Entering The Housing Market: Sooner Or Later?

With economic uncertainty affecting the economy in recent years

, some first time homebuyers have been hesitant when entering the housing market. Many young people have been waiting longer to purchase their first home, in comparison to generations who came before them. Prior to now, many people purchased their first home in their twenties. Today, many still do enter the housing market in their twenties, however, the age of first time homeownership is approaching the age of thirty for an increased number of buyers. Several factors contribute to this, not only economic ones.

One factor that must be examined is the fact that the average age of marriage affects when people buy their first home. During the 1960s, the average age at which people were married was 20. Today, the average age for marriage is in the late twenties, and an increasing number of people are choosing to not marry at all. It is possible that marriage motivates young people to purchase homes. For others, planning a family, or beginning a family, is the incentive that they need to buy a house. It could be that delayed marriages, decreasing marriage rates, and people waiting longer to have children could be contributing reasons for potential first time homebuyers to either purchase or wait to purchase a home.

It's evident that other reasons would play a part, as well. Some people simply may feel uncomfortable with the thought of being tied down. Those with jobs that may require relocating are more likely to rent or buy a home that is easy to rent out, like a condo, townhome or small house. Those without stable or in-demand careers may worry that they won't be able to carry out the commitment of a long-term mortgage, so they may seek retraining or ensure their job security before entering the housing market for the first time.

It's not a secret that the economic uncertainty faced by many in North America in recent years has made it difficult for some to enter the housing market. For this reason alone, many people are deciding to wait until they feel secure enough in their finances to buy a home. For young people who have a stable career and financial security, this has proven to be an advantageous time to enter into the housing market for the first time. The decrease in housing prices and the buyer's market that has been so evident across the country recently have made this the time to buy a home at a great value.

by: Jamie Mathwig

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