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

[Kane1]

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.

Sacrifices


You and your lady give up the BS for 5 years or so....no movies or shopping trips or vacations


If you got a 'Real one' she will be down for the get down

 

[philmonroe]

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.

Oh I agree with managing expenses but for some people I'd say most its easier said than done to save like folks online like to usually talk about. Not much is impossible I just think its harder than folks make it seem to save like that for most people.

 

[Soundbwoy]

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

That’s an appartement complex, they will call anything a condo nowadays

 

[CrimsonTider]

Most people put down 3.5% or 0 %

People putting down 20% are usually not 1st time homebuyers and they are using profits from their home sale as the down payment

 

[King Poetic]

I wouldn't be in L.A. if I didn't have the house I'm living in passed down to me..

 

[zayk35]

Its possible with some sacrifices but u can do it ....also a lot of programs for 1st time buyers...even out here in expensive azz southern California U can if u and your spouse make halfway decent money....nothing like having your own piece of property

 

[Absolut]

35k condos?

 

[Poetical Poltergeist]

35k condos?

They real nice.

 

[Absolut]

1720 Bonanza Rd 9, Las Vegas, NV 89106 Home for Sale | View Las Vegas Houses

Lol @ anyone saving to invest in a shythole like this on bonanza road

 

[mag357]

That’s an appartement complex, they will call anything a condo nowadays

Its crazy, this is a really good thread. i think alot if knowledge will be put in here...
My homie bought his 1st crib like 3yrs ago. Had to build credit, go thru programs yada, yada... once he did it, it gave me a good blue print to do the same thing.
Im on my way now... we're both in our 30s.
I thought about going the condo route because its cheaper and i dnt have a wife or kids. He told me that condos are a big risk, because they may not get maintained properly and obviously the value will go down. Makes it hard to sell... and if u look at some condos... these shyts really just look like any apartments in any hood. So that made me take the condo thing out of my head.
If ur a single breh, and can move around with no attatchments... dont be afraid to look in states you wouldn't think to look into for your 1st home

 

[Absolut]

Its crazy, this is a really good thread. i think alot if knowledge will be put in here...
My homie bought his 1st crib like 3yrs ago. Had to build credit, go thru programs yada, yada... once he did it, it gave me a good blue print to do the same thing.
Im on my way now... we're both in our 30s.
I thought about going the condo route because its cheaper and i dnt have a wife or kids. He told me that condos are a big risk, because they may not get maintained properly and obviously the value will go down. Makes it hard to sell... and if u look at some condos... these shyts really just look like any apartments in any hood. So that made me take the condo thing out of my head.
If ur a single breh, and can move around with no attatchments... dont be afraid to look in states you wouldn't think to look into for your 1st home

Unless you’re getting a luxury condo, it’s just an apartment, and exactly like you said your places value is tied to the maintenance of the units around you and the owner of the property. And there’s a premium price attached to those luxury condos

 

[videogamestashbox.com]

Funny thing for me is I'm reminded of my parents. Both worked at AT&T mind you...

1. Lived with my great grand parents while stacking chips.(old homes in Birmingham AL have two kitchens one up & one down stairs)
2. Purchased home in "working" - "middle class"(hate those terms by way) population AA neighborhood(60k - 120k houses) around relatives.

As a result we had the income to do all kinda stuff growing up. I like to say "we had everything we needed and most of the stuff we wanted"

Lot of yall would be too proud to stack chips at grandma spot with your wife for a year or two in order to save for a home and pay down student debt.
Lot of yall would be too washed to buy a home in an AA neighborhood(truckers, k-12 teachers, nurses, office workers, electricians, cableman, auto repair, etc) where homes are reasonably priced.

 

[CrimsonTider]

Funny thing for me is I'm reminded of my parents. Both worked at AT&T mind you...

1. Lived with my great grand parents while stacking chips.(old homes in Birmingham AL have two kitchens one up & one down stairs)
2. Purchased home in "working" - "middle class"(hate those terms by way) population AA neighborhood(60k - 120k houses) around relatives.

As a result we had the income to do all kinda stuff growing up. I like to say "we had everything we needed and most of the stuff we wanted"

Lot of yall would be too proud to stack chips at grandma spot with your wife for a year or two in order to save for a home and pay down student debt.
Lot of yall would be too washed to buy a home in an AA neighborhood(truckers, k-12 teachers, nurses, office workers, electricians, cableman, auto repair, etc) where homes are reasonably priced.

You from the east side or west side?

 

[Amerikan Melanin]

Sacrifice!!

Owning a home is awesome!!!!!!!!

 

[videogamestashbox.com]

You from the east side or west side?

East B'ham, thats also where the bulk of my fam resides. Especially on my daddy side.
Ma side of the family was up in north Birmingham norwood area.