An increasing number of renters are worried they will never be able to buy a home, with many pointing to the lack of affordability as the main culprit, according to a survey released Friday by Redf…
Sure, no problem. Zero down at 7.125% on a home that now costs $350k, but only cost $150k about 5 years ago. I’m sure that’s affordable for a family right now.
How much is the same family throwing away to rent that same home? How much will their rent be in 10 years? Locking into a mortgage ($2650/mo in your example) is the best way to go, even if the home prices are disgusting compared to 5 years ago.
I used to worry too, then I did it.
You don’t need 20% down. I did it with just 7.5% ($30,000).
This was in 2021 though with 3.25% fixed 30 year interest.
Being able to put $30k into anything is not remotely achievable for a ton of people and your wording comes across as very dismissive
I bought my home with absolutely zero cash in hand. That’s what first time home buyer assistance programs and grants are for.
Sure, no problem. Zero down at 7.125% on a home that now costs $350k, but only cost $150k about 5 years ago. I’m sure that’s affordable for a family right now.
How much is the same family throwing away to rent that same home? How much will their rent be in 10 years? Locking into a mortgage ($2650/mo in your example) is the best way to go, even if the home prices are disgusting compared to 5 years ago.
The guy who says he and his partner make $175k/year should be able to afford it.