Do you dream of a white picket fence and kids running around in the backyard? Or maybe hanging out on the stoop of your own urban brownstone in the heart of the action? Perhaps lounging in your oceanfront condo? Owning a home is a cornerstone of the American Dream, and the appeal is easy to see. A home is a place to make your own and perhaps raise a family. It can provide security, both financial and emotional. And as the saying goes, renting means you’re paying someone else’s mortgage.
Even though a fair amount of people aspire to own a home, not everyone is able to make that dream come true. The homeownership rate among Americans is 64% , down from close to 70% before the 2008 recession. Purchasing a house is one of the biggest expenses you’ll have in your life, and it’ll take some careful planning. That’s compounded by the fact that housing prices are on the rise in many parts of the country.
Saving enough for a down payment can seem intimidating, especially when you might have to balance that with student loans, retirement planning, and other financial commitments. But being a homeowner is possible if you think ahead and make the right savings and investment plan to buy a house.Read more