There has been some who have been voicing doubt as to whether or not the younger generations still consider buying a home as being part of the “American Dream”. A recentstudybyMerrill Lynchputs that doubt to rest. According to their research, every living generation still maintains that owning a home is in fact important. Here are the numbers:
This should not surprise us as many studies have revealed the benefits enjoyed by the families who own their own home. One suchstudywas done by theJoint Center of Housing Studies at Harvard Universitythat addressed a major financial benefit to owning your own home: forced savings. The report explains:
“Since many people have trouble saving and have to make a housing payment one way or the other, owning a home can overcome people’s tendency to defer savings to another day.”
TheMerrill Lynchstudy proves this point with the following data on home equity (a form of savings):
There are many reasons that owning a home makes sense. The financial reasons are powerful. As one participant in theMerrill Lynchstudy put it:
“When I was younger, I always worried about that monthly mortgage payment. Now that I am retired, I have the peace of mind of knowing I own my home free and clear.
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Author:Sean Moniri Phone: 214-597-3800 Dated: March 10th 2015 Views: 791 About Sean: With quite possibly one of the biggest transactions in your life, you can rest assured that you’re...