You’ve paid rent for too long and have had it up to here with apartment living. After budgeting for student loans and bills, you saved up for months and are ready to buy a home or condo of your own for the first time. You’re not alone.
Young adults (ages 22-38) are increasingly purchasing homes in the Washington D.C. area, though cautiously. Most are being particularly mindful of the income-to-housing cost ratio, with the median ratio for that age bracket dropping to 15.8%. There’s nothing wrong with that – it’s smart to be frugal, especially with so many other things to spend money on. But if you’re venturing into the home-buying market for the first time, there are some good reasons to consider getting help from an attorney.