It may just be me, but doesn’t it seem as if the general drift of things is that it’s getting harder and harder to make ends meet? And that younger people are getting the brunt of it?
If that sounds familiar, it could be one generalization that’s no longer quite so valid when it comes to younger adults—specifically, about their prospects for owning their own Houston homes.
If we are to believe the Pew Research Center, younger American households are doing pretty well. In fact, they’re doing better than their elders were at the same time in their youthful careers. Although you can argue that Houston homes’ prices have risen as well, when you remember how close today’s home loan interest rates are to historical lows, the outlook for owning Houston homes is hardly gloomy.
The Washington fact tank’s 2019 study is based on the latest census data. Some of the highpoints:
• Household incomes for those headed by Millennials (ages 22 – 37) are higher than at any time in the past 50 years.
• This is true even after the totals are adjusted for inflation.
• The effect is largely due to women in young adult households being paid more.
• The averages hold true even though slightly fewer young adult households are headed by two earners.
Younger earners aren’t the only ones whose ability to own their homes is looking up. According to the study, Baby Boomers’ household incomes are at record levels, and Gen Xers are matching the previous highs reached by that age group in the year 2000. As for members of the ‘Silent Generation’ (ages 73 – 90), “the income…in this age group cannot be accurately estimated.” It looks like the elders among us know how to keep a secret!
Owning your own Houston home isn’t just a luxury to be enjoyed now—it’s also the tried-and-true way to build and preserve wealth into the future. I’m here to help with any and all of your Houston real estate endeavors—call Rinnnovare Realty, LLC (832) 445-4957.