As a young person in his early 20s, when should I start thinking about buying a house?
I am saving up whenever I can for my future house downpayment, but I don't really have goals like :
Have $X when I'm Y years old
Buy a house at age Z
Are there good guidelines to have? Goals? What would you recommend? Or is it just a question of need rather than capability to pay?
I'm working full time as a web developer, so I have consistent income.
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There's a lot to consider when making the decision to buy a house. More so for a single person. Let's start with that. Are you now in an area that you are committed to? Or would you live anyplace? You fall in love, and your partner has a job that has great opportunity, but in a different state. That move can cost you nearly 8% of the home price. More if the price has fallen and you need to take the loss into account.
That said, how does your current living expense compare with the expense of the home you'd consider? This is pretty localized.
Some areas have rent that's high compared to buying, other areas are just the opposite. I've seen duplexes that after a downpayment would have a rent that basically buys the house for you and lets you live rent and mortgage free.
If I were you, I'd first fill in the blank, "I'd really like a house instead of renting because _______" If this leads you to look for a house, that's fine. If you only answer that you always thought it was the next step in ones life at your age Or that it's a good investment, I'd reconsider.
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