Millennials have a lot in common with each other. They miss Blockbuster, Saturday morning cartoons, and happy meals. They land intensely on either side of the Backstreet Boys vs. NSYNC debate (23 Legal sides with NSYNC). Millennials have more college degrees than any previous generation, and consequently, the most student loan debt.
One important thing millennials all now have in common is that 2022 is the year that all millennials (those born between 1981 and 1996) have entered the ideal home buying age (26 to 35). Which is perfect timing, because inflation is out of control and to quote visionary Jimmy McMillan: “the rent is too darn high!”
The good news? The housing market now welcomes millennials! It’s time to settle down in a comfortable location and find a nice home to establish your roots. You won’t have to worry about the price of rent increasing. Plus, your monthly mortgage will contribute to the ownership of property, build your equity, and provide a nice tax break in most cases.
Attorney Ben Weaver is here to walk you through a few key demographic shifts, the benefits of home ownership, and the best way to get started on your journey of becoming a first-time homeowner!
Homeownership Demographics for 2022
The prices of homes have been increasing steadily. There is a large influx of potential home buyers, but the inventory of available homes has not increased at the same rate. Simply put, demand has exceeded supply. Home prices will continue to rise, so now is a good time to plant some roots and purchase your dream home before they get even more expensive.
A large percentage of millennials are entering their home buying age this year. Houses are flying off of the market within days. Get one while they’re hot! Buying your first home is a big deal, both financially and as a milestone in your life. You don’t want to end up settling on what’s leftover rather than choosing exactly what you want. Don’t just take our word for it, let’s take a look at the numbers…
- 45 million millennials hit the prime first-time home buying ages of 26 to 35 in 2022
- In 2021, more than half of all home-loan applications were made by millennials
- Starts on new single family homes increased by 15% from 2020 to 2021
- Existing home sales are expected to increase by 6.6% from 2021 to 2022
These numbers indicate that home purchasing is accelerated right now. That may deter some from attempting to buy a home. If you are still on the fence about home ownership, here are a few benefits that might help you reconsider…
5 Benefits of Home Ownership
Becoming a homeowner is a big life milestone and something to be proud of! 23 Legal shares the top five benefits of becoming a homeowner…
- Financial Stability: In terms of both lifestyle and monetary stability, buying a home provides a new sense of reliability to first-time homeowners. In many locations, the price of rent is more than the price of a monthly mortgage. This is because inflation affects the price of rent. Apartment Guide’s annual rent report shows that the national rent average increases by 4% each year. If you have a fixed rate mortgage, however, your monthly rate will not change regardless of inflation or current events. External factors can be both unpredictable and, as we have seen with the global pandemic, unprecedented. Financial stability during times of uncertainty is immensely valuable.
- Financial Strength: Buying a home bolsters your financial portfolio in many ways. When you pay a monthly mortgage, you are building equity. Monthly rent payments to a landlord provide no equity in return. You can even increase the value of your home by investing in home improvement projects.
- Tax Benefits: Homeowners qualify for tax breaks in most cases. And who doesn’t enjoy a healthy tax return? Many aspects of your home can be deducted from your taxes; from insurance payments, claims on the house, and home improvements. This can save you hundreds of dollars on your taxes!
- Permanent Residence: Moving from apartment to apartment can be super stressful. Whether that stress comes from scouring for new and compatible roommates, hefty moving costs, or unexpected increases in rent. Home ownership provides a permanent residence that does not have an ominous lease end date hanging over you like a dark cloud.
- Sense of Community: Buying a home allows you to easily establish roots in the community you have chosen to live. You can develop long-lasting relationships with neighbors, local groups, and small businesses in the neighborhood. If you have children, they can develop strong bonds with their classmates and teachers within the school district. It is much easier to develop a great support system if you know you will be in this area for the foreseeable future.
“We worked with Ben this past summer in buying our new home. He is incredibly responsive, always willing to answer questions, and gets the work done very quickly. He gave us great advice when negotiating the various contracts we went through. If we ever need attorney help for future homes, we will definitely work with Ben again. Thank you!”– Client Review
Read 5-star client reviews to learn why countless families have chosen to partner with 23 Legal in buying their first home! Buying a new home can be overwhelming. The mountains of paperwork, closing costs, negotiations, inspections, can pile up quickly. Not to mention all the legal jargon. But, you don’t have to go about it alone. Work with a reputable, trustworthy real estate lawyer like Ben Weaver of 23 Legal. We’re here to help make your home buying process go smoothly, so you can enjoy the benefits of home ownership as soon as possible!
Ready to plant the seeds of home ownership this year and build your equity?
Contact Attorney Ben Weaver at 23 Legal to start your home buying journey in 2022!
Why Choose 23 Legal
23 Legal offers Real Estate and Estate Planning legal services to individuals, families, community associations and small business owners throughout Chicagoland. We know how intimidating “the law” can be. In fact, when most people think of law offices, they think of stuffy leather chairs, huge wooden desks and pompous lawyers who charge outrageous fees. That’s not us! We believe in 1-to-1; the same lawyer should work with you all the way through. Whether you have an estate planning issue, family trust concern, or you have a legal problem in regard to a new home, business, real estate or remodel, you need a lawyer who cares. That’s where Ben comes in! We are great listeners; more than that, we are lawyers who believe that our clients always come first.