Proof your first home is closer than you think

Here's a quick recap:

• The U.S. Census Bureau defines "millennials" from ages 18 to 36.

• The National Association of Realtors' most recent Profile of Home Buyers & Sellers lists 32 as the median age for all first-time homebuyers.

• More than ever, "old millennials" (from ages 25 to 36) are finding homeownership within their reach.

Is renting the right choice?

For the renters who currently dream of owning, now may be a prime time to make your move. Rents keep rising year after year but help from no- and low-down-payment mortgages and down payment assistance programs are making homeownership much more attainable.

The 2018 Bank of America Homebuyer Insights Report showed that, within the next five years, 74 percent of renters plan to buy a house. Thirty-eight percent of renters plan to buy in the next two years.

Why the rush? Fifty-two percent of renters put rising rent as their number one motivator to becoming a homeowner. Other reasons to own instead of rent include the need to stop throwing money away at 49 percent, to start building equity at 46 percent, and to find a place to live that feels like home at 43 percent.

Median rents have steadily climbed in the past 30 years, and close to half of all renters, or 48 percent, are spending far more than the recommended 28 percent of their income on housing.** First-time buyers looking to escape the rising rent cycle are using homeownership to find relief.

Buy now & build wealth later

Not only do you get to live in your investment (and decorate it however you darn well please) but buying a home now gives you the chance to start socking away cash for the future. Without putting forth any extra effort, you could grow your wealth, or home equity, in a few short years to pay for education, debt, home renovations, weddings, vacations, or even a small business startup.