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Millenials as Home Owners… What You Need to Know

Young, Single and Buying a Home

It has usually been accepted in the past that two incomes are better than one when entering the housing market since more money buys more of a house.

However, according to CreditSesame.com, many young, single people are both able and willing to become homeowners these days. Many millenials who began their careers during the current recession are skipping the stock market and opting to become homeowners. This is partially because it is easier in recent years to afford a home because of the lowering of interest rates. Actually, a 2013 Time.com study shows that the wealthiest 10% of millennials will account for 20% of all the spending on primary home purchases over the next few years.

Now is the Time to Buy

One might ask, why are millenials buying homes now? It’s likely because it pays to take advantage of a good deal when it comes along. Trends are showing that the real estate market is bottoming out, prices are going up, and mortgage interest rates are rising. The time is right if one is to buy a home before prices and rates go up.

While many of these young, single millenials can afford a home on their own, some are opting to take the homeownership plunge as an unmarried couple before tying the knot.

Unmarried Couples as Homeowners

Conventional wisdom advises that you consider contingencies. You must at least consider the possibility that your relationship may not last since there is nothing binding it prior to marriage. If you’re buying a home with a partner you’re not married to, you might wish to consider a prenuptial agreement to at least address both parties’ interests in such a large commitment. Such a legal document should specify the details of home ownership, including the financial responsibilities of each partner as well as a detailed plan of action in the event that the relationship ends. In a case such as this, it is always best to consult an attorney before taking any action.

Homeowners Insurance Tip

As you make plans to purchase your home, whether on your own or as a couple, don’t forget to add Homeowners Insurance to your list of things to handle.

Here at the Daniel C. Howley Insurance Agency, we are experienced in all facets of Homeowners Insurance and we can help you explore your options and make the best decisions in terms of coverage and rates that meet your needs. Why not contact our office to discuss your questions, and/or request a Homeowners Insurance quote.

 


 

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