"Assuming your finances are in good shape - you are gainfully employed, have six months of savings in the bank and money for a down payment -- then the smartest money move you can make is buying a home now. Interest rates are rock bottom, but will start rising either late this year or next." (CNN Money)
According to recent data reported by CNN Money, only 13.2% of people aged 18 to 34 are homeowners, and a surprising 31% of people in this age range are still living with their parents. These are record numbers, suggesting that the millennial generation is twice as likely to be living at home with mom and dad rather than shopping for real estate.
Since the crash of 2008, it's been much more difficult for gradates with loans to get into homebuying. Living at home with relatives (rent-free) is both a smart and effective strategy for cutting debt and saving up for a home. And at the moment, home prices in most cities are still well below their peaks of 2007, whereas rents are forecasted to keep going up.
Ready to start your home search? Use our custom MLS Home Search to see homes currently on the market that meet your criteria. We also have a New Home Search tool if you are considering new construction. If you just have questions about whether or not you are ready to buy, feel free to email Shawn any time at email@example.com for some free professional advice!