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Who pays a down payment out of a single year's savings?
by azernik 9y ago
Who pays a down payment out of a single year's savings?
- crispyambulance 9y agoNot many people. I expect that the more normal situation is years of apartment living, saving up, and then paying the down payment as a dual-income couple possibly with assistance from parents.
- bob_theslob646 9y agoI assumed, that a person who would be moving there and would be buying a home and or have no savings... I know hard for some people to imagine, but alot of people have no savings , leave paycheck to paycheck
- openasocket 9y agoYeah, but unless you're putting the down payment on a house every year, that's an extra 110K (post-tax!) dollars every year after the first. I can't imagine how I could spend that much money, especially since the mortgage and car payments are already taken care of.
- bob_theslob646 9y agoYou are correct.
- jackpeterfletch 9y agoyeah you pay the down payment once. so this guys saying next year that person has ¢150k to live on. no problem