Should you buy yourself a house, if you are in your twenties?
Or, should you just continue to blow your wad of cash down at the Rattlesnake, every weekend (or at Gym Bar, if your name is Sebastian)?
I didn’t buy until I was well into my thirties; I just wasn’t that interested in settling down. Ehhh.
For some people, it’s a given – you reach your mid-twenties, you get a good-paying job, you find your mate, then you buy a house or condo.
For others, it’s just not that important.
Some people will just never want to buy, you know?
Here’s an interesting story about the subject.
People in their 20s are more inclined to buy real estate now than they were 20 years ago, according to annual statistics from the U.S. Census bureau. In 2005, almost 26% of household heads under 25 years old owned their home, up from 17% in 1985. Homeownership rates for 25 to 29 year olds also increased over the past two decades, though not as sharply.
But don’t we have a propensity to change jobs and cities in our twenties? How about college and graduate school? Military deployments? In this phase, it may be hard to count on an income beyond the most immediate job, which could change. Is it worth taking the risk of committing to a mortgage payment budgeted around unpredictable conditions?
Read on: Is Buying a Home in Your 20s A Step Ahead or a Wrong Move? – By Emily Meehan, The Wall Street Journal Online