Is buying a house “incredibly difficult” for everyone?
We’ve heard it from our users time and time again- it’s really hard to come up with a down payment for a home. Actually, we’ve heard that from people who aren’t our users, from blog posts and from articles. Saving for a home is hard. Between rising rents and that student loan payment looming over heads of millennials, it’s difficult.
Recently, we at BoostUp read a recent blog post about a Washington DC resident who explained why buying a house was incredibility difficult for him. Some parts we nodded our heads to, especially regarding a down payment.
One reason I’ve been scared to even consider owning is because of the down payment required on homes as expensive as the ones in this region; it’s magnitudes greater than the security deposit I typically have to put down as a renter. My fear isn’t unique.
He’s right, and goes on to explain with some math. Down payment is a key to home ownership, and it can be scary to think about saving that much money.
But every market is not like Washington DC, or New York City or San Fransisco. And you don’t always need to have a 20% down payment for your home purchase.
It’s a great idea to start saving now so you’re in a good position to buy a home. We understand the writer’s worries, and the worries many millennials have with that down payment. But we extend the message that getting in the habit to save toward your next big purchase is a good habit to have. Whether that be your down payment in Washington DC, or something else you want to save for.
Take a read at the rest of the post about how buying a house is incredibility difficult, and let us know your thoughts.