3 ms·

It’s all bad. I’m not able to save up for a down payment, even if I wanted to buy a home (which I don’t, I want to keep moving around places and I’d rather not

It’s all bad. I’m not able to save up for a down payment, even if I wanted to buy a home (which I don’t, I want to keep moving around places and I’d rather not worry about maintenance, property taxes, etc.) I feel bad for those who do want to buy and are priced out.

xwdv 5y ago
They can always put a smaller down payment and just pay for the PMI so don’t feel too bad. Many people who aren’t buying are really just trying to time the market, it’s not because they can’t put a down payment. No one wants to be caught bag holding a house that may be worth a lot less in a few years.
- doom2 5y ago
  > They can always put a smaller down payment and just pay for the PMI so don’t feel too bad. Which brings up another piece of "conventional" homebuying: the need for a 20% down payment. Many Americans are still taught this magic number, but the reality in many big cities is that you won't always be able to afford that amount.
  - xwdv 5y ago
    You can do 5% down.
    - cammikebrown 5y ago
      5% down on $600,000 is still $30k, which is at least six months’ salary for many, many people. I know HN skews wealthy but the average median family income in California is $75k. Good luck!
      - xwdv 5y ago
        You can keep moving the goal posts, but eventually you must face the moment of truth. If you’re not willing to work hard for a year and put the money down you do not get to own a home. There is no amount of downpayment people will ever be comfortable with, people simply want to have no downpayment at all and jump straight into mortgage payments.
      - AnimalMuppet 5y ago
        If you're making $60K/year, I'm not sure that it's reasonable for you to have a $600/000 mortgage, completely apart from the down payment. You might be able to afford it with a 0% loan, but there aren't many of those...

3 ms·

It’s all bad. I’m not able to save up for a down payment, even if I wanted to buy a home (which I don’t, I want to keep moving around places and I’d rather not

by cammikebrown 5y ago

xwdv 5y ago
They can always put a smaller down payment and just pay for the PMI so don’t feel too bad. Many people who aren’t buying are really just trying to time the market, it’s not because they can’t put a down payment. No one wants to be caught bag holding a house that may be worth a lot less in a few years.
- doom2 5y ago
  > They can always put a smaller down payment and just pay for the PMI so don’t feel too bad. Which brings up another piece of "conventional" homebuying: the need for a 20% down payment. Many Americans are still taught this magic number, but the reality in many big cities is that you won't always be able to afford that amount.
  - xwdv 5y ago
    You can do 5% down.
    - cammikebrown 5y ago
      5% down on $600,000 is still $30k, which is at least six months’ salary for many, many people. I know HN skews wealthy but the average median family income in California is $75k. Good luck!
      - xwdv 5y ago
        You can keep moving the goal posts, but eventually you must face the moment of truth. If you’re not willing to work hard for a year and put the money down you do not get to own a home. There is no amount of downpayment people will ever be comfortable with, people simply want to have no downpayment at all and jump straight into mortgage payments.
      - AnimalMuppet 5y ago
        If you're making $60K/year, I'm not sure that it's reasonable for you to have a $600/000 mortgage, completely apart from the down payment. You might be able to afford it with a 0% loan, but there aren't many of those...