LEXINGTON, Ky. – A recent study published by the New York Times reveals that Lexington is one of the most challenging cities in the country for young adults to achieve homeownership.
According to a recent study conducted by Point2, Lexington has been ranked as the third most challenging city in the United States for Gen Z individuals to purchase a home. What is the response from the locals?
“I’m not surprised,” commented Cordell Jones. UK Professor David Blackwell expressed no surprise upon seeing the results.
According to Blackwell, a professor at UK’s Gatton College of Business and Economics, there are several factors that contribute to this issue in real estate finance.
According to Blackwell, the median income for Gen Z in Kentucky is slightly above $30,000.
According to a recent study, approximately 13 percent of individuals in Lexington are unemployed within that specific age group. Additionally, Blackwell highlights that the remaining individuals in this demographic are experiencing below-average salaries, elevated home prices, and high mortgage rates. Jones reported, “I locked in at 6.75%.” “The monthly mortgage payment amounts to approximately $2,000.”
In a remarkable turn of events, Cordell Jones, a 27-year-old individual, has successfully closed on a home after an extensive search of 75 different properties. This significant milestone was achieved in the year 2022.
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“I relocated from Atlanta to escape its housing situation, but unfortunately, the situation up here is even worse,” Jones reported. So, what is his secret? Jones jokingly remarked, “I work tirelessly.”
In addition to juggling four different jobs, Jones is also a landlord, renting out space in his home to multiple roommates. Not content with just that, he takes it upon himself to make improvements to the house.
Jones proudly claimed, “I personally painted all the artwork you see in the house.” “I personally took on the task of replacing all the windows.”
A sense of accomplishment fills him as he reflects on his diligent efforts, yet the financial burden exceeds his wildest expectations. “Every week, Jones finds themselves spending around $1,000 at Home Depot,” they stated.
According to Professor Blackwell, if you’re set on making Lexington your permanent residence like Jones, it’s advisable to begin your planning process as soon as possible.
Blackwell advised individuals to take charge of their finances, exercise patience, and diligently save money in order to prepare for future purchases.
According to Blackwell, it is crucial to pay off any debts with high costs, such as student loans or credit card payments. According to him, applying for a mortgage loan will greatly enhance your financial standing.
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