• About

The Hanley Home Team Blog

~ "ON TOP" Of Your Real Estate Needs!

The Hanley Home Team Blog

Tag Archives: first time homebuyer

Buying a House Is “In the Bag” for Millennials and Gen Z

23 Monday Jan 2023

Posted by The Hanley Home Team in Uncategorized

≈ Leave a comment

Tags

Buying a home, first time homebuyer, gen z, homes for sale in Jacksonville FL, Jacksonville FL Real Estate, Jacksonville Real Estate, millennials, real estate, real estate advice, real estate information, Real Estate Team, real estate tips, Selling a home, The best real estate agent in Jacksonville

Many members of the Millennial and Gen Z generations would love to buy a house of their own. But according to this CNBC article, they simply can’t afford to do so.

Not only can they not afford to buy a house, many are moving back in with their parents, as Forbes recently reported, due to inflation, low-paying jobs, college debt, high rents, and the general monthly costs of living on your own. Given the current economy, it’s a smart, sensible move to stash away some cash and pay off their debts, even if it isn’t where they’d like to be at this point in their lives.

None of that is all that surprising, since it’s been all over the news for quite a while now. 

But what might be surprising is how some of them are spending the money they’re saving by living with family, considering they’d like to buy a house.

Living a life of luxury…

A new report from Morgan Stanley revealed that 29 percent of Millennials and Gen Z are putting off buying a house in order to pay off their debts and achieve financial security. However, many of them are using the money they’re saving by living with family to purchase high-end watches, purses, jewelry, and other luxury items.

Considering they’re living at home at a time in life when past generations had already bought (or at least rented) their own place, you can’t blame them for wanting to splurge a bit. Who hasn’tdone a little retail therapy to make life seem better? 

But then you also can’t blame the cost of living, mortgage rates, and high house prices entirelyon why they aren’t able to buy a house…

In fact, many Millennials and Gen Z are buying houses! According to the National Association of REALTORS® 2021 Home Buyers and Sellers Generational Trends report, Millennials and Gen Z combined are 39% of the homebuyers during that period!

Follow the lead of the 39%…

So, it isn’t by any means impossible for people in the younger generations to buy a house. But, it probably means that the ones who do purchase a home are making a concerted effort to pay down their debts, save money where they can for a down payment, and spend it on a home of their own, rather than high-end luxury items.

For years, it’s been a running joke that Millennials could afford a house if they’d just stop spending money on avocado toast, which they rightfully scoffed at as an over-simplified solution. Saving a few bucks a day is obviously a drop in the bucket it takes to fill with a down payment. (Then again, habits and little savings all add up!) 

But when you start talking about buying a trendy purse, watch, or any other luxury item, it starts getting hard to defend. You can’t do that and then claim that it’s the economy, mortgage rates, or high home prices that are getting in the way of buying a house—especially when so many others in the age bracket are managing to do so.

So, if you’re in the Millennial or Gen Z generation and want to buy a home—but currently have to live with family just to make ends meet—don’t feel like it’ll never happen for you. 

Just be thoughtful about the money you’re able to save by living with family. Every month, pay down your debts, put some aside for a down payment on a house, and forgo buying expensive handbags (or other such items), and buying a home will be in the bag for you!

The Takeaway:

Many members of the Millennial and Gen Z generations would love to buy a house, but simply can’t afford to do so. Many of them have actually moved back home with their families due to inflation, low-paying jobs, college debt, high rents, and the general monthly costs of living on your own.

However, those two generations comprised 39% of the home buyers in 2021, so it’s obviously not impossible for the younger generation to afford a home. 

What sets those who do buy a house, and those who feel that it is entirely out of reach, may boil down to how they spend their disposable income. A recent report from Morgan Stanley revealed that many of those generations are using the money they save by living back home to purchase luxury items, rather than save the money.

If you’re in the Millennial or Gen Z generation, know that it’s possible to afford a home, but that you need to be thoughtful about how you save money, and what you spend those savings on.

