Anonymous wrote:Very curious. For me, the problem isn't the down payment but affording the monthlies. I know folks will say that just means you need a less expensive home OR be willing to save even more for a down.

Had the same issue. I had about 100K saved after 5 years or so but couldn't afford the monthly 2.5k to 3K payment associated with a 400K mortgage (3% mortgage plus HoA fee) without becoming house poor, which I really didn't want to be.

0 years of explicit saving for a house. We had an unusually good opportunity so we bought a few months out of grad school at 5% down with money borrowed from a pre-grad-school 401k and help with closing costs from parents.

We put zero down or close to it. We lucked out.

Our house cost way under $400k though.

About 2/3 years during covid!

Agree 20 percent is outdated

If you ever see a low rate environment again, buy with 5% down. I remember how judgey people here were back in 2020 and 2021 about anyone buying with less than 20% down. Guess who's laughing now with a 2.75% interest rate.

Too long. Should’ve just bought a 2BR condo when I had 3% for FHA loan and got a roommate when I was single.

Bought with my wife once we had cobbled together 12% down payment. We were stressed about not having 20%, but in hindsight it would have been SO DUMB to wait. We would have been priced out. We have friends who insisted on 20% and have never been able to catch up to annual price increases. And now with 7% rates, they are priced out.

Best advice I can give any people under the age of 35 is to not wait to hit 20% down payment. That’s advice from another bygone era when housing was much cheaper. Buy with 5% and get a roommate to offset the mortgage if you’re single. Time in the market will always benefit you.

Bought a small fixer upper in an upcoming area 12 years ago. Down payment was a couple grand. Made modest updates to make it liveable, then lived in the house and eventually renovated with accrued equity and now walking away with several hundred thousand bucks.

Doesn't seem like the younger 30 somethings I've met are interested in buying a true fixer upper nowadays.

Ten years I'd say. I didn't save for down payment, but built equity in two different cheaper rentals.
Monthly payment would still be too big. I'd rather keep the money in the market and rent.
I may have enough for my kids' down payment. I don't care for a house.

0 years my grandmother just died and handed it to me.

Purchased our West Springfield home in 2015 for $600k. Liquidated my (small) 401k. Paid PMI for 2 years, refinanced. Home worth $1.2 million today, refinanced May 2022 at 2.875%.

6 years for 20% down payment. Definitely worth it for the long-term stability to have front-loaded savings like that. No regrets. Found cheap place to live, worked OT, second job, no lifestyle creep as income went up, lived a frugal life but found inexpensive ways to still have fun, etc.

Took me close to 10 years…

Very curious. For me, the problem isn't the down payment but affording the monthlies. I know folks will say that just means you need a less expensive home OR be willing to save even more for a down.

How long did it take you to save your down payment? What was your total net worth when you bought your house?