[Ironhorse]

Originally Posted by GreenLantern2814

You can afford a home, you just can’t start with a detached house in suburbia. Or at least, that’s really hard.

You have to start with a condo - whatever you can afford. There are many reasons to do this. One, you’re not paying someone else’s mortgage. You have controlled your housing costs for the next 5 years.

Owning your own home also opens up access different credit products at lower rates than a credit card, making it easier for you to absorb unexpected expenses.

When it’s time to sell that place in 3-10 years, you have the down payment for your next place. That could be a townhome, it could be a house, it doesn’t matter - point is, you have to level up.

Whatever advantages our parents had when they bought, the house they started with is not likely to be the house they’re in today.

My parents moved through five houses before they settled where they are - they couldn’t have bought each house without having bought the previous one.

So if you’re thinking you won’t be able to buy because you can’t afford a down payment on an $800 grand house, you’re right. You won’t. But most people can’t, so don’t get yourself down.

You can, however, buy a condo with 5% down for between $2-300k.

A lot of people seem to want the fancy luxury house right away. Nothing wrong with an 1100 sq ft starter home with formica countertops and work your way up from there.