As a generation, millennials haven’t had an easy entry into adulthood. After graduating into one of the country’s worst recessions with an unprecedented amount of student loan debt, much of the under 35 crowd has decided to stay out of the housing market. But with more promising career prospects, historically low interest rates, and ever-increasing rents; more millennials are becoming homeowners.
Whether you’re staying at your parent’s house or paying an astronomical amount for rent, buying a home may be a better option if you have a steady job and a down payment.
Not sure if homeownership’s for you? Then browse these three reasons millennials should buy a home.
3 Reasons Millennials Should Buy a Home:
- Owning costs less than rent.
According to a recent report from real estate website Trulia, buying a home is 36% less expensive than renting on a national basis. More specifically, it costs 40% less to own than rent in most South Florida metro areas. - Owning builds equity.
While rent simply puts money in your landlord’s pocket, owning helps you build an investment for yourself. As your property appreciates in value, you’ll not only have an opportunity to sell it for more than you paid, but you may be able to borrow against the equity. - Owning has tax benefits.
As a homeowner, you’ll be able to deduct your mortgage interest and property taxes, allowing you to keep more of your money for yourself. Under certain circumstances, you may even be able to take home office deductions if you work from home.
If you’re ready to learn more about the possibility of buying a home, contact us today to see if a three-bedroom townhome with garage in Lake Worth is right for you. With prices starting at only $243,000, Colony Reserve may be the perfect place to buy your first home.
