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Study: Not Owning an Orlando-Area Home Hurts Long-Term Financial Health!

By

Tynna Rau

Posted in Buying, Orlando On March 2, 2020

Millennials who put off homeownership may be severely curtailing their ability to build wealth over their lifetimes, warns a new report from the Urban Institute.

NOT owning an Orlando-Area Home HURTS  a person’s Financial Health…the longer you wait, the bigger the loss!

Buying a home at an early age offers a “big bang for their housing buck,” concludes the report’s authors.

Researchers tracked individuals since 1968 to identify how homeownership has affected their finances. Of those who reached age 60 between 2003 and 2015, the group that first purchased a home between the ages of 25 and 34 had a median housing wealth of $150,000. However, those who waited until age 35 to 44 to buy their first home had $72,000 less. Individuals who didn’t become first-time homebuyers until 45 or older had at least $100,000 less, according to the study.

However, those who bought their first home between 25 and 34 seemed to make the most Long-Term money. The youngest buyer group studied – those that purchased the first home before the age of 25 – had $130,000 median equity, according to the study. Researchers said they likely didn’t have the most equity due to their younger age, lower incomes and less education at that point in their lives.

Still, even the pre-25-year-old buyers had more home equity by age 60 than adults who waited until they were 35 to become first-time buyers.

The differences in housing wealth among the age groups is due to home appreciation and paying down their mortgage debt, the researchers note.

While the study shows how Homeownership benefits adults over time, the timeframe focuses on an era when Americans tended to buy more homes at younger ages. Half of the older adults in the study’s sample bought their first home between ages 25 and 34, and 27 percent purchased their first home before age 25.

In 2016, however, only 37 percent of those between the ages of 25 and 34 owned a home and 13 percent between ages 18 and 24.

The delay in homeownership for millennials could have long-term economic consequences. For most people, home equity is usually the largest single source of personal wealth.

“While people make the choice, to own or rent, that suits them at a given point, maybe more young adults should take into account the long-term consequences of renting when homeownership is an option,” the researchers say in the report.

Source: https://www.floridarealtors.org/

 buy house, buying, financial freedom, firsttimehomebuyer, florida real estate, home buyers, homebuyer, invest, millennials, move to orlando, moving to orlando, orlando, orlando real estate, orlando realtor, real estate, realtor, realtor rau

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eXp Realty is the first cloud-based real estate brokerage, the largest residential real estate brokerage by geography in North America and the first and only real estate brokerage to operate as one company-owned brokerage in all 50 U.S. states. It is one of the fastest growing real estate brokerage firms in North America with more than 15,000 agents across 50 U.S. states, the District of Columbia and three Canadian provinces. As a publicly traded company, eXp World Holdings uniquely offers real estate professionals within its ranks opportunities to earn company stock for production and contributions to overall company growth.

homesbyrau

Tynna Rau | Florida Realtor®
Newly renovated apartment rentals with stainless s Newly renovated apartment rentals with stainless steel appliances available mid January! All units are 2 bedrooms and 1 bathroom, A/C, and full kitchens. DM me for more details, you can also text COURTYARDVILLAS to +1-941-220-0989. 👩🏽‍💼

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Rolling into 2023 with a new contract! RWARR!! 🎆🍾🐅

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I’ve been working with this buyer since May of l I’ve been working with this buyer since May of last year and now I’m super excited to say that they are finally under contract with this beautiful new construction home in Haines City! Congratulations Shannen, Justin and family! I can’t wait to see your happy faces once you finally close on this house! 📄 🖊️ 🤗 

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🚨 JUST LISTED 🚨 Durant Homes Assisted Livin 🚨 JUST LISTED 🚨

Durant Homes Assisted Living Facility

6929 Durant Rd,
Plant City, FL 33567

$850,000.00

13 Bed
3.5 Bath
3,487 sqft
This property is being sold with the business including the patients, employees and all the furniture, as well as the mobile home on the back of the property.

Great commercial investment opportunity! This assisted living facility sits on a little piece of paradise near the end of a small country road. It’s private, quiet and shady. This facility is licensed for 20 patients and currently has 18. 7 of the bedrooms are shared between 2 patients and 6 bedrooms are used for single patients. 🛏️ 

Updates performed in the last year include:
- The roof
- The windows in the bedrooms
- 2 of the bathrooms tub and shower combos
- The front porch exposed decking

The 3 bedroom, 2 bath mobile home in the back of the property was added last year and is used to house onsite employees. Around the property you will find various planted fruits and vegetables including avocado, mango, guava, jackfruit, atis, ube, banana, and sweet potato. Don't miss out on this incredible commercial investment opportunity - call today to schedule a private tour today! 👩🏽‍💼

Ma. Cristina “Tynna” Rau
EXP Icon Agent & Certified Mentor
EXP Realty | The Alliance Group
(407) 900-7902
tynna.rau@exprealty.com
homesbyrau .com

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Congratulations to my friend Diana for closing on Congratulations to my friend Diana for closing on this house on her birthday! We got 25k off asking price, and all the repairs requested were covered by the seller! 🍾🥂

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Happy to serve! 🤗 #homesbyrau #realtorrau #te Happy to serve! 🤗 

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That feeling when when you finally closed on your That feeling when when you finally closed on your home! 🍾🥂😂

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Another new construction home under contract! It’s important to have your own representation even when buying new construction, because besides having your best interest at heart, who else is going to get you $11k towards design options and $14k to buy down rates? This beautiful home will be ready for the family in July of next summer! 📑🖊️🏡

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Feeling grateful to help another Filipino family g Feeling grateful to help another Filipino family get their dream home in Gainesville! This family moved to the US in 2021 and they’re already official homeowners before they even became US citizens. Hard work pays off when you delay gratification! They went under contract on this new construction home at the beginning of the year and they closed on it last week with $40k in equity! Congratulations to the new homeowners! 🍾🏠💵

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#popitwhenyoucloseit #filipinorealtor #champagneclosing #justsold #exprealty #expproud #filipinorealtorflorida #poppingbottles #newconstruction #newhomesbyrau #newconstructionhome #moveinready
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