What is the ideal age to buy a home?
According to a recent Bankrate survey, the majority said that 28 years old is the ideal time to buy a home. However, a few respondents think it’s better to buy younger. Twenty-five percent of men and 12 percent of woman said that under 25 is the ideal time to become a homeowner. The median age for first-time buyers is slightly higher at 32, according to the National Association of Realtors®. Across regions, 18 percent of the Northeast think the ideal time to buy a home is when people are older, as in over 35, which is more than any other region.
People with lower income, those making $30,000 or less a year, are more likely to say that homebuyers should be slightly older, at 30. Thanks to lower inventory on the market and high student loan debt, more and more non-owners are delaying the purchase of their first home.
Respondents also voiced opinions on the ideal age for other life events.
The best time to buy or lease their first car? Survey said 21 years old, more than five years after respondents are first allowed to legally drive. Right after buying or leasing that car? Maybe it’s time to open the first credit card. According to the survey, the ideal age to open a credit card is 22, with millennials voicing the opinion to get a credit card younger, between ages 18-20.
Saving for retirement, is it true the the earlier, the better? People in this study agreed that the ideal age to start saving for retirement is 22. And when is the ideal time to retire? According to respondents, it is 61. The silent generation said 65, baby boomers said 62, Generation X said 60 and millennials said 61. There is also a difference among genders, men said the ideal age is 60, while women said 62.
What do you think is the ideal age to buy your first home?