Feb 07

When in Life Do Most People Achieve Ownership?

When in Life Do Most People Achieve Ownership?

 

When in Life Do Most People Achieve Ownership?

When in Life Do Most People Achieve Ownership?

The average consumer’s life is filled with financial milestones, and buying a home is a major one. But when do most people reach the milestone of home ownership? Researchers at Comet Financial Intelligence, a student loan refinancing resource, surveyed 1,200 Americans on how long it took them to complete their financial “rites of passage” with home ownership and other savings hurdles. Among their findings:

  • The millennial respondents surveyed say they expect to purchase their first home three years before paying off their student loans. As such, millennials may be prioritizing paying down their student loans before buying a home, and that may explain some of their delay into home ownership compared to previous generations, the survey says.
  • The average age at which people buy their first home is 29.1 years old. Regardless of which generation they belong to, most Americans will be homeowners by age 35.
  • Three-quarters of millennials surveyed do not yet own homes, and they will be 34.4 years old, on average, by the time they take out their first mortgages.

The average consumer’s life is filled with financial milestones, and buying a home is a major one. But when do most people reach the milestone of home ownership? Researchers at Comet Financial Intelligence, a student loan refinancing resource, surveyed 1,200 Americans on how long it took them to complete their financial “rites of passage” with home ownership and other savings hurdles. Among their findings:

  • The millennial respondents surveyed say they expect to purchase their first home three years before paying off their student loans. As such, millennials may be prioritizing paying down their student loans before buying a home, and that may explain some of their delay into home ownership compared to previous generations, the survey says.
  • The average age at which people buy their first home is 29.1 years old. Regardless of which generation they belong to, most Americans will be homeowners by age 35.
  • Three-quarters of millennials surveyed do not yet own homes, and they will be 34.4 years old, on average, by the time they take out their first mortgages.

Source and full piece  here cometfi.com

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