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Should you buy young?

Posted by Scott Van Voorhis January 31, 2014 09:08 AM

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Millennials are off to a slow start when it comes to buying homes and condos as they battle a harsh economy.

But good times or bad, does it really make sense to buy a house or condo when you are in your twenties?

For those unusual twenty somethings who have gotten a fast start on a career and aren't worried about having to pick up and move, it probably does makes sense,

But for most recent college grads, with careers still in their formative stages, having the freedom to pick up and go where the opportunities are, whether it is St. Joseph, Missouri or San Francisco, can also be important.

Here are two views from the comment board on this blog on whether you should buy a house when you are still in your twenties.

Here's thirtysomething, who, older and wiser now, argues that buying young can be a trap.

Buying young has always been a questionable practice. How certain can you be that you won't need to relocate? People often don't settle down until they have kids, and that is happening later than in past generations. Until then, rent something cheap and save your money -- just saw a report suggesting that the millenials are pretty frugal in that way.

But Jimbo (OK, it?s j1mbo01) is here to report that the demise of the millennial home buyer has been greatly exaggerated. He bought when he was 26, a time in my life where I was living with my cat Teeney in fourth-floor studio apartment in scenic downtown Haverhill.

The media doesn't always report both side of a story........I have owned my own 5 bedroom 3 bath house in Burlington since 2012 (I'm 28 now). I bought this house with no help from parents, non-profits, or anyone else....just from savings alone. Many of my friends have done the same and have bought houses within or on 128 with substantial down payments. Not all millennials are as described above.

In the end, most millennials who entered the workforce after 2008 may end up buying a house later in life than earlier generations.

A recession is the worst time to start your career, with studies showing an earnings gap that can last anywhere from a decade to a lifetime.

A slow start when it comes to buying is just one part of the picture here.


This blog is not written or edited by Boston.com or the Boston Globe.
The author is solely responsible for the content.

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About boston real estate now
Scott Van Voorhis is a freelance writer who specializes in real estate and business issues.

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