Buying your first home is one of the most noteworthy moments in life. The transition from life as a renter to life as a homeowner is a fundamentally beneficial one, providing you with more security as well as allowing you to avoid ever-increasing rent prices. Even though most Millennials (myself included) are waiting to make that big purchase, when we finally do, it’ll be exciting!
However, there is no denying that this desirable modern rite of passage is becoming more and more problematic – and particularly for the millennial generation. Wage levels have yet to recover from the financial crisis of a decade ago, and high prices in the rental market mean that many young professionals just don’t have the spare funds available to save towards a downpayment.
The above facts paint a bleak picture, but there is some good news for the millennial generation: there’s no need to rush into buying a home. Even as little as 20 years ago, many people would have purchased their first home in their 20s, but first time buyer demographics have shifted, and adjusting your expectations to give you time to prepare to purchase a home is likely to be a wise choice. As the infographic below shows, the demographics of 21st century first time buyers are rather surprising when compared to previous generations. However, with a savings plan and patience, there’s no reason you too won’t eventually find your way onto the property ladder. It could even be possible to buy abroad with these awesome off-the-plan apartments for sale in Melbourne, Australia!
Infographic Design By First Time Home Buyer Guide