Homeownership: it’s part of the American dream. A full three-quarters of Americans say buying a home is a priority, including 82% of millennials.1 The main reason why? Most people see it as a good investment, followed by simply wanting more space.1
Buying a home is a big decision, and while it’s interesting to see why other people are buying homes (scroll down to see more below!) ultimately, the best time to buy is when it’s right for you. Here are some things to think about:
- Why are you looking to buy? Think about your values and your long-term goals. Maybe you’re at a point when buying makes more sense than renting. Maybe you’re getting married, growing your family or, in the case of 33 percent of millennials surveyed, looking for yard space for a dog.2
- What’s on your wish list? Think about the factors that are most important to you—being close to entertainment options, proximity to your job or simply just staying on budget. What are you willing to compromise on, and what’s non-negotiable?
- When does it make the most financial sense? Thirty percent of Americans who plan to buy a home in the next 5 years will do so because it will be more affordable than renting.1 A home purchase is more than just a down payment and a monthly mortgage payment, however. You may need to adjust your saving and spending habits so you can support the full cost of purchasing and maintaining a home. Working with a mortgage lender and getting pre-approved can help you stay within a budget that aligns with your goals.