“Not buying a house is the single biggest millennial mistake.” It just says many are not prioritizing their decision on home ownership earlier.
Young adults in particular aren’t hopping on this escalator. If millennials don’t buy a home, the chances of actually having any wealth in this country are little to none. The average homeowner to this day is 38 times wealthier than a renter.
If you want to get in the game of homeownership, start by crunching the numbers. Starting with the smallest options. This way, you’re really clear on your goals and you won’t just say to yourself, ‘I’ll never afford this.’
A good rule of thumb is to make sure your total monthly housing payment doesn’t consume more than 30 percent of your take-home pay. Putting down payment of 10% to 30% will be recommended.
Do recognize that buying your first home means you’re not buying your dream home, You’re just getting into the market and have a head start earlier than others on route to wealth creation thru real estate. So lets start with building wealth by doing proper saving and spending habits en route to financial freedom.
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