Thinking of buying your first house? Only been getting advice from your parents and grandparents? You might be curious to know how buying a home has changed over time.
It’s natural to ask your parents for their input if you are thinking about buying a home for the first time. Although they may have valuable advice to share, be mindful that the times have changed from when they bought their first home to now.
Realtor.com has a really good article on the topic – here’s an excerpt:
But exactly how much have things changed, really?
To find out, we decided to compare the home-buying and ownership experience today with back when your parents bought their first place in the ’80s—a time when twee floral patterns were all the rage, “Sesame Street” was still on free TV, and Apple’s best-known product was … applesauce.
Fact 1: Millennials Rule, but More Buyers are Older
Compared to the good (?) old days, Americans are delaying homeownership, just as they are delaying marriage. Sure, older millennials may be making their impact felt on first-time home buying, but the overall age of homeownership is steadily rising. The median age of home buyers was 33 in 1985, and now it’s 44, according to the National Association of Realtors®. Having a more mature career salary also helps in buying a home at today’s prices.
Fact 2: It’s Not Just Mr. and Mrs. Smith
Three decades ago, the home-buying club was almost exclusively married couples, who made up 81% of all owners. Now that number has declined to 67%; single females (15%), single males (9%), and unmarried couples (7%) are steadily on the rise.
Want more facts? Read the full article and watch the video to see the differences in purchasing a home in 1985 and now.
And if you’re a first time home buyer in the Seattle area and are looking for help with that first big purchase, give me a call.