Just read an article saying the traditional 20% down payment is becoming unrealistic for most first-time homebuyers, especially with prices skyrocketing lately. Kinda makes sense, but um, curious if others think this is true or just media exaggeration?
Honestly, I think there's some truth to it. When I bought my first place about 8 years ago, scraping together 20% was already tough, and prices weren't even as crazy as they are now. Took me almost 5 years of serious saving, cutting back on vacations, eating out less... you know the drill. And even then, I barely made it.
Now, with home prices jumping way faster than wages, I can't imagine how first-time buyers are managing without some help or alternative financing options. Sure, the media might hype things up a bit, but from what I've seen with friends and family lately, it's genuinely harder now. My younger cousin just bought a condo last year with only 10% down because 20% was totally out of reach. She had to pay mortgage insurance, which isn't ideal, but at least she got into the market.
So yeah, while the media might exaggerate sometimes, in this case, I think they're onto something real. Saving 20% these days feels more like a luxury than a realistic expectation for most people.
I bought my place about 6 years ago, and even back then, hitting that 20% was tough. Now, seeing how quickly prices have climbed compared to incomes... honestly, I'd say it's more of an exception than the norm these days.
Yeah, I feel you on that. Bought mine about four years ago and scraping together that 20% felt like climbing Everest—without the cool Instagram pics after, lol. Honestly though, with how prices keep skyrocketing, it seems like the whole "20% down" thing is becoming more of a unicorn scenario. Makes me wonder if the market's gonna adjust eventually or if we're just stuck in this cycle...
When I bought my first place about 10 years back, hitting that 20% was doable but still felt like a stretch. Now, inspecting homes regularly, I see younger buyers struggling way more than we ever did. Had a client recently who had to settle for less house just because the down payment was too steep—felt bad for them. Honestly, seems like the 20% rule is becoming less realistic by the day, especially in bigger cities...
