this post was submitted on 18 Aug 2025
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Who rents that for 72'000 $ per year? At that point you are throwing away your money and most definitely have enough to actually buy a home.
Andrew Cuomo bragged about renting for $96k/year
You don't need a 20% down payment to rent a home. That's the big hurdle, as housing prices have ballooned
You don’t need to put 20% down to buy a home, either.
Homebuyers can get a conventional mortgage for 5% down (technically as low as 3% down, but that would limit their options for lenders and require a much better credit score) or an FHA loan for as low as 3.5% down.
There are USDA loans that require 0% down, though they have income maximums and for homes in rural areas. I read that they also have square footage maximums (1800 square feet?), but the USDA property requirements doc I read didn’t list them.
For veterans, VA loans can also be 0% down.
Only if they are eligible for that line of credit. Since the collapse of the Subprime Mortgage market in '08, it has been significantly more difficult for younger and lower income people to access these more expensive lines of credit.
Sure. But, again, a very limited resource with very particular regulatory restraints that won't help a middle income family in most neighborhoods where people actually live.
Great news for all the serial killers down at Fort Bragg