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Same as always - budget and save. Explore the unique financing alternatives and see if those are helpful. 80/10/10 is still an option to avoid PMI. You can try FHA loans. Or plan to refi when rates come back down.
Chief
You have to live below your means - meaning you spend way less than you make and put most of your earnings into something like a HYSA. Buy cheap groceries instead of eating out. Live in a small dumpy apartment in an inexpensive area. Stay in on the weekends or do free activities. To achieve big goals you make sacrifices in the short run to have what you want in the long-run.
Very true, it can get hard to do so in your 20s. I have the Apple HYSA but it does not have wire capabilities which sucks that I can’t just use those funds directly for a down payment I’d have to move it around
I'd like a bigger house... My strategy is prayer. That's all i have right now.
Haha I’d just like A house so in the same boat
Dont have kids until you’re 30s
3.5-5% down on a cheap starter home. Sell for your dream house when your gain on sale + cash saved gets you to 20-25% of your dream home down payment.
Living with my parents rent free. Wish we didn’t have to, but I’m at the start of my career and it’s the difference between being able to save like $500/month for a down payment and $4k. Already married so not worried about the social drawbacks
Yeah I get that. Social life isn’t a big deal for us since we’re married and have a kid. Low down payment feels like the only way to make it work reasonably quickly though
Buy a condo or townhome, gain equity, then use that to buy a house. Rinse and repeat. Also the average down payment is 6%.
Had to look this up because I was curious. 10% is the standard condo loan requirement in every state except Florida, which requires 25%. Housing is insane here.
Number 1 way is with dual income: have a partner who makes the same as you or more
-rich family
-live at home to save
-job hop to a higher paying role or a better paying industry (tech, high finance, law etc)
We live on my salary and save hers. It doesn't cost that much more than living on my own - we just had to be disciplined
Signing bonus + accrued vacation payout + saved Christmas gift. First thing ive ever done at any job is max out my vacation accrual. Take the additional payment for ‘insurance’ due to not having the 20% for a traditional mortgage.
I’d say budgeting is #1. Figure out how much you need for a down payment and plan your budget to get your savings there in a realistic timeframe.
Go back in time to 2020 and buy a house when interest rates were the lowest they’ve ever been and prices were reasonable
Live as below your means as you can, Roth IRA and investments. Don’t touch it until time to cash out for down payment. Good luck.
Correct. You’d have to sell the securities to withdraw. Gotta do what ya gotta do in this economy. And if it’s just you buying without family financial help (which I recommend seeing if parents are willing to help with down payment money as you get close to buying. Never hurts to be humble if you got a good relationship with them. If it’s just you, Roth and brokerage).