According to this article from U.S. News, buying a new home is one of the best investment decision millennials can make. The benefits of buying now are numerous – from taking advantage of tax savings and low interest rates to the positive emotional return on your home investment. If you’re thinking about making the move into a new home, see why there’s never been a better time to buy.
Millennials are swarmed with investing advice – start saving early, take advantage of your employer’s 401(k) match and for heaven’s sake, dump those high-interest credit cards! But for many who are looking to build a retirement nest egg, financial advisors say purchasing a home is one of the best investments millennials can make.
“Buying a home is one of the smartest financial decisions you can make as early as your 20s,” says Riccardo Ravasini, managing director of Rava Realty, who handles properties in New York and Florida, “because it is inflation-protected and a physical asset that doesn’t disappear like stocks can do.”
Nationwide, millennials have been reluctant to buy homes for various reasons, including a volatile job market, high student debt and the delaying of life events, such as marriage. The rate of homeownership for millennials dipped to a low of 36.2 percent in 2014, according to U.S. Census data, although it’s also worth noting that the millennial generation represents the largest percentage of first-time homebuyers.
Financial and real estate professionals say the numbers are now slowly improving, and they are hopeful that more millennials will soon recognize the benefits to homeownership. Here are some reasons why financial experts say young adults should be investing in the housing market…
{Read more: Why buying a home is a smart investment for Millennials}
