HAS STARTED A GO FUND ME PAGE TO HELP HIM.

WE WISH HIM LUCK.

WHAT IS THE RIGHT TIME TO BUY A HOME WITH RISING HOME PRICES, LIVING COSTS AND MORE SAVING FOR THAT NEXT STEP CAN BE INTIMIDATING.

IT'S CAUSING MANY YOUNG ADULTS TO DELAY THEIR PURCHASE.

THE AVERAGE AGE OF FIRST-TIME HOME BUYERS HAS REACHED 36 YEARS OLD, ACCORDING TO THE NATIONAL ASSOCIATION OF REALTORS.

JOINING US NOW WITH MORE, OUR AMBER HEADLEY DIRECTOR OF RESEARCH AT THE WOULD STICK INSTITUTE ZACH, THAT THAT DIRECTOR OF THE FINANCIAL WELLNESS OF THE RESURRECTION PROJECT.

AND ANDY, A NEW CHICAGO HOMEOWNER.

TODAY'S YOUR LAST NAME, RIGHT?

I MIGHT.

I OKAY.

I'M NOT ITEM.

OKAY I WAS CLOSE.

I WAS CLOSE.

ALL RIGHT.

THANK YOU ALL FOR JOINING US.

I WANT TO START WITH YOU.

THIS HAS BEEN A HOT TOPIC WITH THE RESEARCH ARE YOUNG ADULTS WAITING?

WHY ARE YOUNG ADULTS WAITING TO BUY THEIR FIRST HOME?

SO IT'S 3 FULTZ.

THERE'S GOING TO IN THE NOW.

AFFORDABILITY, PRIORITIES AND TRAUMA, RACIAL ETHNIC TRAUMA WITH.

>> ECONOMIC SYSTEMS.

START WITH AFFORDABILITY.

INTEREST RATES ARE HIGH.

QUALITY HOUSING STOCK.

IT'S HIGH.

SO THERE'S HOUSING STOCK THAT'S AFFORDABLE, QUALITY HOUSING STOCK IS HIGH.

PRIORITIES.

INDIVIDUALS WANT TO LIVE IN COMMUNITIES THAT THEY'RE FROM AND A LOT OF THESE COMMUNITIES ARE BEING GENTRIFIED.

ARE GOING UP.

SOMEWHERE.

PEOPLE CHOOSE TO LIVE OR THEY WANT TO LIVE THEIR YOUNGER.

SO THEY WANT MORE ACCESS TO GREATER AND MANATEES IN THOSE NEIGHBORHOODS TEND TO BE CLOSER TO THE LOOP.

AND THOSE ALSO TEND TO BE HIGHER COSTS.

SO THERE'S ISSUES THERE WITH THE PRIORITIES AND AFFORDABILITY COMING TOGETHER.

AND THERE'S THE TRAUMA THAT'S ASSOCIATED WITH HOMEOWNERSHIP BECAUSE THE LATINA COMMUNITY IS ONE OF THE HARDEST HIT ANY ECONOMIC DOWNTURN.

ANY RECESSION, ANY CRISIS AND SO YOUNG PEOPLE WHO HAVE WATCHED GENERATIONS BEFORE THEM STRUGGLE TO MAINTAIN THEIR HOMES FOR THEIR HOMES ARE LESS LIKELY TO BE EXCITED ABOUT GETTING STARTED EARLY.

AND SO IT'S THOSE THINGS ARE PRIORITIES.

WHAT DO THEY DIDN'T WANT?

WHAT THEY WANT TO ENJOY?

WHAT'S AROUND THEM.

THEY HAVE PARTICULAR DESIRES FOR THEIR HOMES AND CAN FOR THAT ON TOP OF THE FACT THAT THERE'S ISSUES WITH RAISING OF THE RACES IN THE HOMES AND THE INTEREST RATES GOING AND YOU WANT TO GO TO YOU.

WHY DID YOU DECIDE TO BECOME A HOMEOWNER?

IMMIGRANT MYSELF?

I THINK ONE OF THE DREAMS MY FAMILY AND I HAVE ALWAYS HAD IS LIKE.

>> PURCHASING A HOME AND HAVING THAT FINANCIAL FREEDOM.

AND SO AROUND THE AGE 20 OR 25, I STARTED TO LOOK FOR HOMES, BUT THEN I SAW EXACTLY THAT THAT IT WAS REALLY PRICEY WAS REALLY EXPENSIVE FOR ME AND MAYBE POTENTIALLY NOT OBTAINABLE.

AND SO I DID A LOT OF ADJUSTMENTS TO MY LIVING EXPENSES TO BE ABLE TO BUY A HOME.

I GUESS THE ONE THING RIGHT, HAVING TO ADJUST.

>> YEAH.

AND SEE WHAT WORKS AND DOESN'T WORK.

IS IT WHEN IT COMES TO LET KNOWS WHAT'S DRIVING THEIR DESIRE TO OWN A HOME?

IT'S THAT IT SAID BUILDING OF GENERATIONAL WEALTH.

