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this post was submitted on 28 Nov 2024
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How else can you afford a down payment? I'm a home owning millennial and I'll happily admit my house down payment was covered in large part by what was left in my college fund. No way I'd just have $50k laying around at age 30, otherwise
And that was ten years ago, when housing was half the price it is today.
You’re extremely privileged. I didn’t have a college fund, I was coerced into taking out a mortgage on my worthless education.
My mom is on the brink of homelessness (she lost the house after dad died) and my dad is dead (thank you for profit american healthcare system). Despite being college educated, the most money I’ve ever consistently made per hour is $25. I’m just barely getting by, and jobs in my field pay less than what I currently make as a valet driver with tips (~35 an hour but half is tips).
Unless I win the lottery or fall into exceptionally lucky circumstances, I will never have a house of my own. And all I want is a simple house with a mother in law apartment so my mom and I can share the house but live in separate quarters.
Being in vermont I’m surrounded by rich people and my job is a pointless job fellating the egos of the rich. They hate us and we hate them.
There are types of loans that require 0% down. It's difficult, though, because monthly payments will be higher. Still a valid approach in some parts of the country. I managed to buy my first home this way with no help from my parents - and yes it was in the Midwest where no one wants to live.
No down payment on a cheap loan can be worth it in the long run, particularly if you can get under the principle quickly and refinance to a better rate.
But it carries bigger risks than a traditional fixed rate 30 year with a standard down