Features
A Home of Their Own
An overarching look at domestic post-pandemic housing trends. By Sarah Olsen
P
eople tend to view buying a home as a way to jumpstart the ascent into the rest of their adult lives. For some of the people, the path toward purchasing their first home begins following the completion of their undergraduate degree. Unfortunately, it is not as simple as trading your diploma for a deed following graduation. Before you start to look at homes, contact realtors, and book showings, there is work to be done. The Federal Trade Commission reports that one of the most significant things for any prospective first-time buyer to do is to check, manage, and upkeep their credit score. Low credit means a higher interest rate on any homeowner loans they may take out. And with the current market as unstable as it is, even a few percentage points can make all the difference. But because it can be hard to build your credit score following an expensive college education, many have opted to work for about a decade following college before purchasing a home. This has caused the average age of first-time homeowners to creep up to 34 years old, which the National Association of Realtors reports is the oldest buying age since 1981. With the future uncertain because of the pandemic, there has been a homebuying frenzy and a home-selling freeze. This means that right now, high housing prices combined with low mortgage rates means that selling your house is incredibly easy, as illustrated by the Housing Affordability Index. However, assuming someone is looking for another property to purchase once selling their home, it can be difficult to find anything that is reasonably priced. Houses are quick to be snatched up by those that can afford the exorbitant prices, and even then, they are often overpaying due to the bloody bidding wars that result.
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The future home of Sophie and Jessica Richau. The house was built in 1914, and will become theirs upon completion of underwriting. Sophie Richau, Photo Provided
[My ideal] night would be Sophie coming home to a dinner I’ve made and maybe going out and walking because we’re in downtown.” - Jessica Richau, Muncie Homeowner
This means that first-timers trying to tackle housing purchases are likely to be swamped by the intricacies of postpandemic properties. Two people who have experienced this market and all of its confusion first-hand are Muncie homeowners Sophie Richau, and her wife, Jessica. Sophie, 35, was born in Richmond, Ind. and raised in Greens Fork, Ind., while Jessica, 27, hails from South Carolina. After tying the knot on June 4, 2021, both women decided to tackle the next step in life — buying a home of their own. “We got a letter from our landlord saying she was raising our rent 50 bucks, and we were just like, ‘Well, screw this,’” recalls Sophie, as she reflects on the couple’s motivation for moving. Unfortunately, the transition to their new place was not as smooth as they hoped. With the market the way it is, it was expected, yet still discouraging, that they
