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

[Wild self]

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

Frivolous spending and consumerism is as American as apple pie.

No, the mismanagement of wealth is why things are the way they are.

 

[Mordith]

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

nikka shut your dumbass up. You already admitted to not knowing anything about the area. There's much more that goes in to buying a property than price....

 

[NoChillJones]

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.

If you cant afford the 3.5 on the cost of the home, your setting your goals to high.......also depends on the market and location you live at

 

[calixprynce]

nikka shut your dumbass up. You already admitted to now knowing anything about the area. There's much more that goes in to buying a property than price....

look, a cac'd out nikka scary ass nikkas wanna live among the ppl they claim they hate Ol Whole Foods ass nikka

the nikka who quoted me said "condos for 70k where" , and i just showed the nikka. get off ma dikk

 

[philmonroe]

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.

You cool with me but fam you gotta stop with the bs stereotype that don't even fit most people. Most people don't even have a new car and you can just pay attention when driving to see that. It feels like when people esp online say this "stunting" stuff they feeling jealous or something about the few people relatively speaking with a new car.

 

[mag357]

Lets keep it a buck... it is veryyyy hard to secure that down payment bag for a house. lets stop playing... even the 150s-170s aint easy...
But like some said... u gotta save up for alil minute. thats alot of saving tho.
And the gov got programs out the ass.
It really shouldnt be that fukked up to buy a house in this country.
One thing I cant fukking understand is.., property tax. the shyt makes no sense to me

 

[Rekkapryde]

You cool with me but fam you gotta stop with the bs stereotype that don't even fit most people. Most people don't even have a new car and you can just pay attention when driving to see that. It feels like when people esp online say this "stunting" stuff they feeling jealous or something about the few people relatively speaking with a new car.

Speaking in general dog. it doesn't have to be a "NEW" car. It's the fact of SAVING. Yes, you might have to save longer than the next person, but you gotta save. And more importantly budget better. So okay, it may take you 20 years to save enough for a crib. Find ways to make more money so you can save more. What are you willing to go without to accomplish the goal?

And like it or not, home ownership just might not be a reality for everyone as well.

 

[Apollo Creed]

With our 1.5 trillion in spending power duh

 

[NinoBrown]

Even combined income of 100k may have a hard time securing the dp for a 300-400k house.

Many millenials can't afford it with:
Student loans
Underemployment
Daycare/Child Care

Those are where your home downpayments are going...

The most educated generation in history, but the brokest too...

 

[levitate]

Decent homes in my area are fukking $350k.

Saving 20% is simply not feasible, particularly with two kids in daycare.

 

[philmonroe]

Speaking in general dog. it doesn't have to be a "NEW" car. It's the fact of SAVING. Yes, you might have to save longer than the next person, but you gotta save. And more importantly budget better. So okay, it may take you 20 years to save enough for a crib. Find ways to make more money so you can save more. What are you willing to go without to accomplish the goal?

And like it or not, home ownership just might not be a reality for everyone as well.

If we speaking in general dog most people can't save for whatever reason which is mainly kids, apt, other responsibilities. Saving 48k in 10years is not the the norm speaking in general and its because the avg person can't do such. That's all I'm saying and a car is usually necessary. Now some expensive car I'm with you but a reliable up to date car might be needed and not just some stunting. Maybe you disagree with me but that's cool.

 

[Rekkapryde]

Decent homes in my area are fukking $350k.

Saving 20% is simply not feasible, particularly with two kids in daycare.

Just gonna take a while.

My parents didn't get their crib until my soph year in school. Gonna take longer to save for it.

 

[8WON6]

So some people are still on that "just save" shyt?

 

[Rekkapryde]

If we speaking in general dog most people can't save for whatever reason which is mainly kids, apt, other responsibilities. Saving 48k in 10years is not the the norm speaking in general and its because the avg person can't do such. That's all I'm saying and a car is usually necessary. Now some expensive car I'm with you but a reliable up to date car might be needed and not just some stunting. Maybe you disagree with me but that's cool.

Take the "stunting" part out. It's all about managing expenses. Some people can, some can't.

My point was that it's not impossible. And yes, it might take longer, hell a lot longer, than most but it's not impossible.

 

[ImGucci]

250kkk????? Try nyc lol, houses are at least 450k

Meaning 90k down payment. Its usually only possible for couples who have both saved money and put it together.
A lot of families borrow money from their parents also.