Need some guidance? Get in touch today! Kevin and Jennifer Hanley, REALTORs The Hanley Home Team of Keller Williams Realty Atlantic Partners Southside 904-515-2479 HanleyHomeTeam.com

Advertisement

New Homeowner? Avoid these lawn care mistakes

31 Wednesday Aug 2022

Posted by The Hanley Home Team in #DIY, #HanleyHomeTeam, #HomeBuyer, #HomeOwner, #househunting, #JacksonvilleFL, #KellerWilliams, #summer, #yardtips, #yardwork

≈ Leave a comment

Tags

Buying a home, curb appeal, first time homebuyer, homes for sale in Jacksonville FL, Jacksonville FL Real Estate, Jacksonville Real Estate, Kevin Hanley, landscaping, Lawn Care, new home owner, real estate, real estate advice, real estate information, Real Estate Team, real estate tips, The best real estate agent in Jacksonville, tips for new homeowner

architecture clouds estate exterior

It’s easy to take a few missteps when it comes to lawn care, especially if you’re a new homeowner and it’s your first time being solely responsible for your yard and landscaping. Here are a few tips that will help you avoid lawn-related frustrations.

Cutting the grass short. Lowering the height of your mower blades may give you a few extra days between each mowing, but it’s bad for your grass in the long run. Don’t go any shorter than 2.5 inches, or your grass could be starved for sunlight.

Watch where your dog urinates. Finally out of an apartment and ready to let the dog into the back yard when it’s time to go? You might regret it. Your pets’ urine can kill your plants and grass. Try to train your dog to go in one spot, preferably in stone or gravel.

Be careful with fertilizer. Fertilizing your lawn isn’t as simple as picking up any bag at a local store. Choosing the wrong fertilizer, using too much, or ignoring the instructions is a recipe for disaster. Do plenty of research or ask a professional if you need help choosing.

Give your plants room to breathe. The nutrients in soil are a finite resource, and your plants and shrubs also need their fair share of water and sunlight. If you plant your shrubs, trees, and flowers too close together, they’ll have to compete for those resources and may become malnourished. Pay attention to the planting recommendations for each plant to make sure that they have the proper space to thrive.

Want more home and lawn care tips? Get in touch today! Kevin and Jennifer Hanley, REALTORS Keller Williams Realty Atlantic Partners Southside 904-515-2479 http://www.HanleyHomeTeam.com

Subscribe

  • Entries (RSS)
  • Comments (RSS)

Archives

  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • August 2018
  • July 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
  • November 2012
  • October 2012
  • September 2012
  • August 2012
  • July 2012
  • June 2012
  • May 2012
  • April 2012
  • March 2012
  • February 2012

Categories

  • #BedroomDecor
  • #buyandhold
  • #Condoliving
  • #DIY
  • #Forrent
  • #HanleyHomeTeam
  • #HOA
  • #HomeBuyer
  • #HomeBuyingTips
  • #HomeOwner
  • #HomeSeller
  • #housegoals
  • #househunting
  • #HurricaneSeason
  • #Jacksonville
  • #JacksonvilleFL
  • #KellerWilliams
  • #Movingday
  • #Passiveincome
  • #Quaratine
  • #RealEstate
  • #Refinance
  • #sellingyourhome
  • #summer
  • #Townhouse
  • #yardtips
  • #yardwork
  • DIY
  • Jacksonville
  • real estate
  • Summer Yard
  • TIPS, HACKS
  • Uncategorized

Meta

  • Register
  • Log in

Create a free website or blog at WordPress.com.

Privacy & Cookies: This site uses cookies. By continuing to use this website, you agree to their use.
To find out more, including how to control cookies, see here: Cookie Policy
  • Follow Following
    • The Hanley Home Team Blog
    • Join 114 other followers
    • Already have a WordPress.com account? Log in now.
    • The Hanley Home Team Blog
    • Customize
    • Follow Following
    • Sign up
    • Log in
    • Report this content
    • View site in Reader
    • Manage subscriptions
    • Collapse this bar
 

Loading Comments...