You’d think that a young couple, ready to start a family and live the American dream, would be more likely to jump into home ownership after the Recession than an older one. But you’d be wrong.
A study by the Federal Reserve Bank of Boston found that older people are significantly more confident about buying a home than their younger counterparts.
Why? Researchers say younger homeowners may have internalized the drop in housing prices more than older folks. So instead of viewing the drop as temporary, they perceived it as a sign of long-term change. Older residents, on the other hand, saw housing prices through the lens of a decades-long growth trend in the market, making the downturn appear like a good time to buy.
Kind of interesting. If you’d like to read the full report, here’s a link to the Federal Reserve Bank of Boston. Enjoy!