Buying your first home is a big commitment. Because of the 2008 recession, many families had to put off buying their first homes. Lost jobs, foreclosures, and the rising cost of living across the country put many in a tighter financial position than they had anticipated.
Today, things are looking up. The economy and housing market both are slowly recovering according to Reuters, and more families are now able to plan the purchase of their first homes. The recovery may be slow, but it shows every sign of continuing. Now is a good time to purchase your first home.
However, things look a little different today than they did leading up to the 2008 crash. Now that more people have experienced financial hardship, first-time home buyers are proceeding with more caution than they may have previously. What’s more, Business Weekly reports the cost of living in the United States continues to climb. Cities that may have been previously inviting to first-time home buyers are now cost-prohibitive.