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Reply to "Middle class life has me completely baffled"
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[quote=Anonymous]You don't have to put 20% down. With the interest rates being so low, it would actually be a bit foolish to put that much cash down on a house. When my DH and I were just starting out in this area, I was making 50k gross and my DH was still in school. I saved and saved and we were able to buy a starter home 5 years later (FHA loan so low down payment). DH eventually graduated and started making good money and we started saving up for a larger home zoned for better schools. We upped our savings rate as our incomes grew. That took another 5 years. Automatic direct deposit to savings and pretend like that money isn't there. Others also get lucky and buy in an area that appreciated ALOT. We were not so lucky but had very disciplined savings and smart investments. [/quote]
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