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BUSINESS Friday 1 February 2019
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Buying a home by age 35 is worth it now - and later

By BETH BUCZYNSKI Still, millennials are a op-
Associated Press timistic lot, and research
Nicole Christianson, a shows there are big rewards
26-year-old sales rep, was in store for those who find a
tired of writing big checks way to buy their first home
for tiny apartments. And sooner rather than later.
she wanted to do more HOW BUYING YOUNG CAN
with her cash than stash it PAY OFF LATER
in a savings account. Of today's older adults,
One night, she and her hus- those who bought their
band Thure, 28, took a look first home from ages 25 to
at their newly combined 34 accumulated the most
finances and uncovered a housing wealth by their
pleasant surprise: Together, 60s — a median of around
they had saved enough $150,000, according to a
for a 5 percent down pay- report by the Urban Insti-
ment on the affordable tute , a nonprofit research
fixer-upper right across the organization.
street from their Milwaukee In contrast, the median
apartment. They closed housing wealth for those in
in December 2017, and their early 60s who bought
Nicole Christianson says later (ages 35 to 44), was
they're happy to finally be about half as much, at
"making something that's In this Jan. 4, 2019, file photo people walk by a real estate office in Pittsburgh's Lawrenceville $76,000. Homeowners who
ours." neighborhood. bought after they were 45
MILLENNIALS' HOMEOWN- Associated Press had about $44,000 in hous-
ERSHIP GOALS ing wealth by their 60s.
Many in Christianson's age 2018 Home Buyer Report. If 1981 to 1997) are buying and qualifying for a mort- "Housing wealth" is another
group are chasing that they can make it happen, houses at lower rates than gage can feel like pipe term for equity, which is the
feeling. Eighty-two percent most will be first-time home- when previous generations dreams for young adults difference between the
of young adults say own- buyers , but that 'if' looms were the same age, and it's grappling with student home's market value and
ing a home is a priority, large. not hard to see why. Saving debt, underemployment an owner's mortgage bal-
according to NerdWallet's Millennials (those born from up for a down payment and high rent costs. ance. q

Huawei rival Nokia profits from demand for 5G networks

JARI TANNER more expensive 5G net- certain countries through
Associated Press works was expected to turn its systems. Some industry
HELSINKI (AP) — Telecoms "robust" in the latter part of experts believe Huawei's
gear provider Nokia re- the year and to substan- legal troubles could benefit
ported Thursday a rise in tially pick up in 2020-21 with Nokia and its Nordic rival,
fourth-quarter earnings operators worldwide up- Ericsson. "We're following
thanks to strong demand dating their networks and the situation closely. We're
for new-generation mobile technology, he said. here to help our clients
networks, the so-called 5G "I'm a big believer in 5G when they need it," Suri
systems that have been driving productivity growth told YLE. "There's not much
the focus of a high-stakes in economies, driving GDP more to say about this."q
dispute between the U.S. growth," Suri said in an in-
government and Nokia ri- terview with Finnish public
val Huawei. broadcaster YLE.
Nokia's net profit for the Nokia, which is based in
October-December rose to Espoo, Finland, said North
741 million euros ($852 mil- America, Japan, China,
lion) from 716 million euros South Korea and the Nor- This Thursday, April 27, 2017 file photo shows the headquarters of
Finnish telecommunication network company Nokia in Espoo,
a year earlier. Sales grew 3 dic countries are regions Finland.
percent to 6.9 billion euros. where the new technol- Associated Press
CEO Rajeev Suri said the ogy will see its commercial
company's performance is launch.
expected to improve fur- Suri was tight-lipped in
ther this year as "a fast and commenting on the trou-
meaningful shift" into 5G bles currently facing Chi-
networks takes place. nese competitor Huawei,
While fourth quarter figures which was Monday indict-
were above analyst pre- ed on U.S. charges includ-
dictions, Suri noted that ing technology theft.
2019 was off to a slow start There are also allegations
with operators' spending that Huawei, the world's
on 5G "soft" during the first leading provider of net-
six months. works, could allow the Chi-
Market for the faster but nese government to spy in