What Are You Willing to Give Up to Buy Your First Home?

A survey of just over 1,000 Americans, conducted by Cinch Home Services, a home warranty firm, shows

what some people are willing to do in order to afford a home purchase.  Homes are expensive, more than ever especially in California where the median price is now over $800,000, yet owning a home is still viewed as most important, especially in the younger generation. And what are they most willing to give up?  Alcohol.  

In viewing the survey results, it becomes obvious that saving money could impact various industries:  California wine industry, the travel industry, clothing companies, restaurants, candy manufacturers of chocolate--it goes on and on.  Not only is this survey about home buying, it could also be seen as an indirect comment of how housing affects the overall economy, as well as being an overall picture of how many young adults spend their income.  Is alcohol such a big give up? It can be if going out to dinner with drinks is a  consistently main feature of leisure entertainment.  And some other choices don't really seem tied with saving money--but saving 30% of your salary might really add up for a prospective buyer if that dollar savings is significant enough for their chosen market price. Maybe not seeing your family as often means you're spending more time working overtime--that too might help economically as long as it doesn't infringe on family ties too much.  But getting only 3 hours of sleep every night is not going to lead to a more productive workday for the average human being who needs 7-8 hours of sleep. So some of these choices are not productive, in my view.  But some are, and young adults should review their monthly budgets to see where they can save money and cut back on debt (not specifically mentioned here).  Cutting back on debt improves credit scores, which greatly assists in getting a mortgage loan, and also produces a greater sense of well being, which is important in working towards the goal of homeownership!!

For more information on home buying or selling, please contact me.  I've had 25 years of experience helping buyers and sellers with their residential properties.

Julia Huntsman, REALTOR, Broker | www.juliahuntsman.com | 562-896-2609 | California Lic. #01188996