Looking At the Present Time
Nowadays, several researchers and surveys have proven that the mean age for the people who buy their very own properties for the first time is about 35 years old. About 50 percent of the population believe that at present time, they are not capable of buying their own property due to financial instability.
Some may even think that they will never be able to buy property that they can finally call their own. They believe that they could purchase their very own property if they had a higher paying job. At present time, most people could not afford to buy their own property due to the huge amount of deposit required for them to get one, which is much higher as compared to the minimal deposit that was required in the 1960s.
Looking Through The 1960s
This is a lot different to the mortgage situation in the 1960s. During that time, it was discovered by researchers that the mean age of the people who could buy their very own property for the first time was about 23 years old. This is definitely a lot younger as compared to the mean age nowadays. There is a 12 year difference in the average age of first time buyers from 1960 up to 2012.
How Gender Affects First Time Buying
Some surveys and researchers have also proven that when it comes to optimism regarding the ability to buy properties, women are more likely to believe that they can buy their own at a certain age as compared to men.
Factors Affecting the First Time Buyers
It is greatly evident that first time buyers at the present time are older and are less motivated to have their very own property. This is because of the low economic conditions and low paying jobs that most of the people have. The prices of the properties are continuously increasing nowadays despite the fact that the income of workers are not significantly increasing.
One of the biggest factors affecting the ability of first time buyers to buy their own property is the inflation rate. Inflation rate or what is also known as the measure of inflation is the increase of the price range of commodities and properties. It is seen as how the price changes over a span of one year. Through time, it has been observed that the inflation rate actually increases despite the fact that the purchasing power of the money actually decreases. With this condition, it would be best for the first time buyers to seek proper mortgage advice when it comes to buying properties
These are some of the most important things that you need to know regarding the changes in the ability of first time buyers to buy their own property throughout time.
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