There is no magic number when it comes to owning a home. However, it is vital to evaluate your position in life before you decide to invest in homeownership. Purchasing a house is usually the most significant financial decision of their lives. Owning a home can both help and hurt your finances and can also significantly affect one’s quality of life. If you decide you are ready to buy, the best Scottsdale realtors are prepared to guide you through the process.
When is the right time to buy?
If the conditions are right, purchasing a home can benefit you at any age. If you meet the following requirements, you might be ready to own a home:
- You can afford the monthly payments and recurring costs of owning a home.
- You have good enough credit to get approved for a home loan.
- You have a plan to own the home long enough to recoup purchasing costs.
- You are financially secure enough to afford the risks of owning a home (maintenance, repairs, losing value in weak markets).
- You are personally responsible enough to own and perform maintenance on your home.
Everyone develops responsibility at different ages, and there is no issue with waiting if you aren’t ready. Purchasing a home is very expensive, time-consuming, and can be quite frustrating. For some, renting and having the option to move freely is a better option.
What is the Average Age of Homeownership?
No one can tell you what is right for you; however, sometimes, it is beneficial to be aware of when others typically buy. Often, there are good reasons that a higher rate of older people tend to be homeowners. According to data from the U.S. Census Bureau, in 2019, homeownership rates varied with age:
It’s crucial to live your own life, but it might be helpful to know when others typically buy. There may be good reasons behind the fact that homeownership rates increase with age. According to the U.S. Census Bureau, homeownership rates by age in late 2019 were:
|Age Range||Homeownership Rate|
|35 to 44 years old||60.3%|
|45 to 54 years old||70.1%|
|55 to 64 years old||75.1%|
|Age 65 and over||78.9%|
According to the National Association of Realtors, the median age of first-time homebuyers in 2017 was 32 years of age. Most of those home buyers earned a medium-income of at least $75,000, which is a little higher than average.
What is the Age Requirement for Buying a House?
The majority of states in the U.S. require homeowners to be at least 18 years of age. To buy a home or get a loan, the buyer is required to sign a contract, which requires the signee to be of legal age. Technically, a minor can own property as long as a legal guardian signs the deal for them.
If you are feeling nervous about buying a home, you can always rely on your local experts, such as your Scottsdale real estate agents, to explain your options and offer guidance. Deciding to buy a house is a difficult one, but if you think you are ready, consult with a qualified professional, or Scottsdale realtors to guide you through the process. Remember, you are never too young to explore your options.