More young adults holding off on home ownership - KYTX CBS 19 Tyler Longview News Weather Sports

More young adults holding off on home ownership

Posted: Updated:

Tyler (KYTX) -- More young adults are putting off becoming homeowners--making apartment and duplex occupancy rates soar.

Jackie Champion and her husband Hugh rent a South Tyler duplex. Like many couples, they've talked about whether or not to become homeowners.

"We've weighed the pros and cons because we know a lot of times a house payment can cost us less," Champion said.

But they've decided to hold off for a few years with so many things uncertain.

"It's just a big financial commitment. It takes a lot of planning, and then you're kind of tied to one place. Our careers may change, our interests may change, and we may want to live closer to one of our families," Champion said.

Jackie also enjoys the fact that as a renter, she doesn't have to deal with unexpected repairs.

"The refrigerator went out a few months ago and the landlord came over and replaced it. We don't have to worry about any of those things," Champion said.

Her mentality mirrors others in the 25 to 29 age bracket. 

"I think people are taking longer to graduate college. Careers obviously play a factor," Kelvin Woodfin, owner of the Tyler Lending Group, said.

Woodfin says the average age for people shopping for a home in his experience is 38 to 39 years old. He says if you're thinking about it to get the ball rolling. "Start that pre-qualification, pre-approval process. Go through the financial rundown to see what options you have," Woodfin said.

He says sometimes people think home buying is harder than it is.

"You can often purchase a home with 0 down or 3.5% down," Woodfin said.

The Champions hope to shave off a bigger chunk than that. "We're hoping to save around 15% for a down payment," Jackie said.

That will make future mortgage payments manageable, and first-time homeownership that much sweeter.

  • Local NewsMore>>

  • U.S. Ebola patients to be discharged; 1 to speak out

    U.S. Ebola patients to be discharged; 1 to speak out

    Thursday, August 21 2014 8:48 AM EDT2014-08-21 12:48:09 GMT

    Two American aid workers treated for Ebola are scheduled to be released from an Atlanta hospital today. Dr. Kent Brantly and Nancy Writebol were evacuated from Liberia earlier this month after becoming infected with the Ebola Virus.

    More >>

    Two American aid workers treated for Ebola are scheduled to be released from an Atlanta hospital today. Dr. Kent Brantly and Nancy Writebol were evacuated from Liberia earlier this month after becoming infected with the Ebola Virus.

    More >>
  • Thursday Morning Weather: Mostly sunny, high near 97

    Thursday Morning Weather: Mostly sunny, high near 97

    East Texas (KYTX)- Good morning and happy Friday Eve! Low morning clouds will give way to a partly/mostly sunny day again. More >>
    East Texas (KYTX)- Good morning and happy Friday Eve! Low morning clouds will give way to a partly/mostly sunny day again. More >>
  • Officer Involved Shooting Suspect's Mom Speaks Out

    Officer Involved Shooting Suspect's Mom Speaks Out

    Wednesday, August 20 2014 11:13 PM EDT2014-08-21 03:13:22 GMT
    LONGVIEW (KYTX) - Hope Fountain says the shadow of recent events has covered up who her son really was."You'll never replace those hugs and those smiles. He would always be there for you no matter what." - Hope Fountain, Wagner's MotherGregg County Jail Records show that Wagner has a violent past but Fountain says he has regretted his crimes since the day they were committed. In 2013, Wagner plead guilty to terroristic threats of a public servant. Fountain says Wagner was going through a roug...More >>
    LONGVIEW (KYTX) - Hope Fountain says the shadow of recent events has covered up who her son really was."You'll never replace those hugs and those smiles. He would always be there for you no matter what." - Hope Fountain, Wagner's MotherGregg County Jail Records show that Wagner has a violent past but Fountain says he has regretted his crimes since the day they were committed. In 2013, Wagner plead guilty to terroristic threats of a public servant. Fountain says Wagner was going through a roug...More >>
Powered by WorldNow

CBS19, MYTX & KCEB
2211 ESE Loop 323
Tyler, TX 75701
Phone (903) 581-2211
Fax (903) 581-5769

Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and KYTX. All Rights Reserved. Users of this site agree to the Terms of Service, Privacy Notice/Your California Privacy Rights, and Ad Choices.