One of the greatest dreams for many Americans is to one day own their own home. Unfortunately, in 2019, that dream can feel out of reach for some due to what we call the Affordability Factor.
The Modern Financial Burden
For many of today's young professionals, the hurdles to homeownership are higher than in previous generations:
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Student Debt: Many college graduates enter the workforce saddled with significant tuition loans.
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Lease Culture: The ease of leasing cars adds another monthly financial obligation that impacts debt-to-income ratios.
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The Rental Squeeze: Locally, the rental market is both scarce and expensive, making it difficult to set aside money for a down payment.
Building Your Foundation: A Three-Step Plan
Like anything else in life, the better prepared you are, the more likely you are to achieve your goals. If you feel frustrated by your current debt, start building your foundation today:
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Start a Forced Savings Plan: No matter your income level, a portion of every paycheck should automatically go into a dedicated savings account. Consistency is more important than the initial amount.
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Consult the Experts: Talk to an experienced financial advisor or a local mortgage broker. They can help you determine exactly what you need to do to get pre-qualified and what price range is realistic for your situation.
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Share Your Vision: If you know an experienced local Real Estate agent, share your plans and your dreams with them. This is what we do every day—helping people navigate the "how" and "when" of taking that next step.
Why the Effort Matters
A home is likely the largest purchase of your life, but it is so much more than an asset. It is your place of refuge from a world of work and stress; it is where you may start and raise a family. By creating a concrete plan now, you move one step closer to turning that place of refuge into a reality.