YOU WANT TO ANTICIPATE TO GET TO THAT YOU KNOW, MENTIONED, WE'VE GONE THROUGH DIFFERENT EXPERIENCES FIRSTHAND.

>> THE 2008 CRISIS, I THINK EVERYONE CAN RESIGNATION TO HAVE A PART OF BEING ABLE TO LIVE THROUGH THAT EXPERIENCE.

AND SO BEING CAREFUL, BE INTIMIDATED BECAUSE OF FAILURE.

AND SO WE DON'T WANT TO FAIL WHEN WE GO INTO THE DREAM OF HOME OWNERSHIP BECAUSE I THINK ONE THING IS YOU'RE BUILDING HABITS TO GET TO PREPARE E. BUT ONCE YOU OWN A HOME, YOU ACTUALLY HAVE TO BUILD MORE MOMENTUM TO UNDERSTAND THE FUNCTIONS, THE STRUCTURE OF THE HOME, THE QUALITY OF BUILDING STRUCTURE AND HOW TO MAINTAIN AND ARE SENDING ALL THOSE LAYERS AND ALL THOSE LAYERS AND SO LIVING.

SO THE CONDITIONS OF HOMES REALLY THERE.

>> YOU KNOW, AS MUCH AS THEY ARE AFFORDABLE, SUSTAINABILITY IS REALLY KIND OF THE WHAT WE'RE FIGHTING AGAINST, WHO HAVE FAMILIES KEEP THEIR HOMES AS WELL COURSE.

AND SO I THINK WHAT WE'VE SEEN A LOT MORE RECENTLY AS PROPERTY TAXES GOING UP.

AND SO THAT'S INCREASED MUCH MORE WHERE WE'RE IN A REASSESSMENT YEAR THIS YEAR.

AND SO THOSE ARE THINGS THAT YOU HAVE TO EDUCATE YOURSELF ONE HOW TO PREPARE FOR YOURSELF OR MORTGAGE.

BUT THEN NOW YOU HAVE TO PREPARE TO UNDERSTAND THE OPEN AND EDUCATE YOURSELF ON OTHER FACTORS WHEN IT COMES TO HOME OWNERSHIP.

I THINK I JUST MENTIONED TO HAS ALSO PURCHASED A PROPERTY, SAW HIM GOING THROUGH SAME JOURNEY.

NOW, AMBER, GOING TO YOU SPOKE ABOUT IT A LITTLE BIT.

WHAT EFFECT TO THESE CONCERNS HAVE CONCERNS HAVE ON THOSE WHO ARE JUST STARTING TO BUILD GENERATIONAL WEALTH THROUGH HOMEOWNERSHIP.

>> SO AGAIN, IT'S THE CHOICE IF YOU WANT TO LIVE IN A PARTICULAR COMMUNITY AREA, YOU'RE GOING TO PAY HIGHER COSTS FOR WHICH MIGHT CONSTRICT TO.

IF YOU'RE TALKING ABOUT MAINTAINING THAT HOME, YOU MIGHT NOT BE ABLE TO DO THE REGULAR MAINTENANCE GOING ADD VALUE TO THE HOME.

>> AND THEN ALSO OVER TIME BECOME MORE COSTLY TO YOU BECAUSE YOU'RE THAT PEOPLE ARE SETTLING.

>> NOT ABOUT, YOU KNOW, I GUESS WHEN I WAS LOOKING, MAYBE YOU CAN, YOU KNOW, SHARE THOUGHT ABOUT, DO I WANT TO SETTLE?

WHAT DO I SETTLED FOR?

AND SO I THINK LIKE INITIAL QUESTION YOU ASK IS WHY ARE PEOPLE WAITING LONGER?

THEY DON'T WANT TO SETTLE.

SO THEY'RE SAYING I CAN RENT AND A NEIGHBORHOOD THAT GIVES ME EVERYTHING THAT I WANT.

THAT MAY BE CLOSER TO MY FAMILY.

THAT GIVES ME ACCESS TO THE LOOP.

GIVES ME ACCESS TO ALL OF THESE DIFFERENT TYPES OF RESTAURANTS AND MY CULTURE.

I CAN BE CLOSE AND I CAN RENT SOME SOME PEOPLE I WOULD SAY.

THAT'S QUESTION YOU'RE ASKING.

THEY'RE NOT SETTLING THERE CONTINUING TO RENT UNTIL THEY CAN GET WHAT THEY WANT.

AND SOME PEOPLE ARE WILLING TO SAY MAYBE IT'S NOT SETTLING.

MAYBE THIS MEANS A LITTLE BIT MORE TO ME THAN THESE OTHER FACTORS.

WE KNOW RENT SEEMS LIKE IT'S INCREASING.

IT IS AS AND AND FOR YOU SAVING FOR A DOWN PAYMENT, WE KNOW CAN BE HEART.

AND WHAT DOES THAT LOOK LIKE FOR YOU?

SO FOR ME, I WAS GIVEN THE ADVICE TO LIVE AS IF I WAS STILL A COLLEGE STUDENT.

