Tuesday, October 08, 2019 / by Angel Murillo
Curious about how to become a homeowner in your 20s? If you're dubious it can be done, we get it. Between entry-level salaries, college loans, and the desire to just be young and have fun, 20-somethings often think buying real estate is beyond their reach. No so! It is entirely possible to buy a home in your 20s, and it will benefit you big-time down the road. Here's how you can make your home-buying dreams come true much sooner than you think.
How to buy a house in your 20s: Save for a down payment
Being a homeowner with a mortgage is not like renting. To afford to buy a house at your age, you'd better have some cash saved up for a down payment on your mortgage—a lot of cash, actually.
Most financial planners recommend that first-time buyers make a down payment amounting to 20% of the price of the home. So on your typical $250,000 house, that would amount to $50,000. Ouch!
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Cheers, The Hebert McMahon Realty Group