I mentioned Lifestyle creep before but what is with everyone’s fried brains?
A small condo in a nice neighborhood in Santa Clara is below $500k. Yes, that’s a lot, and you certainly can get more bang for your buck if you’re willing to do a little commuting.
Btw a $1m house is accessible if you make $250k yr, although to be honest, I would highly recommend against it
The question I originally responded to was "why would you rent and save for a house at the same time?"
I said "because you need to have a downpayment".
You reply "downpayments aren't that high".
Unless you're getting loans zero down, you literally still need to save to have your downpayment. While you're renting.
So where is my brain fried?
Even on a $500k condo, you're putting 10% down, you still need to have that saved up. Noticeably more, in fact, because I'm sure you'd agree "lemme sink every saved cent I have into my house downpayment" wouldn't be wise.
I mentioned Lifestyle creep before but what is with everyone’s fried brains?
A small condo in a nice neighborhood in Santa Clara is below $500k. Yes, that’s a lot, and you certainly can get more bang for your buck if you’re willing to do a little commuting.
Btw a $1m house is accessible if you make $250k yr, although to be honest, I would highly recommend against it