Home buying on Hold for Most Illinoisans

The Morning Show

Joe Buhrmann is a manager of Financial Planning Support with COUNTRY Financial. He is responsible for leading our Home Office financial planning teams as well as supporting our COUNTRY financial representatives with their planning efforts. * Buhrmann joined COUNTRY in 1990 as an Information Technology senior analyst. He has served as a financial planning senior analyst and a coordinator of financial planning services and securities support for COUNTRY financial representatives. He most recently served as a manager of our Financial Security Field Support team. * Buhrmann received a bachelor’s degree in applied computer science and a master’s degree in business administration from Illinois State University, Normal. * Buhrmann resides with his wife, Leta, and two children, Lauren and Kristen.

Spring is here and so too is the spring homebuying season. Our latest COUNTRY Financial survey shows that nationally, millennials want to and are planning to purchase a home despite their debts and not having the down payment. However, in Illinois, this same age group and Illinoisans in general say they are more focused on paying off debt than purchasing homes. Joe will discuss other findings in this data, and why Illinoisans choosing to take the conservative approach doesn’t mean that home buying is out of the equation.

1: Younger Illinoisans indicate that student loan debt is the biggest financial culprit for delaying their decision to purchase a home

2: Millennials may be feeling that a home purchase is just too much to add on to the burden of the debt they’re dealing with

3: Saving for a down payment is another leading concern for potential homebuyers in Illinois

4: When ready to purchase, potential homeowners should remember the down payment is only the beginning of paying for the cost of a home

Tip #1 – Use this time to improve your credit score.

Tip #2 – Evaluate your goals. Is renting or owning the better solution for you?

Tip #3 – Be prepared with more than a down payment at time of purchase.

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