Have you turned forty yet? If so, you’ve presumably settled into a groove in life and have hopefully saved up some cash. That makes it a great time to either buy your first home—or think about upsizing.
And you’re not alone. Individuals between the ages of 2041 and 2055, also referred to as Generation X, accounted for 2024 percent of all home buyers in the previous year, as per a report published by the National Association of Realtors (C2%AE). And 22% of them were first-time buyers.
“Life changes as people age, and homebuyers are no exception,” says Danielle Hale, chief economist of Realtor. com®. Some home-buying priorities are fairly age-neutral, such as the desire for a garage, a quiet neighborhood, and an updated kitchen, but other priorities can change over time. ”.
Thus, these are the primary factors to take into account if you’re in your 40s and considering purchasing a new home.
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Consider your family and career
“In your 40s, you’ve settled into your life and routine, and you’re able to plan a bit further down the line for the most part,” says Trevor Halpern, founder of Halpern Residential at North&Co. in Phoenix. “These are powerful years where you’re still young enough to strive and dream, but old enough to keep those dreams grounded in reality.”
The biggest reality check when it comes to a 40-something’s home purchase? Children and jobs.
Most Gen X homebuyers have at least one child living at home. And the NAR report states that the main reasons Gen Xers bought a home last year were changes in family status, such as marriage, divorce, or the birth of a child.
Thus, if you’re looking to buy a new house, start your search in an area with a good school system and close to your place of employment. More offices are becoming available for hybrid work schedules, so even if you only commute a few days a week, you shouldn’t be spending hours on the road.
Watch: Home-Buying Checklist: 5 Things Parents Shouldn’t Forget
What’s driving you to buy now?
“The most important considerations regardless of homebuyer age are personal,” says Hale. “Consider if you can live in a new house for the three to seven years required for the purchase to be financially advantageous. ”.
You can decide what you want your new home to be once you’ve decided you can commit to purchasing one.
Should We Buy A Home At Our Age?
FAQ
Is it smart to buy a house at 40?
What is the latest age to buy a house?
Should you take out a 30 year mortgage at age 50?
Is it too late to buy a house at 35?
Is it too late to buy a home?
While you’re never too old to buy your dream home, there are some things to consider before making your purchase. See more real estate pictures . As you get closer to retirement age, it might feel like it’s too late to buy a home. While this might be true in some cases, there are times when it still makes sense to buy.
Should you buy a house after age 40?
For those buying after age 40, there are actually some advantages built into the system. First, when people enter the housing market at a younger age, they lack the time it takes to obtain credentials, develop a career, save money, and create a solid income stream. By age 40, these problems usually gone.
Is it too late to be a first-time homebuyer?
We tend to be a first-time homebuyer at a later age. But if you’re 40 and not yet checking open houses don’t worry, it’s not too late to be a homeowner. According to research from the National Association of Realtors, 26 percent of Gen-Xers – those aged 37 to 51 – are first-time buyers. It’s not uncommon to buy a home after age 40.
Should you buy property in your 40s?
Waiting to buy property in your 40s can help you make an investment that lasts a lifetime and protect you against huge price surges in the rental market when you’re ready to retire.