With housing affordability at all time lows, purchasing a home is beyond reach for many. So, how do you buy your first home?
Ask for help. If your parents and or grandparents are in a position to help, ask for it. Many of my millennial home buyers are getting some kind of assistance from their parents. Click here to learn more about gift tax benefits
Perhaps your family is not able to offer down payment help; consider moving back home and saving on rent. Owning real estate offers the potential to amass equity, and the security of you taking charge of your life. Renters are at the mercy of their landlords. Save, save, save. Track your expenses and learn how much you spend on a monthly basis on dining out, outside beverage purchases, etc. Learn where you can make some less painless sacrifices.
Maybe you can’t afford a home, but by saving you can afford a condo.