A lot of people feel like they’ll never be able to buy a house due to current housing prices, interest rates, the economy, and competition for the houses available on the market.
The interesting thing is, that first sentence can pretty much apply to any year you read this…
It doesn’t really matter what decade or year it is, it almost always feels like buying a home will be forever out of reach for many potential first-time buyers.
But to be specific, it’s currently 2024, and the
latest available data shows that 32% of all buyers were
first-time homebuyers in 2023, which was arguably one of the most difficult markets to buy a home. And the year before that — also a historically difficult year to buy a home — 26% of buyers were first-timers. So, between a quarter and one-third of buyers show that it’s certainly possible!
This isn’t to say that it’s easy (or even possible) for everyone who wants to buy their first home. The chances are, you’ll feel stretched financially, and worried about whether the amount you pay will be too high, and you might not be able to get as nice or big of a house as you’d like.
But, here are 5 surprising feelings you’ll likely have in 20 years if you take the leap of faith and buy a house now:
1) Glad
You’ll be glad you got into the market when you did, because, regardless of how high you think real estate values are now, in 20 years the house you buy now is most likely going to be worth a lot more than it is today.
2) Wishful
It’s hard enough to afford one house at any given time in history based upon your current salary and savings. But, in the future, when you look back at how low prices used to seem, you’ll wish you actually bought more than one house when prices were lower.
3) Nostalgic
Even though your first house probably won’t be the dream house you envision, there’s a good chance it won’t even be the same house you live in 20 years from now. Many people live in their first home for some time, and as they pay down their mortgage and accrue some equity due to rising home values, they upgrade to a nicer home. But, even if that first house wasn’t the greatest, you’ll look back on it with fond memories.
4) Relieved
When you see how much more people are paying in rent than you are for your mortgage, you’ll be relieved that you have a consistent monthly mortgage payment that you locked in years before, and aren’t at the mercy of rental price increases.
5) Successful
Buying a home isn’t always easy, and there may be times that you struggle as a homeowner, especially in the early years when your budget is tight, but, yes… even 20 years from now. But no matter what it takes, you’ll get through those tough times. So, in a couple of decades, take a moment and take pride in how much you’ve accomplished, and the fact that you succeeded!
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