Planning for Home Ownership?

When is the right time to purchase your first home? The answer differs across age groups, family pressures and life goals.

One in five parents say they expect their child to own a home by age 25, yet this doesn’t match up to reality. Younger adults tend to feel the most pressure to own a home, but they’re still waiting on their own time terms, according to a new survey from Porch.com, a home remodeling website. Porch.com surveyed nearly 1,000 individuals, ages of 18 to 81.

“Purchasing a home is one of the most complex and expensive decisions most of us make, so it’s easy to see how not choosing the right style, location, or size can invoke criticism from relatives,” the report notes. “Of the three generations, millennials felt the least amount of pressure from relatives when it came to housing choices, whereas both baby boomers and Gen Xers felt slightly more judged.”

Source: “Exploring Generational Differences in Life Goals,” Porch.com (June 4, 2019)