LI
LLI
L
II
Jewish young
adults in metro
Detroit are
opting
for home
ownership in
1
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whether it
takesa parent's
co-signature or
wiping out a
savings
account.
LYNNE MEREDITH COHN
AND DEBBIE FEIT
Special to The Jewish News
A
sk people with a mortgage
why they decided to
become a homeowner and
most will respond with a
four-letter word: rent. Basically, they
didn't want to pay it anymore. After
years of writing out large checks and
having nothing to show for it, young
adults are realizing it's time to make
Lynne Meredith Cohn is editor of the
Scene; Debbie Feit is a freelance writer
based in Oakland County.
11/20
1998
108 Dptrnit lewish News
O
an investment in their future as they
make the transition from renter to
homeowner.
The leap into home-owning has
been influenced by several factors.
Interest rates, now running at 7 per-
cent, are at the lowest level in decades.
Parents have been willing to tap into
their own stocks and bonds to help
young people make a down payment.
Banks have been amenable to lending
to young people without the capital
for a traditional down payment if they
have relatively high incomes.
No concrete data is available on
how many Jewish young adults opt to
own, rather than rent, or at what age.
Federal law prohibits real estate agents
role of women [becoming] more inde-
from asking about a buyer's age or
pendent
at a younger age." He adds
religious or ethnic affiliation. Ronald
that more divorcees are home-shop-
Miller, a Realtor with Century 21
ping now than ever before, ranging in
Today in Bloomfield Hills who man-
age from the 30s to the
ages 40 agents, said the
Above left and bottom
40s.
age at which Detroiters
right: One of the aspects
Sometimes, it takes gen-
buy their first home — 25 that convinced Josh and
erous
parents willing to
or 26 — has stayed about Alyssa Tobias to buy a
put
up
the down payment
the same over the last
home was the hot tub
to
get
into
a house at a
decade.
and beautiful tree in
young age. Others sign on
Miller sees an increas-
their backyard.
the dotted line to assume a
ing number of single
mortgage after adding up
women buying homes
Top right: When Mark
today, far more than their
Ches.s-ler bought his Oak their rental outlay and
gasping at the figures. For
male counterparts.
Park house, the first
"It's an obvious differ-
thing he did was change example, a Birmingham
apartment can go for $600
a completely purple
ence," said Miller. He
to $900 a month.
bathroom.
attributes the trend to "the