More Americans opting to not buy homes
Florida residents of all ages may be less likely to buy a home in the next 10 years. According to a survey by Experian, more than a third of those between the ages of 18 to 34 said that this would be the case for them. Furthermore, the study found that 25 percent of all Americans would decide against home ownership in the next decade.
Government data indicates that the median home price has gone up 20 percent since March 2007 to $320,000. In that same time period, wages have only gone up 10 percent, and that is true for full-time workers as well. This has resulted in an increase in home prices that have surpassed wage growth in recent years and has limited options for potential home buyers. Limited inventory is widely cited as the reason for increased home values.
Common reasons cited in the Experian study for not wanting to buy a home included financial flexibility and the desire to limit debt loads. In 2016, the average age of a first-time buyer was 32, which was the highest since 2006. However, among those who have purchased a home in the past, the average age of a home buyer was 52, which is down from 53 in 2015.
For many people, buying residential property represents the largest expenditure in their lives. Therefore, it may be a good idea to consult with an attorney prior to closing on the deal. It may make it easier to understand the terms of a mortgage or purchase contract. An attorney may be able to do a title search or potentially find other issues with the property before a transaction closes. This may help an individual get the best value for their money now and in the future.