As the summer rolls along and young people enjoy their vacation from school, it’s right around this time that last year’s seniors fully appreciate the fact that they won’t be making the journey back to the classroom. Instead, they will be entering adult life and experiencing all that comes with it, whether it’s starting a family, working for a living or taking on responsibilities that they didn’t have a few short months ago. And chief among the “grown-up” things today’s twenty-somethings look to do is purchase a home.
According to a recent poll conducted by Harris Interactive, many young adults have a keen interest in purchasing a residence of their own. Out of 2,000 respondents who were at least 18 years old, approximately four in every 10 people in the 18-to-34 age bracket said that they were excited to begin the homebuying process.
“It’s heartening that young Americans haven’t let go of the American dream of homeownership,” said Rick Allen, chief operating officer for a Wisconsin-based mortgage information provider that commissioned the survey. “It is important, however, that anyone looking to buy a home is very clear about what it takes, knows the impact of monthly mortgage payments on current finances, and has access to lenders who can provide the best terms possible.”
One of the key components of this process is securing a homeowners insurance plan. Not only does this provide financial protection in the event a residence is damaged by a fire or weather event, but mortgage lenders typically require it.