Trying to save up 20% was the biggest mistake of my home buying experience.
My whole fucking life my parents insisted that you had to have 20% down, so that’s what I aimed for. Both my siblings just YOLOed and bought houses between 5-10% down, but I had a better paying job, so continued to save. As I saved, the cost of housing out grew my rate of savings.
When I finally did get a mortgage I only put 15% down and it was at that point I realized that the only thing the 20% down would do for me was save me something like .75% for the first 5-8 years. That is still a lot of money, but compared to just buying a house at $175,000 10 years ago and selling it for double when I ended up moving anyway–it’s nothing.
The whole system is fucked. There’s no reason only those making 6 figures or more should be the only ones with the privilege of trying to own the place you live someday. There’s no reason a company should own a place to live. There’s no reason minimum wage shouldn’t cover a reasonable lifestyle for a family. There’s no reason housing in general shouldn’t be available to everyone.
Trying to save up 20% was the biggest mistake of my home buying experience.
My whole fucking life my parents insisted that you had to have 20% down, so that’s what I aimed for. Both my siblings just YOLOed and bought houses between 5-10% down, but I had a better paying job, so continued to save. As I saved, the cost of housing out grew my rate of savings.
When I finally did get a mortgage I only put 15% down and it was at that point I realized that the only thing the 20% down would do for me was save me something like .75% for the first 5-8 years. That is still a lot of money, but compared to just buying a house at $175,000 10 years ago and selling it for double when I ended up moving anyway–it’s nothing.
The whole system is fucked. There’s no reason only those making 6 figures or more should be the only ones with the privilege of trying to own the place you live someday. There’s no reason a company should own a place to live. There’s no reason minimum wage shouldn’t cover a reasonable lifestyle for a family. There’s no reason housing in general shouldn’t be available to everyone.
I had to put 30% down for a condo. It just depends on the bank and what you’re buying