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

[calixprynce]

What are the prices lookng like for a 3 Bedroom/2 Bathroom condo? At them prices you listed, I wouldn't mind buying a condo as a starter home.

Just seen some 3/3 on Trulia for 80-100k . Much nicer as well. Still a lot cheaper than 250k or some shyt.

 

[Mensch Fontana]

First you buy a starter home, then you sell that bytch to use as down on a nicer house

 

[SPACE IS FAKE]

I just purchased a house for 180k in the tri-state area.

FHA - they covered my down payment (3.5%). I put ZERO money down. Seller is covering all closing costs (8k) AND replacing the roof (4k).

Only thing I had to pay for was the home inspection ($600).

There's even programs out there that GIVE you money yearly for staying in your first home. The program im with gives a $2,000 tax credit every year i'm in the house. I wish I had bought sooner instead of renting for the past 10 years.

ct ny or nj?

 

[QuintessentialMan]

almost No one is doing it themselves though.
Parents factor in. Some people luck out and have great parents economically speaking.....

 

[Skooby]

First you buy a starter home, then you sell that bytch to use as down on a nicer house

I never heard of this 'starter home' concept until I was 35.

 

[sayyestothis]

Dude I have the funds but didn't feel like dipping into my account. If a retiree takes a pension loan I could understand, but I'm an active worker and they barely take $100 from my paycheck.

I have TWO pensions plans (technically three if you count my TDA). In my case, THERE IS NO PENALTY TO TAKING A LOAN FOR ME. NONE. I still earn interest on my original amount. I'm paying myself back with interest. shyt isn't even on my credit report... so when I'm done paying myself back, have that extra in my account, and still have my crib, will I still be whoring myself?


Thethethecoli.come ya'll

Then you just make terrible financial decisions if you "had the funds but didn't feel like using it"

Ur right. The coli.com y'all.

 

[.r.]

So you think it’s a good plan? I live in Miami. My plan is to buy one out here like a foreclosed duplex, have my uncle trick it out for me (he owns his own construction business & told me as long as I pay for supplies, he’d do renovations), rent it out and use that money to buy a house in Atlanta.

GET A WRITTEN CONTACT MADE!!!

 

[kenreid0726eabos]

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.

Ah the system in Life

 

[beenz]

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

Price side, selling a house is typically easier than a condo since there is a board and a bunch of rules to abide by in a condo association.

 

[NaijaProdigy Redux]

My parents helped a tremendous amount.

NYC real estate is not for the faint of heart. You're tying up a lot of liquidity.

 

[Azul]

Then you just make terrible financial decisions if you "had the funds but didn't feel like using it"

Ur right. The coli.com y'all.

Y'all are something else. I literally listed reasons why there was almost zero risk in my situation and why it works for me but you insist on stating that I make "terrible financial decisions."

I guess I'll be sad in my equity growing place with my pension accountS.

 

[Azul]

Price side, selling a house is typically easier than a condo since there is a board and a bunch of rules to abide by in a condo association.

You mean co-op breh. Co-ops have boards. I used to be sour on co-ops but if you get in the right one A well run co-op is pretty much recession proof because they make sure no broke ppl get in and you have to have a certain amount of savings.

A condo, while usually worth more, can get overun with renters and more susceptible to financial problems.

I'll take an on point co-op over a terrible condo building anyday

 

[1thouwow]

I ain’t put a down payment on my first crib. I ain’t gonna do it on my next crib either. I’ll pay it on the back end

 

[beenz]

You mean co-op breh. Co-ops have boards. I used to be sour on co-ops but if you get in the right one A well run co-op is pretty much recession proof because they make sure no broke ppl get in and you have to have a certain amount of savings.

A condo, while usually worth more, can get overun with renters and more susceptible to financial problems.

I'll take an on point co-op over a terrible condo building anyday

I meant condo association. Not a board. They really don't have Co ops in Chicago.

 

[Rekkapryde]

First you buy a starter home, then you sell that bytch to use as down on a nicer house

this.