The Perception of A Home Through Different Age Groups

Source: HomeCapital Website

The definition of a place to call your own home differs through different age groups. The definition of home, and the age you can buy one, is in constant flux. According to the 2019 BankBazaar Aspiration Index, if you're a young adult in your twenties, you still may not even believe you can afford one. You may come into your professional capacity in your late twenties and early thirties; this is usually when the concept of owning a home begins to take root. It's in your mid-thirties to mid-forties that you'd have the means and the will to buy a house. This is when you can realize your vision of owning a home.

Below are some developments below which may help you understand the status quo.

1. Early years professionals:- The early years of a professional career are when most youths entering the workforce are more focused on saving a higher percentage of their earnings. Thus the 22-28-year-olds who are just starting their careers are saving very robustly. This community is the most technically savvy and easy to accept digital solutions. It's not so much their buying power. Nevertheless, embracing the digital solutions would be quicker, which would make household hunting, home buying and financial help simpler for the same. Also interesting is that this is the younger generation too. This has more of a sharing mentality and can be perceived as a purchase obstacle. We prefer to share and rent services through such companies as Uber, Airbnb, StayAbode and more.

2. Mid-career professionals:- Working professionals aged 29 to 35 have a more noticeable buying power. This makes them more likely to think seriously about spending more money on things like lavish vacations than early laborers do. This also makes the candidates more likely to choose to purchase their properties. In addition, they have more buying power and cumulative savings to make this a higher probability than early laborers. But these people also feel that family responsibilities, high living costs, and minimal savings prohibit them from achieving their financial goals.

3. Later career professionals:- As professionals are seniors in their professions, they may have enough money for their families under their belt and go on lavish holidays. We may not have ample savings yet to buy the house they always dreamed of owning. By this point, many people would be married and want to start or extend their families in their own homes. This group has a mixture of people who can or may not be as digitally savvy as their millennial counterparts. They'd likely be looking for more traditional forms of financial support to realize their desire. Like mid-career professionals, they feel that restrictions on the family, minimal resources and high living costs are obstacles to their objectives.

4. The gender perspective:- When it comes to trends, there's a bit of a difference between men and women as regards ambition. It's not very large though, and ideally, in the future, women will benefit from their male counterparts. In this sense, men have more control in terms of earning than women of the same generation. It means that people would be more likely to buy homes because their financial issues would be more stable.

5. Home Down Payment Programs:- Technology is a great leveler and software solutions will help locate the knowledge needed to deal with any problem. In the domain of real estate, the technology-based approach from HomeCapital is one of the top solutions available for prospective first time home buyers looking for financial assistance. It is a reasonable choice for aspirants buying home that have a savings shortfall and thus can not qualify for the entire amount of home down payment. The plan offers half the amount of down payment as an interest-free personal loan to be repaid in 12 EMIs.