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this post was submitted on 29 Aug 2023
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A Boring Dystopia
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You don't even need to have super rich parents. My mother helped me get my first home with 15K that she saved throughout the years. (I paid her back).
That was just enough for my down payment. Without that I couldn't have gotten the house.
Lol a downpayment nowadays is easily two to three times that.
That is not true, there are programs and different types of loans where you can buy a house with as little as 3% down payment.
Yes but if you don't qualify for a special program you are only seeing a 3% down payment with an exceptionally high interest rate and significant PMI. Which makes it even more unaffordable. That might help recent high income earners with little savings but again makes it difficult for average people with average savings.