|
Part of the huge problem people in their 20's face is the high home prices. And everyone wants the newest houses in the good neighborhoods because that is where they grew up and what they are used to. Plus, it is a status symbol, and it impresses people when they see you live in a 2,000-2,500 sq. ft house in a new subdivision. Too bad it costs $300,000-$600,000. How many years would you have to save to be able to afford a 20% downpayment with money left over in case you lose your job or have other expenses.
Then you also have to pay taxes, credit cards, student loans, buy food, rent, insurance, and car expenses. Even though a good house around me still only costs $140,000(which I have 20% for in 2 years of working), if I wanted to move to California, I better save even more in Ohio and then get a good job in CA.
|