>> WHEN I HAVE MY FULL TIME JOB AND SO SOON AS I GRADUATED, I GET THE BUDGET PLAN.

A 50% OF MY SALARY GOES A SAVINGS AND THEN THE REST 30% GOES TO MY LIVING EXPENSES, FRIEND.

AND THE REMAINING WAS JUST FOR MY DESIRES.

AND ONCE.

AND SO I THAT OVER TIME, 8 THAT A LOT OF THINGS TO BE BUDGET FRIENDLY AND THEN ULTIMATELY ACCUMULATED ENOUGH SO THAT I WAS ABLE TO FEEL COMFORTABLE AND CONFIDENT TO PUT DOWN PAYMENT.

I WANTED TO BUY FIRST PROPERTY.

IT WAS IN APRIL OF LAST SO HOW DOES THAT FEEL?

>> YOU FEELS STILL HAVE THAT MOMENT OF THE COLD?

I AM I DOING THIS RIGHT NOW.

NOT AT THIS POINT.

I THINK MY GOAL WAS ALWAYS TO THINK THAT.

I DON'T WANT THIS TO FEEL LIKE IT WAS SUPER DIFFICULT.

SUPER CHALLENGING BECAUSE I DON'T WANT THIS TO BE THE LAST TIME I BUY A HOME.

I WANTED TO FEEL COMFORTABLE IN CHALLENGING ENOUGH TO TEACH OTHERS AND MAKE OTHERS FEEL EMPOWERED ENOUGH THAT THEY CAN ALSO DO IT THEMSELVES.

REALLY AWESOME.

GOING TO YOU TELL ME A LITTLE BIT ABOUT THE RESURRECTION PROJECT, ONE OF THE TYPE OF PROGRAMS.

HOW DO YOU HELP PEOPLE?

AS TO THE GOAL OF THE PROCESS OF MAYBE WANTING TO BUY PROPERTY?

YEAH, DEFINITELY.

SO WE'VE BEEN AROUND FOR 32 YEARS AND HOUSING COUNSELING SERVICES.

>> HE'S REALLY BEEN A PART OF THE ESSENTIAL ASPECT OF THE WORK THAT WE DO.

SO WE HOPE EDUCATE, PREPARE BUYERS, BUILD THAT CONFIDENCE AS WHAT SHE SPEAKS TO ITS.

IT REALLY IS BUT THEN IT'S REALLY UNDERSTANDING THE PERSISTENCE AND CONSISTENCY OF STAYING MOTIVATED.

IT'S REALLY HARD RIGHT NOW BECAUSE OF TODAY'S MARKET.

WE HAVE SO MUCH COMPETITION HAPPENING NOT ONLY WITH THE RATES, THE HOUSING STOCK, THERE'S A SHORTAGE THAT CONTINUES TO BE.

AND SO IT REALLY IS ABOUT BE ABLE TO WALK SOMEONE THROUGH THE EMOTIONS BECAUSE IT'S REALLY EMOTIONAL TO GO THROUGH THE PROCESS OF HOME BUYING.

THERE'S A LOT AT STAKE.

IT ALMOST FEELS LIKE WE HAVE ONE SHOT.

HAS A TO DO IS STAY HOME OWNER.

JUST ANYONE WHO BEEN GRANTS OUT THERE, RIGHT?

YOU HAVE IF YOU RECEIVED A GRANT.

YEAH, I RECEIVED 2 ACTUALLY.

SO.

>> AT FIRST IT WAS WORKING WITH SPECIFIC MORTGAGE LENDER AND THEN I RECEIVED I THANKFULLY HAD LIKE A PARTNER IN A COUPLE MENTORS ADVISE ME ON OPPORTUNITIES.

AND SO TOOK A STRATEGY WHERE I BOUGHT A PROPERTY AND THEN LIFT IN ONE OF THE UNITS ARE RENTED THE OTHER ONE.

SO THAT COULD HELP HELP ME PAY FOR THE MORTGAGE.

AND THEN I FOUND THAT BANK OF AMERICA.

ACTUALLY HAVE 2 GRANTS.

ONE THAT WOULD HELP FOR THE DOWN PAYMENT AND THE OTHER ONE THAT WOULD HELP FOR CLOSING COST NUMBER.

WE DON'T HAVE TIME FOR ONE LAST QUESTION.

BUT WOULD YOU SAY THAT THESE PROGRAMS, THESE GRANT PROGRAMS TO BENEFIT FIRST-TIME BUYERS, THEY DO VERY, VERY HELPFUL.

SOMETIMES THEY'RE THE ONLY WAY THAT SOMEONE CAN OWN A HOME.

>> THANK YOU ALL FOR THIS CONVERSATION.

I KNOW WE COULD KEEP GOING FOR CRAIG REGULATIONS.

THANK YOU.

UP NEXT-HOW CHICAGO AND IS HELPING MIGRANTS STAY WARM DURING THE FRIGID WEATHER.

>> STORIES ABOUT CHICAGO.

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