Home ownership, in my opinion, is still part of the American dream, despite the numbers showing it is the lowest it has been in almost 40 years. Nothing offers the sense of pride and value quite as much as purchasing and owning your first home. I bought my first house a little over a year ago, just before I turned 27. That feeling of closing escrow and realizing you have just made not only a huge investment in your future, but one of the biggest investments you can make in yourself, is a hard feeling to beat. With so much talk these
days about the impact student loans are having on young adults, what effect are we seeing in their ability to buy?
Home ownership, in my opinion, is still part of the American dream
Are young home buyers losing the ability to experience this pride, this investment in their
Student loans are at an all-time high, with around 71% of bachelor degree recipients graduating with a student loan. The national average for these loans is just over $35,000, and can vary depending on the region. Total education debt in the US in 2015 hit a new high at $68 billion. This is a large loan for any young adult to overcome just trying to get by day to day, let alone trying to save up for, and purchase, their first home.
I want people to understand the importance of higher education, but more so, I want them to understand the importance of why they need the education first. I feel too many kids go off to college without a clue of what they want to do in life, and spend years, and thousands of dollars, in school only to never use it in their career path. We have been told to just go to college after high school, because that’s just what you do, but why? What are you going to do with that specific area of education? I feel you should take the time to find your passion in life, and decide what you want to do, before investing in the proper education needed to pursue that career, regardless of what it may be.
What I also want young adults to realize is that even with a student loan, home ownership is still within their reach. We have amazing programs here in Nevada that will grant you money to assist with your down payment. These grants cover up to 4% towards down payment and closing costs when obtaining a government loan. An FHA loan requires a down payment of 3.5%. That means with this grant, it can cover your entire down payment and help pay a portion of your closing costs. That means you may purchase your own home with an initial investment of only a few thousand dollars! Think of the investment you can make in your future, owning your home instead of spending the same amount to rent every month. Not to mention, real estate is a vital part in maintaining a healthy and balanced portfolio. With the help of this grant, you can be well on your way to building future wealth.
If you have any questions about this topic or questions about how I can help you with your real estate goals, feel free to reach out to me at any time.
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