How can the average American afford a down payment on house?

posterchild336

posterchild336

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calixprynce said:
i feel you. Im tryna launch my start up full fledged by July 4th. Insane potential! gonna cook up some graphs and hard numbers if nikkas interested
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good luck..i always have an open ear...we need to really make moves as people because no one is looking our for us..especially the big boys in government..forget buying all of these name brand clothes to get others rich, we need to invest in ourselves and keep the money each others hands..if not we will always be left behind
 
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chickenteriyaki

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R.E.N. Spells Ren said:
Yea you are looking at household income when you say the median income is $80k. Even in San Francisco (which sounds like the city you're alluding to) the median household income is $77k.
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Rekkapryde said:
T


THAT makes sense
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If you look at the stats for SF, there’s a lot of single people as only 47% are married thus about half of the households in SF is less than 2 person household.

“Household income” data is very finicky.
 
R.E.N. Spells Ren

R.E.N. Spells Ren

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chickenteriyaki said:
If you look at the stats for SF, there’s a lot of single people as only 47% are married thus about half of the households in SF is less than 2 person household.

“Household income” data is very finicky.
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Household income doesn't only include married people tho. Two unmarried adults under the same household also count in that figure as well.

You stated a median income of $80k...where did you get that number from? Or were you using the household number as I suspected? If you have data on median individual income, I'd love to see it. I can't find that listed anywhere. It doesn't seem to be a metric anyone cares about.

Regardless, you're advocating creating a household (which most of us agree with), so that household median income seems like the best number to use, but you have to accept that even in SF the median is nowhere near $160k.
 
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You can do a down payment as low as 3% outside of usda/va/naca/first time homeowner programs. Also down payment assistance is very popular and if you are doing 3%-3.5% it can be 100% covered. There is also programs that can help with closing cost. Also sellers can contribute.
 
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Philly
In 2004, I bought a rowhome in Philly for $15k straight cash homey...I used college refund checks, savings, and worked about 40 hours a wk while in school FT for a few months...this home is now rented out for $1400/month

In 2017, I bought a single in Northern VA for $325k (3.25% interest rate, put 10% down)...in 2021, I sold for $475k...made a nice piece of change

Last month, I bought a crib in DE for $590k, put 20% down...interest rate was 4.75%...I got lucky I locked in when I did...of course it was with a credit union

I also have 2 other investment properties in Philly, that I got for the low before the housing market frenzy

My best advice is start small & work your way up

Don't look at 3k square foot houses if you make under $100k...start off with that little townhouse...buy in an up & coming area...manage your money wisely...Americans are consumption addicts...learn how to eat at home more instead of eating out & ordering out...don't buy from Amazon if you don't need it...be responsible with credit cards...save 15% as soon as you get paid
 
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