A new study by the Urban Institute found delaying homeownership can negatively impact overall financial health in retirement. Those who purchased their first home when they were 25-34 had the greatest amount of wealth in their 60s.
Jessica Guerin | HousingWire
Burdened by student debt and less inclined to marry young, Millennials are putting off homeownership, waiting longer to buy a home than generations past.
A study by independent think tank the Urban Institute dove into the data, revealing the notable financial impact delaying homeownership can have on an individual’s overall financial picture as they near retirement.
[…] When assessing the financial health of the homeowners in its dataset, the institute determined that those who purchased their first home between ages 25 and 34 had the greatest amount of wealth in their 60s, with close to $150,000 in median home equity at age 60 or 61.
To read the rest of the article, click here: Buying a home earlier in life can seriously boost your financial picture in retirement