Quote:
Originally Posted by activeStick
I wonder how the next generation is going to purchase a home if they want to? With the prices being where they are now, the 20% minimum down payment and the cost of living just to survive these days being so high making it harder to save, I'm not sure how they'll do it. If they don't have parents (many who are also struggling) who can essentially give them money for a down payment, saving $100k minimum will be tough.
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It is going to be tough but they don't need a 20% down payment. With mortgage insurance you can buy with as little as 5% down. Exactly the same as I did many moons ago.
I think you'll see a lot more condos and row houses as first homes which,in my opinion, is fine. Is that really any worse than my 750 square foot hundred year old dump that I bought as a first home?