Another study, this one by the Urban Institute, shows the benefits of investing in a home and in fact, the earlier in life that your buy your first home, the wealthier you will be later in life.
Through the mechanics of saving incorporated into your personal residence (using rent money to pay down your own mortgage, plus long term property appreciation) this accumulation of wealth occurs automatically, and that’s the secret; there’s no long term investment plan that you have to stick to. By simply living your life in a home that you own, you benefit from these financial gains.
If you haven’t been able to save money for a down payment, there are loan programs today that require no down payment at all – you just need good credit and a stable income (VA, USDA and CalHFA are all programs that don’t require a down payment).
Give us a call – you might be able to buy a home sooner than you think!