Real Estate Under 30: What to Expect
harkins / July 2, 2019
Owning real estate is one of the great paths to financial independence. Unfortunately for the young investor, the price to join has never been higher. The cost of real estate has gone up dramatically in the last twenty years. Whether one is searching in urban or rural markets, land and everything associated with it has skyrocketed in value since the turn of the century. Even the tools and materials required for basic maintenance have seen their price multiply several times.
Owning Real Estate Under 30
Residential real estate is extremely difficult for the average individual under the age of 30, while commercial real estate can be nearly impossible. The facts are undeniable. The majority of people under the age of thirty do not own property. For those who do, either a strict budget and savings plan was in effect or they had some sort of financial assistance from a parent or family member. The average gift given to the average landowner under age 30 is $40,000.
Considering Student Loans and Other Debts
Large student loan debts have also been found to stand in the way of many young people’s dreams of real estate ownership. This means that, for the investor under 30, approaching the task of owning an investment should be done with the utmost humility and awareness of the difficulty.
It is not enough to be lucky, to be disciplined, to be intelligent, or to be supported by one’s family. One must be all of these. This is a difficult task, and it cannot be achieved casually. Real estate investment is a fantastic opportunity, and it truly is open to everyone. But, it cannot be done easily or quickly, and unfortunately, that means a lot of people are going to have to wait a few years to save up the money, build up their credit, increase their earning power, and pay off any existing debt.
« Previous Next »