Shift in Mortgage Thinking for “30-something” Year Olds

By Bonnie Alicea

There seems to be a growing trend amongst “thirty - something” aged Bolingbrook residents.  Some say thirty is the new twenty, and couples are choosing to have children in the 30’s while establishing careers in the 20’s. 

After polling residents, I found that many have shifted the “old school” thoughts of buying a large house and fancy vehicles, to buying smaller homes and practical vehicles.   This allows them to put more money aside for higher education for themselves/children and for retirement, sacrificing luxury for priorities. 

This could be sparked by the current economic conditions, tax and gas increases, job stability, or plummeting real estate.  Some of these residents are taking advantage of the housing bust and buying smaller homes with cash.  I heard the expression “cash is King” on many occasions during this poll.  This gives these thirty something residents at least 30 more years to plan and save for college costs which are rising, and retirement costs which are estimated to diminish by lack of funds in Social Security in 2036.

It would appear that this shift in priority can benefit the future of Bolingbrook by establishing more stability of neighbors, lower future foreclosure rates, more local expendable income and a more educated future population.  I look forward to seeing this shift and encourage the “twenty something” year olds to watch and learn!