I was reading some of the articles on MoneyMix and really enjoyed “Average Age of First-Time Homeowners Remains High.” I am 25 and have no desire to purchase a home in the near or even near-distant future (if that’s even a term).
According to the article, the average age of a first time home buyer is 34. In the past, as soon as you graduated (either college or high school), the next step was to get married, then buy a house. However, when I look at myself and many of my friends, none of us are living in our own homes or considering purchasing a home.
For many of us, our living situations are temporary. I have a couple friends applying to grad school and depending on where they go, they might have to move. Once grad school is over, they might need to move again for a job. In my case, I don’t want to purchase a home if I’m not sure where I’ll be in a couple years. I may decide to move for grad school or even for a different job.
I’m sure I’ll eventually decide to own a home, but right now, I’m content with the flexibility renting offers.
When did you buy your first home? Or, if you haven’t, what are your reasons for staying out of the market?