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>> it takes over a decade to save 100k good luck buying a house First time home buyers (meaning those who haven't owned a home in the last three years) can get
by rufus_foreman 1y ago
>> it takes over a decade to save 100k good luck buying a house
First time home buyers (meaning those who haven't owned a home in the last three years) can get a loan with a down payment of 3%. 12k would be the down payment for a $400,000 house. The average home price in the US is around $350,000.
There are even better deals available for some people, military veterans for example.
- hnthrow90348765 1y agoMy guess is you will see more people try to move into the military/police for these benefits and pensions once they do the math. The military/police also suffers different image problems than corporate jobs, but advancement and benefits is not one of them. (I am thinking military -> cleared jobs, not within the military)
- PartiallyTyped 1y agoIn Dublin — where I lived and rent is 2k unless you live 50 minutes away or manage to find roommates, your mortgage is 3x your salary, so at 130k I made at the time, about 400k, and I’d need 20% down payment… Good luck buying your own house/apartment without being married. It isn’t happening.
- lp0_on_fire 1y agoThese deals are a joke and unattainable to the vast majority of people in the post-covid economy. paying $12k down on a $400k house with a fixed 6.48% rate means your monthly payment is almost $3k per month, and you'll pay more than the house is worth in interest alone. Not to mention if you only have $12k to put down you're _probably_ not in a position to pay $3k a month.
- Aloisius 1y ago> and you'll pay more than the house is worth in interest alone And you'll pay most of it in the future when when money is worth less than today.