Residency

Key considerations when contemplating buying a home after residency

Residency Program Insider, February 17, 2021

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The decision to buy a home is highly personal and one that residents and fellows in their final year of training may be considering. The AMA recently examined factors that should be considered when contemplating home ownership as they enter full-time practice.

According to Tal Frank, president of home loan provider PhysicianLoans, the following are things young physicians need to consider when thinking about purchasing a home:

  • Market conditions. A hot real estate market means a smaller inventory of homes and a higher initial buy-in price point.
  • Interest rates. The economic downturn in part due to the pandemic has led to low interest rates. However, don't let the interest rate be the sole motivator for purchasing a home.
  • Long-term plans. If a physician plans on staying in the area for a long time, it may be the right time to purchase a home. Don't purchase a home simply as part of a wealth-building strategy.


Source: AMA
 



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