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Health & Fitness

Blog: Still Renting at 30?

Mara Gaborro of Redondo Mortgage Center offers tips on buying a home for the first time.

Are you turning 30 soon? Have you thought of buying a home? Whatever your relationship status is, 30 years old is around the time homebuying crosses our minds. I was 29 when I first considered buying a house. I was 36 when my husband and I bought our first home.

Heather Taylor of the Economics and Housing Policy confirms in her Characteristics of Home Buyers report that the median age for first-time homebuyers is 31 years old. Published on Feb. 8 by the National Association of Home Builders, the report gives an interesting insight on the characteristics and preferences of current homebuyers.

What I realized was homebuying does not happen overnight. You contemplate for a few months, consult with family and friends, keep an extra eye out for market trends in real estate, and pop your nose in properties that hoist signs "OPEN HOUSE TODAY!"

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If you are now considering buying a home, here are some interesting findings from HousingEconomics.com:

  • The median age of those who preferred a brand new home is 38 years old
  • You are most likely to look at six homes (for brand new construction) and 10 homes (for existing homes) before making a purchase
  • The median value of homes purchased by first-time homebuyers is at $147,000
  • The median value of brand new homes purchased was at around $230,000
  • Brand-new homebuyers purchased properties around 2,100 square feet while existing homes that were purchased was at around 1,750 square feet
  • First-time homebuyers' median income range from $59,964 to $64,998
  • Buyers of brand new homes had a median income of $81,715


The above national figures may give you a good gauge of how much you should be earning and how much you can afford, depending of course in the area where you work, live, and where you're buying.

Find out what's happening in Redondo Beachwith free, real-time updates from Patch.

If you're 30-something and find yourself among the median range of income and that the amount you want to pay for a home is along the lines of the median pricing above, you may be interested to peek at the buying process below:

  1. Find a financial lending company you're comfortable working with
  2. Accomplish a loan application and get qualified for a specific amount
  3. Gather documents
  4. Get a qualified real estate agent who understands your home "wish list"
  5. Visit properties for sale
  6. Put an offer...wait for counter offers...wait for an acceptance.
  7. Open Escrow
  8. Facilitate inspections
  9. Sign at Escrow
  10. Wait for funding
  11. Get your keys and move in!


If you're nearing forty and find yourself still renting, do not panic. Purchasing a home is not about deadlines, instead, it should be based on what is cost-efficient for you and your family—this is coming from a real estate lending company who is concerned with its clients' welfare rather than just gaining a business. Redondo Mortgage Center's repeat clients for nearly a quarter of a century, speak of its reputation of integrity. So when you are ready, be sure to check us out at www.redondomortgage.com and chat with our live loan officers confidentially. Or just call us at 310-318-8999.

Blogged by:
Mara M. Gaborro
Corporate Communications Head at RMC

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