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

[Wild self]

I don't think it was designed to...the prices of homes skyrocketed throwing things way out of whack. Ironically, home prices increased so much in large part because clever financing made more expensive homes affordable to more people.

And on the low, it was done to prevent or discourage people from having kids to prevent overpopulation. Back in the 50s and 60s, the average family had 5 to 10 kids. Now, you hear these educated people going through sterile procedures to prevent an unwanted child to secure their finances.

Why can't the government just be brave and admit that the population growth is unsustainable to the public?

 

[LiIZaneFan1978]

depends on the situation . Why would a single breh buy a 250K house when he can buy a 50-70k condo?

And yes, low income ppl with kids just got like 4-10 racks back on taxes...if they can do it , richer people should be able to do it. excuses

The higher your income the less you get back for your kids.

 

[Rekkapryde]

Just judging by the median income vs home prices by each state, I don't see how someone with normal income can save up for a down payment while struggling to pay their normal expenses and overpriced rent.

20% is impossible for most, but even 3.5% of let's say $250k is still more than the average person is able to save.

Can't start out trying to get a 250k house though. Start smaller. And SAVE.

 

[calixprynce]

The higher your income the less you get back for your kids.

no shyt. the higher yo income, the more yo ass should learn how to save and invest. no excuses

 

[Rekkapryde]

If you save for like 10/15 years, you can accumulate some decent bread.

take a 400 dollar care note and save that money for 10 years and you got 48k.

That's a 240k crib.

So you gotta ask yourself what is more important? Stuntin in a new care that loses its value as soon as you leave the lot. Or paying off a solid whip and saving that new car bread until you get enough for the downpayment on a decent spot?

Mufukkaz don't think long term and complain. Instant gratification mindsets don't get you long term assets like homes.

 

[Soundbwoy]

depends on the situation . Why would a single breh buy a 250K house when he can buy a 50-70k condo?

And yes, low income ppl with kids just got like 4-10 racks back on taxes...if they can do it , richer people should be able to do it. excuses

70k condo’s where

 

[Rekkapryde]

70k condo’s where

BINGO.

and you can save up enough to get the bread for that in a couple of years.

 

[philmonroe]

Budget.
Don't eat out 5x a week.
Don't buy new clothes if you dont need them.
Don't lease expensive cars.
Live within your means.

So the avg stuff you can find on any basic google search lol

 

[calixprynce]

70k condo’s where

10110 Forum West Dr #624 For Sale - Houston, TX | Trulia

Found one in Houston for 35K....... thats if nikkas aint allergic to the hood

then again, I dont know Houston, so this condo may or may not be in the hood

 

[calixprynce]

OP, if you short on the bread, stop going to cacs for loans..... invest in a black supported venture...they are out there.... scared $ dont make no $

 

[WaveMolecules]

If everyone saved and budgeted accordingly it's possible BUT the economy would collapse

Frivolous spending and consumerism is as American as apple pie.

 

[calixprynce]

12500 Sandpiper Dr #101 For Sale - Houston, TX | Trulia

This a 2bd 2bath condo...39K , for sale by owner . this shyt aint hard...yall just looking to live around certain ppl

 

[TRFG]

10110 Forum West Dr #624 For Sale - Houston, TX | Trulia

Found one in Houston for 35K....... thats if nikkas aint allergic to the hood

then again, I dont know Houston, so this condo may or may not be in the hood

 

[calixprynce]

see. aint nothin wrong with that condo....yall nikkas just cacc'd out . 5K aint nothing to cop that condo... you want better? go higher

 

[BezO]

-Buy something for less that needs work & put money and/or sweat equity in
-Save
-No money down 1st time buyer programs
-Programs that offer down payment / closing assistance