5 ms·
Not to mention the likely minimum 20% down payment of ~135,000 (20% of the median 679,800).
by aresant 12y ago
Not to mention the likely minimum 20% down payment of ~135,000 (20% of the median 679,800).
- duderific 12y agoYep. Almost everyone I know who has bought in the Bay Area (including myself) has gotten help from relatives to come up with the down payment. Nowadays, you pretty much need all cash to have a chance at a decent place; money is flowing in from China and investment firms like Blackrock, who are buying up all the properties they can get and turning them into rentals.
- phamilton 12y agoI'd also say that 20% down on a first home is also rare. Interest rates are low enough that PMI isn't a deal breaker, and salaries are high enough to make it easy to qualify with 10%.
- aetherson 12y agoBy definition, half of all homes cost less than the median. Where do you get from there to a "minimum" down payment of $135k?
- broolstoryco 12y ago> By definition, half of all homes cost less than the median. That's not what median means
- qntmfred 12y agoI think mean means what you think median means. Known what I mean?