03/02/2022
What do you think the biggest obstacle is to becoming a homeowner?
Is it because of low inventory? Saving for the downpayment? Boosting credit history? Or all of the above?
According to Fit Small Business, 11% of homebuyers said that saving for the was the most challenging part of their home buying process.
And those who struggled to make their downpayment, 47% reported student loans made it difficult, 43% said high rent/mortgage made it hard to save, and 36% said credit card debt was the culprit.
Does this align with what you’ve experienced?
You can set yourself up for the best success saving for your down payment by doing the following, according to Nerd Wallet:
✅ Figure out how many years into the future you want to buy a home.
✅ Find out the average price of homes in the area you want to buy in.
✅ Calculate how much you’ve already saved.
✅ Approximate how much the down payment will be.
From there, you can work backward and figure out how much you need to save per month (or even per week) to meet that financial goal.
Have questions? Leave them in the comments!
