continue to widen the wealth gap in this Country. You see, a homeowner’s net worth will be greater than 45x that of a renter. Most, if not all of that wealth, will be attributed to the equity in one’s property. How can we justify NOT making the financial decision of purchasing a home in light of the socioeconomic benefits it brings to you as well as your family? I can go on and on with this topic, and probably will in the future but as difficult as home ownership may seem to attain, working with the right people and planning for the future can make this process achievable.
If you’re ready to
About Daniel Di Matteo
THE REAL ESTATE BUSINESS HAS LESS TO DO ABOUT SELLING PROPERTIES AND EVERYTHING TO DO ABOUT HELPING PEOPLE.
Interesting article. The economic landscape is different to that of baby boomers. It is no longer typical to work 1 job that turns into a 25-30+ year career with retirement and benefits. Also very curious as to what the demographic area that was used for this study. The price point to purchase real estate in San Diego is very different than the price point to purchase in North Carolina.
-Jake-