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Posted over 5 years ago

The Average Age of Today’s First-Time House Owners

Today’s young Americans are waiting longer than before to buy their first house and solve their housing problem. Lack of finances and being unsettled in their careers are usually the main reasons why young people in America are waiting longer than ever before to buy their first house.

Luther Ragsdale, an experienced real estate coach, based in Atlanta, Georgia, figured out that the average young American starting an independent life, now lives six years in a rented apartment or house, before purchasing his first home. As a comparison, back in the early 1970's, young people in America lived as tenants for about two and a half years before buying their first house or apartment.

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Latest studies conducted by real estate experts, including Ragsdale, reveal that in most recent years the average first-time homebuyer in America is age 33, while back in the period between 1960 and 1980, first-time buyers were about three years younger. US media reports that young tenants in America have difficulties with saving for a house loan. At the same time, they all getting married at an older age, hence start planning family and achieve a stable career later in life. Once they make up their mind to buy a house or an apartment, they are faced with important decisions like choosing the right location, the right price, mortgage rate, and so on. Since it is their first time dealing with such important questions, they can easily get overwhelmed and stressed out. Purchasing a house is probably the most important decision for most young people, and in order to avoid making a big mistake, Luther Ragsdale offers a few handy tips.

For example, when deciding on a home, location is a key factor. So, if living on a quiet street close to school, is your priority, then you should put that on the top of your agenda and look for properties that meet this criterion. Those that don’t match this standard will automatically be eliminated. But most often this isn’t the only criterion. While you’re looking for a house you need to carefully check other things as well and try to objectively evaluate everything. If you think that you can’t objectively analyze the pros and cons of the property you are interested, Ragsdale recommends that you hire a real estate agent who can help you make a smart and informed decision.



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