Johnny and I found this graph pretty interesting, so we wanted to share. As you can see, the age for home ownership seems to be going up. The percent of young people who are homeowners today is much lower than the percent of young homeowners a few decades ago. So is this a good thing or a bad thing?
As current renters, maybe it’s obvious how we feel about this graph. We’d like to think it’s a good thing. The reason we haven’t bought a home yet is that we want to make sure the timing is right and that we have all of our financial ducks in a row. We’d like to tell ourselves that the graph simply indicates that all of our peers are in the same boat as us.
But deep down, I’m thinking it’s not as simple as all that. Could it be that our generation isn’t finding stable jobs/incomes, that we’re not financially responsible enough for home ownership, or even that we’re just taking longer to grow up? Or has the cost of homes simply gone up more than our incomes have?
Whatever the case, we’re still leaning toward it being a good thing, rather than a bad thing. We’re all for taking our time to settle down and making sure we’re really ready to pay six figures for something. What are your thoughts? What do you think this graph says about the current generation?