Are People in Their 20’s Afraid to Own a Home?

Owning a home in your 20's

It’s no secret that buying your first home is exciting, and also a little bit terrifying. Most people are well into their 20’s before owning their first home. We decided to sit down with 24-year-old Libby Craig to see what she thinks about owning a home in her 20’s. Libby works for The Learning Spectrum in Worthington, Ohio. The Learning Spectrum provides services to children with Autism, including teaching, and providing families with individualized services designed to meet the needs of children in and out of the school setting. Libby is currently in the early stages of thinking about buying a home. We sat down with her for an interview on what other people in their 20’s think about owning a home.

 

The McVey Team: What is it like thinking about buying a home in your mid 20’s and when would you ideally like to own a home, and what holds you back from buying a home now?

The Learning SpectrumLibby Craig: I think that a lot of the reason why it’s scary to think about buying a house in your 20’s is because life is so unpredictable, and no one really knows where they’ll be even one year down the road. Then thinking five years down the road is even scarier for people my age. Also, thinking about location because it is so much easier now to travel and go to different places that people want to branch out from where they grew up to try to figure out where they want to live in the future. The options are infinite so it makes it scary to buy a home and be committed to a certain place for a certain number of years.

TMT: What age would you ideally like to buy a home?

LC: I think that by 26 I would like to have owned a home; maybe 26 on the early side. I think that for people my age 26 seemed a lot older when I was younger but now 26 is not that old. It’s really not that many years out of college.

 

TMT: Speak to the generational differences between your generation and your parent’s generation?

LC: I think a lot of the generational switch has to do with the fact that people are getting married later in their lives. It was more understandable to get married before you move in together. People my age are taking more time to settle down before owning a home.

 

TMT: Do you think education on how to buy a home has anything to do with the rate of home owners in their 20’s?

LC: I think people think it’s complicated and it’s easier to do what you know and rent a place, because you know you can pay month-to-month and you don’t need to worry about a mortgage or anything repairs wise. And it’s what most of us do in college.

 

TMT: Would you ever be interested in owning an income property?

LC:I would want to do that down the road. I think a reason why people my age don’t do that is because buying a home seems like such a huge financial jump, even though if you look at it versus renting you get so much more out of it. However, in actuality to someone my age it seems like such a commitment move that it is completely put on the backburner, until a couple years down the road.

 

Thanks Libby for sitting down and talking with us!

 

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