KIRO Radio's Tom Kelly digs deep into the Puget Sound real estate market
Real Estate

Barriers to home ownership differ with age

Depending on the age group, the biggest hurdle to home ownership can be quite different, according to the Country Financial Security Index, which measures Americans' sentiments on personal financial security.

For example, members of Generation Y say saving for a down payment is their biggest barrier to achieving home ownership. However, those aged 30 to 39 say that having too much debt is their biggest hurdle. Those aged 40 to 49 say that job security is their biggest barrier.

"The good news is that Americans are able to overcome many of these barriers to home ownership," said Troy Frerichs, director of investments-wealth management at Country Financial. "By creating a smart financial plan and sticking to it, they can save up to pay down their debt and build their down payments, all while improving their credit scores and making themselves more attractive to mortgage lenders."

The study also found that more than a quarter of homeowners do not expect to pay off their mortgage by the time they turn 65.

Top Stories

  • Trial Beginning
    Twelve Seattle police officers will begin using new body-worn cameras next week

  • Week in Photos
    Penguins, cheetahs and Santa make it in this week's photos
ATTENTION COMMENTERS: We've changed our comments, but want to keep you in the conversation.
Please login below with your Facebook, Twitter, Google+ or Disqus account. Existing MyNorthwest account holders will need to create a new Disqus account or use one of the social logins provided below. Thank you.
comments powered by Disqus
Listen to the show
Hear Real Estate Today on KIRO Radio
Join Tom Kelly every Sunday at 9am on KIRO Radio to talk Puget Sound real estate.

Sign up for breaking news e-mail alerts from
In the community
Do you know an exceptional citizen who has impacted and inspired others?
KIRO Radio and WSECU would like to recognize six oustanding citizens this year. Nominate them to be recognized and to receive a $2,000 charitable grant.