The median household income was $68K in 2019, the highest it's ever been. That's $55K a year after tax. Now you're paying $2,000 in rent. Even if you don't spen

The median household income was $68K in 2019, the highest it's ever been. That's $55K a year after tax. Now you're paying $2,000 in rent. Even if you don't spend a single cent of income on anything else besides a house, you'd still be looking at seven years to come up with that downpayment. Realistically, more like 15 years with expenses, at a minimum. i.e. "Don't buy a house until you're about 40 years old". > The usual rule of thumb is that you can afford a mortgage two to 2.5 times your annual income. So for the median family, $140K-$170K. I'm not sure where the median family lives that they're buying $170K homes that they were previously renting for $2K/month, but it sure ain't anywhere near here. Not to mention appraisal discrepancies, which require you to have the funds for the downpayment, for the closing, and to cover the appraisal discrepancy dollar for dollar. But generally, I'm just trying to figure out how we come to the conclusion that the average family is putting anything close to a fraction of $200K to a downpayment.