When 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 homebuyers has reached 36, according to the National Association of Realtors.

Amber Hendley, the director of research at the Woodstock Institute, said the reason for this is threefold: affordability, priorities and trauma. With affordability, Hendley pointed to high interest rates and rising prices for quality housing stock. Many homebuyers also prioritize neighborhoods that include their values and cultures — neighborhoods often being gentrified.

“Then there’s the trauma that’s associated with homeownership, because the Latina community is one of the hardest hit with any economic downturn, any recession, any crisis,” Hendley said. “And so young people who have watched generations before them struggle to maintain their homes, to afford their homes, are less likely to be excited about getting started early.”

Angie Aramayo is a Chicago resident who was able to overcome the challenges and buy a home. She qualified for down payment assistance and other grants, but saving for the purchase was still a long journey.

Aramayo was given the advice to keep living like she was still in college while putting away 50% of her salary into savings.

“So I did that over time,” Aramayo said. “Ate ramen, did a lot of the things to be budget-friendly, and then ultimately accumulated enough so that I was able to feel comfortable and confident to put down payment.”

While it can be tough, Hendley said that those putting off the purchase of their first home want to make sure that when it’s time, they find something that works for them.

“They don’t want to settle,” Hendley said, “so they’re saying ‘I can rent in 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.’”

Lizette Carretero, the director of financial wellness at the Resurrection Project, said that while it can be intimidating, homebuyer education programs can also help prepare people for the journey both during and after the purchase.

Carretero said the programs help buyers find grants or mortgage assistance, prepare for property taxes and more.

“It really is about being able to walk someone through the emotions because it’s really emotional to go through the process of homebuying,” Carretero said. “There’s a lot at stake. It almost feels like we have one shot as a Latino homeowner.”

Now Aramayo owns a property where she can live in one unit while renting out the other — furthering her path to building wealth for her future.

“I think my goal was always to think that I don’t want this to feel like it was super difficult or super challenging, because I don’t want this to be the last time I buy a home,” Aramayo said. “I want it to feel comfortable and challenging enough to teach others and make others feel empowered enough that they can also do it themselves.”

Stories about Chicago homeownership are supported by funding from The Chicago Community Trust.