Most people wade into homeownership for the first time in their 20s and early 30s, when they still have the bulk of their working years ahead of them and time to build equity – key to moving up to a bigger home.
But what if you’ve reached midlife and still envision buying a home one day? Tackling that first home purchase after 40 can be easier in some ways than when you’re just staring out in your career, but it also brings its own set of financial factors.
A National Association of Realtors survey of people who bought a home between July 2011 and June 2012 showed that nearly 80 percent of first-time homebuyers were 32 years old or younger.
In the next age bracket, those age 33-47, 36 percent were first-time buyers; between the ages of 48 to 57, only 19 percent were first-time buyers. The rates of first-time homeownership generally declined as buyers got older, according to the survey, which featured 8,500 respondents.
Even so, the last decade’s economic downturn and housing crash has forced many to put off that first home purchase.
Check out the following link from Florida Realtors for some things to consider if you’re over 40 and eyeing homeownership.
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