The Millennial Dream: Home Ownership
by Kenna Logan – EDGEhomes Sales Agent
The American Dream. That’s what I always wanted: A good job, a family, a white picket fence. Buying a home in your 20’s, however, seemed impossible, especially considering the average age for home buyers is 31.
After high school, I did what most kids do. I moved away to college and rented an apartment. After I got married and we had our first child, we continued to rent, not realizing we could achieve our dream of home ownership.
My husband and I were spending close to $1,400 on rent every month while the average mortgage in Utah County was only $1,061. While we found that frustrating, there seemed to be few alternatives. We were young and still establishing ourselves. Home ownership, by all accounts, was an unrealistic goal for years to come.
I began working at EDGEhomes and instantly became interested in the company’s dramatic growth year after year. Every day, I would speak with young families similar to my own who were on the path to homeownership. I was determined to help my family achieve our goal of homeownership and began to study what these young families were doing.
Problems for Young Home Buyers
I discovered I had some personal roadblocks along the way:
- I didn’t believe it was possible
- Lack of established credit
- Not a large enough income
- Student loan debt
- Saving enough money for a down payment
I began by speaking to a loan officer to gain a better understanding of my situation and if my family could own a home. When I discovered that my husband and I could qualify for a home, I was ecstatic.
My next worry was how we would save money for our down payment and closing costs. Fortunately, EDGEhomes understands that many of their buyers are first-time homebuyers, so they keep construction deposits lower than other homebuilders in the area.
Benefits to Young Homeowners
Less than a month after starting at EDGEhomes I was under contract for my first home and less than a year of working there I was completely moved into my first home and taking full advantage of the many benefits of homeownership.
The benefits of homeownership are far greater than I imagined!
These benefits include
- Equity Building – Each payment you make increases your share of your home’s value. Equity increases your wealth.
- Tax Perks – Mortgage interest and property taxes are deductible.
- Stable Payments – Payments stay the same regardless of inflation.
- Security – Ownership secures a place for your family to live and grow
- Freedom – You don’t have to abide by a landlord’s rules.
- Community – A sense of place and belonging.
You Can Own a Home in Your 20’s
If you think you can’t achieve The American Dream of homeownership in your 20’s, you might be surprised!
If you are curious about home ownership and what you need to do to get into your first home, I would be happy to be your professional guide throughout the process. I want to help educate you and be there to hand you keys to your new home!