Retiring or First-Time Homebuyer?


Photo Source: Pinterest.

It’s never too early to think about retirement and Farmington won the top spot for best places to retire in Michigan. While we’re still in a seller’s market, if you’re close to retirement, now might be the time to look into your next move. The list considered local medical centers, retirement communities available, and the tax burden for retirees. Thankfully, the top 10 maintain the 17 percent tax burden which shouldn’t make a difference in cost of living. And there is a city for you depending on your likes and interests. Want to be surrounded by water? Try Traverse City or Grosse Pointe. Want a small, quiet town? Chelsea and Brighton would be perfect for you.

Not looking to retire just yet and just starting out? You’re not alone. Fun facts about the first-time homebuyer:

  • Fifty-seven percent of first-time homebuyers put less than 20 percent down on their first home. What a market to be in.
  • The typical first-time homebuyer is 34 years old, with millennials and Gen Z making up 66 percent of all new buyers.
  • The starter home, however, may be a dead fish with millennials looking to purchase homes similar to that of a repeat buyer thanks to millennial buyers being more flexible and thinking more about their future, i.e. family, schools, etc. However, one difference between first-time homebuyers and the repeat buyer: the former tends to prioritize a particular location more than the latter.
  • What’s that saying? If at first you don’t succeed, try try again? It works for mortgages too with 29 percent of first-time homebuyers who obtained a mortgage having been denied at least once. There’s power in shopping for a mortgage.

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