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MARKETANALYST.US / ECONOMY & WORK

Woman's Renting vs Buying a Home Query Sparks Online Debate Amid Skyrocketing Costs

The National Association of Realtors reported that the average age of a person purchasing their first house in 2023 was 35 years old.
PUBLISHED APR 14, 2024
Cover Image Source: cerinapocino | TikTok
Cover Image Source: cerinapocino | TikTok

The older generation advises the young to purchase their first homes early, but the availability of easy money can be a major barrier with rapidly rising housing costs. Cerina Pocino (@cerinapocino) is a twenty-four-year-old TikTok user who resides with her 28-year-old husband's family and they truly desire to own a house. The issue? The monthly rent in their region is extremely high, ranging from $2,500 to $2,900. That's a big sum of money to pay each month as rent. Cerina thinks it wiser to purchase a home instead, but prices start at $500,000, in their location, which again is absurdly high. She approaches her TikTok followers for guidance because she feels trapped and is open to any suggestions you may have!

Image Source: cerinapocino | TikTok
Image Source: cerinapocino | TikTok

Pocino isn't slipping behind, even though it might seem like most people in her parents' generation had homes by the time they were in their mid- or late 20s. The National Association of Realtors reported that the average age of a person purchasing their first house in 2023 was 35 years old. The high cost of housing is one major factor making it difficult for young people to own property. By the end of 2023, the median sales price for a house was $417,700, according to Federal Reserve data.

You'll need about $83,000 if you wish to make the 20% down payment that is advised. That would take years to reach and a great deal of cautious saving.

Because of the high housing expense, even some young, wealthy people are giving up on their aspirations to become homeowners. They either don't feel prepared for the duty or choose to utilize their money for travel. Some people are getting inventive to fulfill their desire to acquire a home. They are relocating to more affordable regions of the nation, such as the Midwest and South, or purchasing homes alongside friends.

Pocino is not the only person dealing with this difficulty. Many users who commented on her video said that they, too, are working very hard to accumulate enough cash for a down payment on a house

One commentator (@marynojane0) mentioned, “ I am 26 and still live with my mom, I can't afford it!"

Image Source: cerinapocino | TikTok
Image Source: cerinapocino | TikTok

Pocino isn’t just thinking about having a place to live; she wants to make a wise financial move for her future.“This is the right time to think about owning a home,” she says. “It could be a great investment.” But that doesn’t mean it’s the best choice for her and her husband.

As one commenter wisely suggests, it’s important to “do what you can afford, not what others are doing.”

Image Source: cerinapocino | TikTok
Image Source: cerinapocino | TikTok

This advice is spot-on. Nearly 30% of Americans struggle with housing costs, and that's not good for your wallet or your well-being. It might take some time, but Pocino and her husband should consider making a budget together if they haven’t already. They can find areas to cut back on expenses and put that money toward saving for a down payment.

If that feels overwhelming, setting up automatic savings can make it easier—they won’t even have to think about it each month. Lastly, seeking advice from a financial professional can be a smart move. A little guidance to help them reach their financial goals can make a big difference.


@cerinapocino 😭 i shoula bought a house when i was 13…playing around at recess living in delusion- smh #housing #firsttimhomebuyer #fyp #youngadults ♬ original sound - cerina

Follow Cerina here (@cerinapocino) on Tiktok for more such discussions on House Hunting.

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