by Cindy O’Gorman
Cindy O’Gorman of Ebby Halliday shares how homeownership in an up-and-coming area like White Bluff Resort at Lake Whitney could help Millennials improve their long-term financial situation.
At a time when pensions are largely a thing of the past and the responsibility of portfolio planning falls primarily to individuals, many young families feel behind when it comes to preparing for retirement. A 2019 report by TD Ameritrade found that 37 percent of adults age 23 and older — more than one-third of those surveyed — said prohibitive housing costs are the main reason for being behind on their investment portfolio. But with rental costs rising, especially in large metropolitan areas like Dallas-Fort Worth, there is no relief on the horizon for renters.
The issue is these young families are slowly chipping away at future financial gain opportunities by renting long-term in lieu of homeownership. By far one of the most effective ways to stabilize housing costs over time is by purchasing a home and growing your investment portfolio, not only with both individually- and employer-funded retirement accounts, but also with equity in valuable real estate. The average home increases by 2.5 to 5.5 percent year-over-year, which could be as much as 12.5 to 27.5 perfect over a five-year period, which contributes substantially to a diverse investment portfolio.
A smart way to circumvent prohibitive housing costs is to move out of the city to an up-and-coming area that has a high opportunity for property values to steadily increase over time. Moving to geographic areas outlying major metropolitan areas is also a great way to create a higher quality of life by escaping from the hustle and bustle of the city. Remote ways of working make it possible to find better home prices on the outskirts of town yielding higher future real estate returns.
A better life doesn’t need to come with a higher home price tag if you know where to buy. A favorite hidden gem of ours at The O’Gorman Group is White Bluff Resort, a beautiful community on Lake Whitney that’s only 90 minutes away from Dallas-Fort Worth. With two top-tier golf courses, fishing, boating, hunting, hiking, horseback riding, biking, guest lodging, and restaurants, White Bluff Resort offers a relaxed, easygoing lifestyle, perfectly suited for vacation homes or everyday living. Exchange fast-paced city verve for laid-back living in a beautiful, natural setting.
Affordable homeownership is possible, and it’s the first step in creating wealth for your family. Invest in your own wellbeing by living an active, healthy lifestyle on Lake Whitney. The future is bright for investment in communities that recognize the social and economic benefits of the active outdoor lifestyle.
New luxury is about redefining how you invest in your future. Instead of focusing on material acquisitions aimed at impressing those around you, opt to buy into the quality of life that will appreciate your overall health, wealth and happiness.