Average entry level home in my state is over 250k. 20% down payment is 50k. How many years will it take for someone actually making 115k to save that up? Stop boot licking
You call someone that can't afford a house a bootlicker, and your also calling someone that can afford a house a bootlicker.
Pick your lane dude
Saving up $50K would take about 12 years, starting at age 18.
🙄 You bootstrap types coulda been made in a factory for how uniformly dull you come off
Oh, that's all? Wow! So simple! I guess to be a millionaire, you just have to save a million dollars, it's not easy, but once you have put aside a million dollars, you're a millionaire, simple as that!
Shut up.
Broski where do you live? Try saving 200k or whatever it takes to make a sensible downpayment wherever you live. Remember, while saving that money, you still pay for rent and logically, rent didn't go down either.
I bring this up and get downvoted to hell.
I can tell you've never bought a house if you think you need $200K to do it. It's more like $20K down and you refinance after a year to get a lower interest rate.
I can tell your house is nothing like what I'd wanna live in. If you can get a house for maybe 70k, yeah a downpayment of 20k works.
In most places a house will likely be 500k or above. Let's just say 500k for the sake of argument.. it's a simple number for your simple brain. You'll have to pay at least 20% up front. That's 100k in my example. However, that's quite an unreasonable thing to do in recent years, so I better suggest your downpayment be more than 30%, or 150k in this example. Generally, 40% is s very good downpayment in terms of long term financial security... that's already 200k. So yes. 200k is what the average person should expect. 20k wouldn't even get you the land.
Oh, now a basic home isn't good enough for you. Let me guess, it needs a swimming pool, three car garage, and a finished basement, too.
Yes, $20K down will get you a standard 3 bedroom home. You want to have a McMansion which is unaffordable for 99% of the American public.
20k will not get you a 3 bedroom home. Do you by chance live in West Virginia? Their median home values is under 200k, and even then, 20k won't get you there. Trust me homeboy, 20k will not get you far, not even in the cheapest of regions.
The median US house value is 430k. The lowest legal downpayment is 3%, but that's plain stupid. Financially, anything under 20% makes no sense. Your mortgage will be super high and you'll have to pay for morgage insurance which you don't have to do if you do a downpayment above 20%.
Also, if it's so cheap and easy to buy a house, why isn't everyone buying a house right now? The majority of millenials and forward are renting and you're telling me half a year of rent is enough for them to get a house? Clearly they would have figured that one out by now.
Just so you understand my living standards. I do not own a car at all. I could financially afford one, but that wouldn't be a sensible investment.
You can buy a 3BR home for $130K in Oklahoma City, so yes putting $20K down will absolutely secure you a home.
The median house proce in Oklahoma is super low. Try finding a home in the west.
That's not the question. California is higher due to a boatload of reasons.
There comes a point where a basic house is not enough. For example, someone who starts a family and career before buying late.
By the time I bought my first house I had 2 teenagers, a work from home job (need a dedicated office) and a sick mother-in-law who is dependent on us. Add to that, I am an expat, so I want my sister to be able to come and visit (a nice-to-have I admit). The "starter" home for my family has 5 bedrooms!
No, you just have to save money for a down payment. It's not easy but you put that down and then you're paying about $1500 to $2500 a month.
...for a $400,000 home, to pay $2,000 a month with current interest rates, your downpayment would need to be 50%>
You would need $200,000 cash in hand.
No one puts 50% down, it isn't 1952. $10K-$25K is normal these days.
Can you not do that? Maybe try budgeting and learning a marketable skill like programming or plumbing instead of having a degree in gender studie /s
We should all just stop eating avocado toast, obviously.
You'll probably have enough saved around age 28-30 in most cities. It seems large but it's doable. Then you just have to get through the bidding war.
You're liked an arrested development character.
Average entry level home in my state is over 250k. 20% down payment is 50k. How many years will it take for someone actually making 115k to save that up? Stop boot licking
You call someone that can't afford a house a bootlicker, and your also calling someone that can afford a house a bootlicker.
Pick your lane dude
Saving up $50K would take about 12 years, starting at age 18.
🙄 You bootstrap types coulda been made in a factory for how uniformly dull you come off
Oh, that's all? Wow! So simple! I guess to be a millionaire, you just have to save a million dollars, it's not easy, but once you have put aside a million dollars, you're a millionaire, simple as that!
Shut up.
Broski where do you live? Try saving 200k or whatever it takes to make a sensible downpayment wherever you live. Remember, while saving that money, you still pay for rent and logically, rent didn't go down either.
I bring this up and get downvoted to hell.
I can tell you've never bought a house if you think you need $200K to do it. It's more like $20K down and you refinance after a year to get a lower interest rate.
I can tell your house is nothing like what I'd wanna live in. If you can get a house for maybe 70k, yeah a downpayment of 20k works.
In most places a house will likely be 500k or above. Let's just say 500k for the sake of argument.. it's a simple number for your simple brain. You'll have to pay at least 20% up front. That's 100k in my example. However, that's quite an unreasonable thing to do in recent years, so I better suggest your downpayment be more than 30%, or 150k in this example. Generally, 40% is s very good downpayment in terms of long term financial security... that's already 200k. So yes. 200k is what the average person should expect. 20k wouldn't even get you the land.
Oh, now a basic home isn't good enough for you. Let me guess, it needs a swimming pool, three car garage, and a finished basement, too.
Yes, $20K down will get you a standard 3 bedroom home. You want to have a McMansion which is unaffordable for 99% of the American public.
20k will not get you a 3 bedroom home. Do you by chance live in West Virginia? Their median home values is under 200k, and even then, 20k won't get you there. Trust me homeboy, 20k will not get you far, not even in the cheapest of regions.
The median US house value is 430k. The lowest legal downpayment is 3%, but that's plain stupid. Financially, anything under 20% makes no sense. Your mortgage will be super high and you'll have to pay for morgage insurance which you don't have to do if you do a downpayment above 20%.
Also, if it's so cheap and easy to buy a house, why isn't everyone buying a house right now? The majority of millenials and forward are renting and you're telling me half a year of rent is enough for them to get a house? Clearly they would have figured that one out by now.
Just so you understand my living standards. I do not own a car at all. I could financially afford one, but that wouldn't be a sensible investment.
You can buy a 3BR home for $130K in Oklahoma City, so yes putting $20K down will absolutely secure you a home.
The median house proce in Oklahoma is super low. Try finding a home in the west.
That's not the question. California is higher due to a boatload of reasons.
There comes a point where a basic house is not enough. For example, someone who starts a family and career before buying late.
By the time I bought my first house I had 2 teenagers, a work from home job (need a dedicated office) and a sick mother-in-law who is dependent on us. Add to that, I am an expat, so I want my sister to be able to come and visit (a nice-to-have I admit). The "starter" home for my family has 5 bedrooms!