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Saving for a downpayment could take until 2027


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2014 Nov 12, 2:25am   3,383 views  10 comments

by Indiana Jones   ➕follow (0)   💰tip   ignore  

http://www.msn.com/en-us/money/realestate/saving-for-a-down-payment-it-could-take-you-until-2027/ar-BBd61IU

Stagnant wages and rising property prices dont bode well for first-time buyers who dont have equity or wealthy parents to help them out. It takes an average of 12.5 years to save up a 20% down payment the usual requirement by banks with the current personal savings rate of 5.6%, according to new research by real-estate firm RealtyTrac. It could take even more than that. RealtyTracs figure is based on current house prices and doesnt take into account possible further rises in home prices.

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1   bubblesitter   2014 Nov 12, 2:57am  

Then get a 0 down loan.

2   dublin hillz   2014 Nov 12, 3:52am  

It will be quicker if they stop going out to eat, frivolous shopping, clubbing and signing up for $100 a month phone plan.

3   MisdemeanorRebel   2014 Nov 12, 3:54am  

Goddamnit, lazy bums, stop working at Starbucks 20 hours a week for $8/hr while paying $300/month in Student Loans and save a down payment!

4   Heraclitusstudent   2014 Nov 12, 3:58am  

When they finish paying the loan for the air they breeze they can start paying the student loan.
Having a roof is for people who deserve it.

5   mmmarvel   2014 Nov 12, 4:07am  

dublin hillz says

It will be quicker if they stop going out to eat, frivolous shopping, clubbing and signing up for $100 a month phone plan.

But, but, but, life would not be worth living if it wasn't for THAT.

6   FortWayne   2014 Nov 12, 6:36am  

dublin hillz says

It will be quicker if they stop going out to eat, frivolous shopping, clubbing and signing up for $100 a month phone plan.

But than how is anyone going to make any money if no one spends it? This whole money invention idea is a double edged sword.

7   HEY YOU   2014 Nov 13, 1:56am  

If dumasses wouldn't overpay for shacks could they save for a down payment in a shorter time?

8   turtledove   2014 Nov 13, 2:04am  

The mistake everyone makes is thinking that median homes are for median income people. Once you accept that the two are completely unrelated, it's much easier to understand. People making less than $250k/year should just plan to be permanent renters if they are going to stay in places like California.

9   Heraclitusstudent   2014 Nov 13, 2:40am  

turtledove says

The mistake everyone makes is thinking that median homes are for median income people. Once you accept that the two are completely unrelated, it's much easier to understand. People making less than $250k/year should just plan to be permanent renters if they are going to stay in places like California.

In fact, if you make less than $150K, don't even try to rent.
There just isn't enough houses for everyone. You should just move out of CA.

10   Ceffer   2014 Nov 13, 3:26am  

Heraclitusstudent says

In fact, if you make less than $150K, don't even try to rent.

There just isn't enough houses for everyone. You should just move out of CA.

You mean like, to Texas or Phoenix?

EEEEEwwwwwwwwwWWWWWWWW!

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