When it comes to buying a home, there are a lot of factors that come into play. One such factor is the age at which you make your first purchase. There’s been some interesting research done on how different professions correlate with different ages when it comes to making your first home purchase.
Dentist
The average age of a dentist when they make their first home purchase is 36. This is likely due to the fact that dentists generally have a good income and are able to afford a down payment on a home. When your job is to be a dentist, there are a lot of privileges to it. There is great earning potential, job security, and the ability to have a good work-life balance. They also usually have stable jobs, which allows them to feel secure about purchasing a home. When it comes to buying a home, dentists are some of the most confident buyers out there.
Lawyers
Lawyers are typically some of the earliest starters when it comes to making their first home purchase. The average age for a lawyer to make their first home purchase is around 27 years old. This may be due to the fact that lawyers typically have a stable job with good income potential from an early age. Many lawyers also purchase their first home as an investment, seeing it as a way to secure their financial future. Due to the fact that lawyers typically have a high income and are very responsible with their money, they make great homeowners.
Engineers
Engineers are another profession that tends to make its first home purchase at a relatively young age. The average age for an engineer to make their first home purchase is around 31 years old. They also tend to have accrued some wealth by the time they reach their early thirties, which allows them to buy a home without taking on too much debt. Additionally, many engineers begin their own companies in their early thirties, which gives them even more incentive to buy a home and put down roots. Also, like lawyers, many engineers view their first home purchase as an investment.
Construction worker
Construction workers are typically the last to purchase their first home. The average age for a construction worker to make their first home purchase is around 34 years old. This may be due to the fact that they often don’t have the same level of income stability as other professions. Additionally, many construction workers are self-employed, which makes it more difficult for them to get a mortgage. Despite these challenges, many construction workers do eventually purchase their first home.
IT Professionals
IT professionals are typically the last group to buy their first home. The average age for an IT professional to make their first purchase is around 36 years old. This may be due to the fact that IT professionals often have less stable job security than other professions. They also typically have large amounts of student loan debt, which makes it difficult to save up enough money to buy a home. Additionally, many IT professionals prefer to rent for a longer period of time in order to have more flexibility with their work schedules. Also, the high cost of housing in many metropolitan areas means that IT professionals frequently have to wait longer to save up enough money for a down payment.
Artists
If you’re an artist, you may want to wait a little longer before buying your first home. The average age for an artist to make their first purchase is around 39 years old. This may be due to the fact that artists often have less stable job security than other professions. However, there are some artists who manage to buck this trend and purchase their first home at a younger age. This may be due to the fact that they have been able to secure a stable job with good income potential, or because they have received an inheritance from a family member. Artists are also sometimes able to purchase a home with the help of a spouse or partner who has a more stable job. Regardless of when they make their purchase, artists always find creative ways to make their homes feel like their own personal oasis.
There is no one-size-fits-all answer when it comes to the age at which you should buy your first home. However, the research mentioned above provides a general overview of how different professions correlate with different ages when it comes to making your first purchase. Keep in mind that there are many other factors that come into play when buying a home, such as your income, your debts, and the cost of housing in your area.