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Home » Rent Vs. Buy Vs. Live with Mom and Dad

Rent Vs. Buy Vs. Live with Mom and Dad

“Assuming your finances are in good shape — you are gainfully employed, have six months of savings in the bank and money for a down payment — then the smartest money move you can make is buying a home now. Interest rates are rock bottom, but will start rising either late this year or next.”

According to data reported by CNN Money, only 13.2% of people aged 18 to 34 are homeowners, and a surprising 31% of people in this age range are still living with their parents. These are record numbers, suggesting that the millennial generation is twice as likely to be living at home with mom and dad rather than shopping for real estate.

Since the crash of 2008, it’s been much more difficult for gradates with loans to get into home buying. Living at home with relatives (rent-free) is both a smart and effective strategy for cutting debt and saving up for a home. And at the moment, home prices in most cities are still well below their peaks of 2007, whereas rents are forecasted to keep going up.

Ready to leave the nest? Just enter your criteria at our Advanced Search to get started.

Shawn & Kyle Cunningham
Cunningham Group at RE/MAX Advantage
(702) 823-0855 Shawn
(702) 823-0840 Kyle
Source: MONEY.CNN.com

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