I used a 5% down-payment because most first-time buyers use an FHA product.
Depending on the location, property taxes alone will eat someone’s lunch.
What blows my mind is the ratios.
We were able to buy a 2K sq ft home, 3Br, 2 Bath, EIK. LV with wood burning fireplace, DR, 2 car garage, beautiful brick exterior brand new and our mortgage payment and utilities combined was 25% of our net (not gross) pay.
We were both making middle class pay back then.
How do young people do it nowadays?
“How do young people do it nowadays?”
They do have it hard, but they do it so the prices keep going up.
100 Years Ago, people could save and buy a home cash or at most a 50% mortgage. That was considered outrageous then.