Not buying a home is the biggest mistake millennials are making. Here’s why.
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Do you know a millennial that should be buying a home? Perhaps you yourself are a millennial who is hesitant to make the transition from renter to first-time home buyer.
Last week, CNBC ran an article quoting self-made millionaire David Bach explaining that not purchasing a home is “the single biggest mistake millennials are making” because buying real estate is “an escalator to wealth.”
Bach went on to explain:
“If millennials don’t buy a home, their 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.”
In his bestselling book, The Automatic Millionaire, Bach does the math:
“As a renter, you can easily spend $500,000 or more on rent over the years ($1,500 a month for 30 years comes to $540,000), and in the end wind up just where you started — owning nothing. Or you can buy a house and spend the same amount paying down a mortgage, and in the end wind up owning your own home free and clear!”
The average homeowner to this day is 38 times wealthier than a renter.
If you or anyone you know should be buying a home and taking advantage of these historically low interest rates, please reach out to us. We have resources for first-time home buyers, a terrific team of lenders, and all sorts of different programs and people who can assist you in your first home purchase. We even have down payment assistance programs, so there is no need to worry about not having enough to put down.
If you have any other questions about buying your first home or if we can help you in any way, give us a call or send us an email. We look forward to hearing from you!