CHARLOTTE — Taylor Redd calls her new University City townhome her safe space and after years of hustle, sacrifice, and four jobs, the 34-year-old mom is finally proud to say, “I’m going home.”
“Making my house my home felt different, painting cabinets, appliances, it just makes it makes you feel different,” Redd said.
Redd closed on her new townhome in February and said it took a while to become a new homeowner.
“With being an entrepreneur, I didn’t pay myself, so technically speaking, on paper, I didn’t have income,” Redd said. “So, I had to get back into the W-2 income regular job lifestyle, so I could get a home and get pre-qualified.”
More people like Redd are waiting until their mid-to-late-30’s to buy their first homes.
The median age of a first-time homebuyer is now 38, which is much older than in the 1980s when that typical first-time buyer was in their late 20s, according to the National Association of Realtors. It’s a five-year jump from 2021 when the age was 33.
“The average age is 38, so they were graduating college in 2009,” said Jenny Dunning, a real estate broker. “So, they started their careers 2009 right after the big crash of 2008. They started off behind.”
Dunning believes the real estate industry is still recovering from the 2008 recession and said people must make more money just to qualify to buy.
“It’s just like supply and demand in any industry,” Dunning said. “So, the housing costs have gone up and interest rates have gone up, so that’s making homes less affordable.”
Dunning said it’s a common misconception that homebuyers need to make a 20% down payment.
She said mortgage brokers will help them find resources and make a plan.
“The average amount that people are putting down to buy a house is 9% of the cost of the home,” Dunning said. “There’s also lots of programs that you can use to buy a house with assistance.”
Redd said she has earned many titles through her different jobs but her favorite is “homeowner.”
“It feels really good to go home. It feels good to say, ‘I’m going home,’” she said.
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