The American Dream of owning a home is getting harder and harder to achieve.
Let Benjamins Money help.
Over the last 50 yrs, the stock market and real estate market
have been some of the biggest drivers of long-term wealth.
Jean Jacques Borno, CFP, CIMA
Benjamins Money, Founder and CEO
In cities like Miami, Atlanta and metro DC, real estate prices have skyrocketed. Some of these cities have seen real estate prices increase by as much as 100%. Hot college destination cities like Atlanta have seen an increase of 43% during from 01/2020 to 05/2024.
For San Francisco, housing prices are relatively same for Jan ’20 and May ’24. But, average price is over $1.4M.1
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Given these high Bay Area prices and remote working options, many young professionals have fled to lower-cost cities.
Atlanta homes have increased from around $300,000 in January 2020 to about $430,000 in May 2024, according to Redfin market data.2
In Miami, home prices have shot up from about $305,000 in January 2020 to more than $600,000 in May 2024!3
For the Washington, DC, suburb of Arlington, VA, prices have increased from about $600,000 to over $710,000 in May 2024.4
A combination of more people working from home, rock-bottom interest rates, and the COVID-19 pandemic and recovery are some reasons for the vaulted real estate values. As interest rates have increased, borrowers need more money to put down on a home (10% down on $600,000 = $60,000 down payment for a new home vs. $300,000 value and $30,000 down payment for a new home).
Benjamins Money provides Financial Planning and Expert Advice, which can help you purchase your desired home.
Use the Benjamins Money app to calculate how much you need for your down payment and closing costs for your home purchase. Also, once you know how much you need to save, you can save monthly toward the closing cost. The Benjamins Money app can help you get in the “real estate game earlier.”
Find local real estate expert
Find a qualified local real estate expert to learn about local, low down payment programs like FHA for first-time buyers and choose your loan provider for the home mortgage. If you have five or more family members and/or friends looking for their first home, email us at marketing@benjaminsmoney.com, and we will help you search for real estate experts in your area.
The Benjamins Money Five-Step Wealth Management/ Accumulation Process TM
At Benjamins Money we help you organize your income and funds for to maximize benefit.
Establish
your most important financial goals on Benjamins Money
Quantify
how much your goals cost and when you want to achieve your goals
Optimize
your financial resources to accelerate your path towards goal
Implement
your action plan to save monthly to automate your savings plan
Review
your goal progress and make adjustments when needed
Achieve Financial Independence!
Benjamins Money is a digital wealth management platform designed to help young professionals save more money and optimize their financial resources so they can save more money.
