Sara Routhier, Managing Editor and Outreach Director, has professional experience as an educator, SEO specialist, and content marketer. She has over five years of experience in the insurance industry. As a researcher, data nerd, writer, and editor she strives to curate educational, enlightening articles that provide you with the must-know facts and best-kept secrets within the overwhelming world o...

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Joel Ohman is the CEO of a private equity-backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He also has an MBA from the University of South Florida. ...

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Reviewed by Joel Ohman
Founder, CFP®

UPDATED: Apr 15, 2021

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If you’re 18 or older then you are not too young to buy a home.

Let’s take a look at the housing market’s situation before we examine why age isn’t much of a factor when it comes to buying a home.

Interest rates for home loans are near all-time lows and housing prices have reached fire-sale low levels.

If you are a younger adult with a fair amount of savings and are interested in taking the leap to buy a home, you have to be wondering whether now is the right time to buy a house.

Many young borrowers often question whether they are even qualified to apply for a home loan. After all, buying a home, being the largest purchase most people make in their entire lives, can be an intimidating process. In fact, many young adults shopping for a home may think that the process would somehow be different for them due to their age.

Craig Price, Partner at Belkin, Burden, Wenig and Goldman, LLP, told that the requirements for applying for a home loan are the same for all borrowers.

“So long as you are above the age of 18, age does not play a factor. What matters most are a person’s credit history and their current income and assets. As with anyone, a person taking out a mortgage must recognize that they have an obligation to repay the loan as prescribed in their loan documents or risk foreclosure,” said Price.

He continued to explain that while no two borrowers are the same, if they have steady income and a proven ability to repay, then lenders will be happy to issue a home loan.

“Under Federal law, lenders are not allowed to discriminate based on a person’s age and must treat all potential borrowers in the same manner. If a person is over the age of 18 and has a credit history and income that meets the lender’s requirement, a person’s age should be irrelevant,” said Price.

In fact, Price says that buying young might actually be a prudent move. Interested homebuyers who are presently in the workforce and who have a steady income and a good credit history could benefit from purchasing a house sooner rather than later.

“The sooner they are in the housing market and begin paying down the mortgage, the sooner they can potentially realize a gain from their investment and increase their net worth,” said Price.

Whether a person is 18 or 50, the right time to buy a home depends on affordability and personal responsibility. If you’re serious about buying a home, you should talk to a realtor and start the mortgage pre-approval process.